People are generally uncomfortable talking about money, especially with their families. But children’s financial literacy is critical. These lessons will help prepare your kids for adulthood and living on their own, especially since schools rarely teach these valuable skills.
There will be times in your life when you will be short of funds. You may be unemployed or have a personal disaster that has left your bank account empty and bill collectors pounding on your door. You need to find a way to get out of debt. Bankruptcy should be your last resort, and this blog post will help show you how to avoid bankruptcy.
When your kids go away to college, it’s usually the first time they have truly been out on their own. That also means it’s the first time they have had to take care of their own expenses, such as paying for meals, books, entertainment, and transportation. It’s the financial lessons you learn in college that lay the foundation for the rest of your life. This is the perfect time to consider banking with your local credit union or college credit union.
Buying a house is probably the biggest financial commitment you will make in your lifetime, which is why finding the right mortgage seems so intimidating. Mortgages don’t have to be scary if you know how to look for the best mortgage rate, monthly payments that fit your family budget, and minimal fees.
Financial independence is something everyone strives to achieve. You want to have a solid financial foundation so you are prepared for any emergency and can achieve your long-term goals. If you can eliminate money worries, you will have less stress, which can prolong your life. How to become financially independent is the real question. The answer can be summed up in one word: planning.
Too many of us worry about making enough money to pay bills and stave off mounting debt. Rather than focusing on making enough, you should focus your energy on achieving financial freedom. Freeing yourself from everyday money worries can eliminate most of your day-to-day stress and help you live longer, but few people know how to achieve financial freedom.
Understanding personal finance is an essential survival skill. No matter what your job or how much money you have saved, understanding how to manage your money and make it work for you is the only way to achieve financial independence. Just as you can learn any other skill, you can learn how to manage your personal finances. However, it goes well beyond knowing how to balance a checkbook.
Money plays a crucial role in everyone’s life, so it’s no surprise that children start learning about money early. Children are observers, and as they watch mom and dad make purchases at the store, fill the gas tank, and pay bills, they start to develop an awareness of money. That’s why financial literacy has to start early. Even before your kids are ready to open their own youth accounts, they should be prepared with basic lessons about savings, credit, and debt.