Less than half of the states in the United States require high school students to take financial literacy courses before graduating. This means that too many young people are going off to college with little idea of how to properly manage their finances. Teaching your kids these five money tips will help them learn how to manage their money for a financially secure life later.
Save For The Future
Putting money away for a rainy day is a key part of smart money management. Have your kids start small by putting a portion of their allowance or money they have earned into a bank. They can watch the money grow until they use it to purchase something that they want. Getting into the habit of saving now will be very helpful when they are managing their own finances in the future.
Don’t Try To Keep Up With Your Friends
A good way to get into financial trouble is to follow the spending patterns of the people around you. Buying something that you don’t need just because your friend bought one is a waste of money. If they are buying $200 shoes and you would be happy with $50 shoes, choose what is right for you and save your money. You never know what another person’s financial situation really is so you should not try to follow them.
Limit The Activities You Pay For
Free activities are available everywhere, so there is no need to always choose something you have to pay for when you leave the house. Many cities offer free activities to their residents, including live music concerts, movie nights, zoo and museum admissions, and educational classes. Check your local newspaper and the schedule of events at your local library to see what free activities are offered.
Limit Your Debt
Utilizing debt to acquire things you desire quickly can be beneficial in some cases. However, it is important to limit your debt to ensure you are not spending a considerable portion of your income to service it. Everything that you buy by taking on debt costs more than you paid for it once interest charges and account fees are factored in. Consider every loan and credit card purchase carefully and ask yourself “Is this item worth going into debt for?”
Limit Your Living Costs
Your living costs are generally the largest drain on your finances. A bigger living space requires more energy, requires more cleaning, and requires more maintenance. Choosing a smaller space helps you save money, time, and energy. You should also consider living with a roommate that will split the living costs with you.
Every year, millions of college students graduate with limited financial knowledge. According to the Council for Economic Education, students In the United States are required to take a high school course in personal finance as a graduation requirement in only 17 states. Out of the nearly 3.7 million college graduates of the 2013-2014 school year, few beyond the ones in finance and business specific majors were required to take additional financial management courses before they received their diploma.
To make sure that they’re financially savvy, they’ll need some extra help. Here are seven of the hottest, newest and best-selling personal finance books for recent college grads on the market today, as rated by GoBankingRates and Forbes.
If you are looking for a comprehensive look at a wide variety of personal finance topics, this book by Rick Edelman may be just what you need. You start with a personal finance quiz to determine what you already know. Then, you create a roadmap of your money and finances with an end goal of successfully reaching your financial goals.
Personal Finance for Dummies
Eric Tyson wrote this book as a resource for anyone to learn how to successfully manage their money. It covers many of the basics of personal finance, including budgeting, debt, taxes, and investing. Forbes contributor Barry Glassman says that this is one of his favorite personal finance books to recommend.
Rich Bitch: A Simple 12-Step Plan for Getting Your Financial Life Together … Finally
This GoBankingRates top 25 list maker is from money expert and financial journalist Nicole Lapin. The book includes a simple 12-step plan for getting your finances in order and breaking bad financial habits. It also teaches you how to invest in yourself and prepare for the future.
You’re So Money: Live Rich Even When You’re Not
Farnoosh Torabi, a financial reporter in her twenties, covers life on an entry-level salary and focuses on teaching others to live within their means. The sensible advice is geared towards those just entering their first real job after college and those moving out of the family home for the first time.
Living Well, Spending Less: 12 Secrets of the Good Life
Another GoBankingRates top 25 pick is this treasure from Ruth Soukup. Soukup provides personal accounts to show what it’s like to take control of your budget and your life. She introduces practical action plans to improve your finances and organize your life to be more efficient and less wasteful.
The Compound Effect
Darren Hardy, publisher of Success magazine, shares a step-by-step guide to good decision-making, tracking progress and achieving goals. Using his personal and business achievements as examples, he outlines the guiding principles that should govern your financial life and shows how the decisions you make determine your level of success.
