For most people, following the basic money rules is the right choice for their financial situation. However, as with most things in life, there are situations that following the tried and true advice might not be the best option.
In the next few weeks, several thousand college freshmen will be arriving on campus excited to start the next chapter in their life. An often overlooked aspect of this new life is the financial wisdom needed for this new found freed. Following are a few of the important tips your college aged children need to know.
If your son or daughter is heading to college this fall, both you and your child most likely have a lot on your mind – finances, meeting new people, choosing a major, and more. With all of these conversations happening, it’s a great time to talk with your child about the basics of budgeting, establishing credit, and opening a free checking account.
Summer is most often cited by kids as the best time of the year mostly because there is more fun than learning. For parents, summer fun can also be a great financial teaching moment for your kids.
The rising cost of college and the mountain of student loan debt facing many college graduates have many parents concerned. Fortunately, there are ways to help your children leave school with less debt whether you are starting early or only have 12 weeks to go.
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. Learning these basic financial habits early in life will be a great foundation for future success.
Numerous studies have proven that children who get a basic understanding of financial concepts early in life are much less likely to have financial difficulties later in life. It may be surprising how many opportunities that parents have to teach their children about financial matters early in life.
None of us are perfect when it comes to good money habits. But that doesn’t mean we can’t do our best to impart smart financial basics to our kids. Below are a just few practices you should avoid!