Many parents are excited about spending time with their college kids who will be coming home for Thanksgiving in a few short days. This time together provides an excellent opportunity to talk about the financial aspects of their college life. You can have a good discussion as long as you frame it as an adult conversation, not a parent/child conversation.
Being financially prepared yourself is really just one third of true financial readiness needed if you are part of the sandwich generation. Your parents and kids also need to be financially ready or it can cause financial concerns for you.
In the next couple of weeks, thousands of college students will be heading off to college for the first time. As parents, there is a wealth of information to impart to your children, but perhaps the most important are the following five financial tips.
Having a financially responsible teenager starts by having money smart pre-teens. Fortunately the basic skills to teach your pre-teen that will put them on the path to being a financially responsible teenager are relatively simple to teach. Kids as young as 8 can often start learning these skills.
May is the time that many young adults are ready to venture into the world armed with a degree and hopefully soon a great job. With all of the excitement, financial matters are often forgotten which can be detrimental to their long term success. This is a critical time financially speaking for young adults.
Studies have shown that obtaining basic financial knowledge early in life can increase the chances of being financially successful as an adult. If you have kids, you should have a plan for how you intend to teach them the money skills they will need throughout life.
It’s never too early to start teaching your child or teen good financial habits. That’s why FORUM celebrates National Credit Union Youth Month™ in April. This is the perfect opportunity to focus on the financial needs of young people and teach them the benefits of saving money and setting financial goals. FORUM is committed to helping kids become financially aware and instilling strong financial habits.
No matter the age of your child, it’s never too early to start teaching them the three principles of money: saving, spending, and sharing! The more they understand at an early age, the better equipped they’ll be to make wise financial decisions later.