Money can be a hard topic to talk about, but having open conversations about finances with your loved ones can be important to both your future and theirs.
One of the most important gifts you can give the children in your life is a healthy attitude about money and the tools to make sound financial decisions. Teach children living in your home how to manage money on a small scale through weekly allowances, saving for a coveted toy or working on the family budget. Have honest conversations with adult children or grandchildren this year about money mistakes and successes that you have made during your life. Take the time to listen to any concerns or questions that they may have. (To learn more, see Teaching Your Children About Money.)
If your parents are senior citizens or nearing retirement age, talk with them about their financial wishes as they age and get a clear picture of their finances. You should also make sure that you or a close family member has all of their financial account information and a copy of their will to alleviate stress if they pass away.
While it is easy to view financial resolutions as a one-time goal or something to check off your list, spend time throughout the year measuring your progress and making adjustments. Think about any personal financial goals that you have and create additional resolutions that are meaningful to your situation.
I’d love to hear about a Savings Account that is reputable and has over 1% interest on it. We have enough in savings right now to have it make a small difference. I can Google it, but if you know of one, that would be useful information.
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