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Whether your parents taught you at a young age how to handle money, or you’re ready to get a grip on it now, it’s never too late to be financially responsible. In many cases, college is the first experience we have that requires managing rent and other expenses. This is also a time period where college students make many mistakes. Below we have listed some common mistakes college students should avoid. If you’re aware of these lessons now, you won’t have to look back and regret your financial mistake later.
If you’re not knowledgeable with your own finances, this is the time to educate yourself. It’s never too soon or too late to begin talking with your children about money. Don’t know where to start? Begin with books written by people known for helping others with financial success. The sooner you get your finances under control, the sooner you’ll be able to lead your children by example. Remember, actions speak louder than words.
Here are four tips for teaching your kids about money:
1) Keep it age appropriate: The current economic situation makes it difficult to hide conversations about money. If your child happens to overhear your discussions about finances, remember to keep your explanations in a language they understand. It may be best to refer to a bank account or ATM as a piggy bank when speaking to younger children. When your child is older, tell them mall money comes from working (in their case an allowance from chores). Remember, it’s okay at any age to tell your child they can’t have the newest toy or overpriced t-shirt because it doesn’t fit into your budget. Even though it may be hard, you’re setting an excellent example on how to set boundaries and stick to your budget.
There’s a lot to think about when planning for retirement. And, of course, the earlier you get started, the better. Below are a few tips to get you on the right track.
Contribute to your employer’s retirement savings plan.
If you work for a company that offers a savings plan, such as a 401(k), contribute as much as you can. It is wise to contribute at least the full amount the company will match. Make sure to find out when you are fully vested as well.
Whether you’re in the transition stage or already in college, paying for your education is likely at the top of your priority list. That being said, free money sounds pretty appealing, right?
You’ve heard it a thousand times, “Apply for scholarships!” You know your financial future is important, but those large scholarship databases have left you feeling like a little fish in a big pond. You’re up against so many people and it seems the odds are not in your favor. What can you do to stand out?
To learn about money, there are some pretty fun tools available.
It’s never too early to start thinking about college planning. In fact, it’s a good idea to start the process as early as your freshman year in high school.
People view money very differently, and as a teen, your opinions about money are mostly shaped by your parents. Whether you see it as simply a means to buy things you want or something more, it’s important to feel comfortable and confident with your emotions toward money.
Have you ever needed to purchase gifts when you didn’t have any idea what to buy? You could spend a long day at the mall buying gifts and then realize that you forgot a few people and have to make another trip out for more shopping. Doing a little planning before you hit the stores can save you time, frustration, and money. Hopefully these tips will help.