Basic Tips for Achieving Financial Security
No one likes the fear of meeting disaster around the corner. This is true in all areas of life, and money is certainly no exception. The threat of finances spiraling out of control from a few hefty unforeseen bills or life circumstances produces anxiety for millions of people every day. Yet, people often live in such a way that they are less financially secure than they are actually capable of being. Here’s what security means: not being a short step from disaster, not being buried by heavy debt, and having contingency plans. Sounds like a sigh of relief, doesn’t it? Here are a few tips for achieving financial security:
Check Your Credit Score
Knowing exactly where your credit stands is crucial for financial security. As Experian has said, it gives you a realistic idea of your ability to apply for new credit, can help you catch any discrepancies, and can be a critical tool for catching identity theft early, among other benefits. And of course, you can easily get a credit report annually for free, so the only cost can be counted in minutes……Continue Reading
5 Ways to Teach Financial Responsibility to Your Young Children
According to a 2012 survey by DoughMain, “81% of parents feel it is their responsibility to teach their kids about money and savings.” When you see “81%” in a statistic, it’s usually a high number, but in this case it’s hard not to ask: How is the number so low?
If our kids don’t learn how to handle from us, how will they learn? If we’re lucky, they’ll listen to the sparsely offered advice of a few teachers. At worst, they’ll learn aimlessly from their peers, make major mistakes, and have no idea how to dig themselves out of the holes they enter.
Whether or not parents believe it’s their job to teach their children financial responsibility, kids are watching. They pick up far more than we realize. Therefore, the most important way to teach our children is to be the examples of responsibility that we want to convey.
Here are five ways you can teach valuable money lessons to your children.
Give Them Money…Somehow
No matter which camp you belong to in the allowance debate, you can actually still use a form of allowance to teach financial responsibility. If you decide to give a set amount of money to your children each week or month, great. You’ll be able to teach them valuable lessons when they overspend or buy on impulse and regret the purchase later, since there won’t be any more money coming during that period…..Continue Reading