The world of banking can be a bit confusing for a child. When you talk with your kids about money, keep in mind a few basic principles!
For those with kids and living parents, financial pressures could very likely come from both generations sometime in the future, hence the term of being a member of the sandwich generation. Planning now can help lower the possibility of this becoming a stressful financial situation.
The first six months after graduation are a key time in a college grads financial life so whether you are the graduate or have a child graduating there are a few financial steps that can really improve the probability of having long term financial success. Don’t make early mistakes that can lead to a lifetime of financial setbacks.
Studies have shown that talking financial matters with your children can help them avoid financial pitfalls in their future. It really is almost never too early to start talking to your kids about the money. And your modeling of responsible financial decision making is a great teaching tool.
Family is one of the strongest bonds - most of us will do anything for our family, especially parents or kids. And it is this strong sense of responsibility that can create havoc to even the best laid retirement plans. There are a few moves you can make to help avoid financial disruption caused by your family especially if your become aware of some of the possible negative outcomes that could be looming in your future.
Establishing and maintaining good credit is important – whether you want to obtain a mortgage, a car loan, or a student loan, your creditworthiness is the key to your financial life. If you have bad credit, it will be more expensive for you to borrow money for any purpose because your interest rate will be higher.
For a healthy financial future, it’s essential that your child learns how to manage money well and appreciates the importance of saving money.
Before you can help your teen make wise money decisions, it’s useful to know how adolescents receive money and how they spend money.