The habits your kids pick up now will follow them throughout life. Guide them to good money habits with these tips.
Get$Fit Tip #1: Pay yourself first.
Did you know the average college debt for the graduating class of 2016 was $37,000?* Are your kids prepared to manage debt and build wealth at the same time? Do they know the secret to keeping car-buying costs as low as possible? What about how to prepare for unexpected expenses?
Get$Fit Tip #2: Take full advantage of your bank.
Teach your kids about money using our Learning Center, which offers uncomplicated money tips to help build wealth, reduce debt and make money-smart decisions.
Also, help your kids begin building relationships at their bank and gain an understanding of services and resources available to them. Building a relationship with a banker now will help them in the future when it comes time to borrow money, begin investing and buy their first home.
Get$Fit Tip #3: Comparison shop for everything!
Student loans, college text books, rental properties, auto insurance, clothes – make it a habit to compare prices and look for the best deals. A little effort on your part can save you thousands of dollars.
Get$Fit Tip #4: Learn to budget.
Money flows out faster than it flows in. Building wealth is not about how much money you have, it’s about how you manage the money you have. Learn to live below your means. It’s the only way to build wealth.
Get$Fit Tip #5: Watch your credit score.
Your credit score is a history report on how well you manage your money. Pay bills on time and use credit cards carefully. The alternative is long-term debt and financial hardship.
Get$Fit Tip #6: Needs and wants are not the same thing.
There is never enough money to buy everything you want. Choose wisely. Today’s choices will affect your future financial well-being. Is instant gratification more important than a comfortable lifestyle?
Get$Fit Tip #7: Learn the secret to saving.
The easiest way to build wealth is to set up automatic savings. Have a portion of your wages automatically go into a savings and/or retirement account through payroll direct deposit. Invest in yourself.
* Institute of College Access and Success.
Opinions expressed above are the personal opinions of the author and meant for generic illustration purposes only. Member FDIC.