One of the many reasons I want my kids to understand money, appreciate what it can and can’t do, and know how to manage it has more to do with character than counting dollars and cents. At some point, most of us have met someone who is seemingly obsessed with fancy things, trips, labels and financial status symbols, and we came away from that meeting hoping to never, ever let our kids become materialistic monsters.
Part of what attracted me to the man I married 18 years ago was how much we had in common. In so many ways, we were a LOT alike. When it comes to marriage, sometimes financial opposites attract. Find out how to make the most of your life with a constant spender, or compulsive saver.
Like most parents, I have a few control issues. When it comes to money mistakes, sometimes the best thing parents can do is let our kids mess up – especially when they’re young and the consequences aren’t critical. “Your children are going to learn some hard lessons when it comes to money. They are going to make some bad decisions, maybe some really bad decisions. But that’s okay.”
No matter where you are in your life or how much you have in your retirement account, your employer-sponsored retirement plan may have features that will help you build your nest egg.
Setting up a budget will require some work, but the benefits more than offset the time invested. How you create your budget is up to you.
Got a relatively big-ticket item you’d like to save for? Saving for a Sunny Day offers advice on everyday purchases you can skip in order to save money.