This GoBankingRates top 25 pick is Tony Robbins’ first released book in nearly twenty years. He offers a seven-step plan to achieving financial freedom through effective money management. Following his advice will help you create a personal financial blueprint that is both easy to understand and easy to follow.
As the summer season comes to an end,it’s the start of going back to school for students. Some kids look forward to it, others dread it. Surprisingly, the same goes for parents.
On the parents side however, it is the expenses that come along with it. In all the hassle and scheduling and sending the kids back to school, most parents feel that this is like Christmas and birthdays put together.
It doesn’t mean that you have to spend a fortune on these expenses because as with any other season, retailers would take advantage of this and turn it into a shopping season too.
Saving Money on Back to School
Before you go out shopping, it’s best to make an inventory of what you could still use and what new items needs to be purchased. Everyone loves a good sale and using coupons during a sale can get you the most out of your money.
If you are on a tight budget and looking for ways on how to save money on school supplies and things that come along with back to school expenses, there is an option for you with deal websites like Groupon and a recently launched service option such as Groupon Coupons.
What makes this different from the regular model of the Groupon site? This is a great way to check if there are items that suit your needs since you don’t have to register or purchase anything up front.
It’s a collection of 55,000 coupons and promo codes to choose from! There is bound to be something you can definitely save on such as checking out items from Vitacost for your vitamins and supplemental needs, to give you and your kids energy for a 100% performance in school; Macy’s and JCPenney for your school supplies such as shoes, apparel and school bags; and much much more!
You can even use it on Hotels.com for those last minute bonding time with your kids before they go back to school and get wrapped up in their homework. Spend some fun time with the kids with the awesome opportunities that can only be found here.
A lot of Groupon Coupons are exclusive, which means that you can’t find them anywhere else since Groupon has created a partnership with the top national retailers out there.
If you think that this sounds too good to be true, don’t even worry about anything as Groupon has a team that works around the clock to ensure that the best coupons are updated and accounted for. Only the best coupon experience for you.
Take advantage of these great deals and get that Groupon Coupon to save you money on your back to school purchases that can help you stick to your budget. By saving on these back to school items, other expenses such as unavoidable school costs makes it a bit more affordable.
The average student loan debt for a college education has reached $28,400. Students that attend private colleges or extend their education past four years pay considerably more. There are nearly 40 million Americans carrying roughly $1.2 trillion in student loan debt today. Fortunately, there are ways to limit the amount of student loan debt you take on to pay for college. These great tips can help you minimize your student loan debt and pay off the debt quickly.
Check For Discounted Rates At A Bank
There are many banks that extend private student loans and some of them have better terms than others. Two banks in particular, Wells Fargo and Discover, have student loans that have lower interest rates and longer repayment terms than many of their competitors. Do your own research and don’t depend on the financial aid officers at the college to steer you towards the best student loans.
Choose A Job That Offers Loan Forgiveness
A public service job will not pay you big bucks, but many of them do offer student loan forgiveness after a number of years of employment. Those who make 120 monthly student loan payments while employed by a federal, state or local organization or a tax-exempt nonprofit are eligible for the complete forgiveness of their remaining debt. A teacher that chooses to teach in an underserved area may be able to have the balance of their student loans forgiven after ten years of employment and on time payments for the loans. Review your options carefully before making your decision.
Check Out State And Local Government Programs
You may be able to reduce the amount of student debt owed by taking advantage of state and local government programs. Kansas is currently offering $15,000 in student loan repayment assistance for folks who move to specified Rural Opportunity Zones. Niagara Falls, New York, is offering $7,000 in student loan repayment assistance to people who live in specific downtown areas. If you are considering moving, check out the benefits offered to see if moving to the area will help you reduce your student loans.
Choosing a college and figuring out how to pay for it are important financial decisions that can affect you for the rest of your life. It is important to gather all of the information you can to make an informed decision about the best course of action for you.