No matter how old we are, almost all of us could be making smarter choices with our money. According to Varo Money, a staggering 85% of Americans said that they worry about their finances – with 30% feeling ‘constantly’ stressed about not having enough money put aside.
From dwindling investments to student debt, there are a lot of factors keeping us up at night. But the good news is that there are a number of small changes you and your family members can make. Whether you’re eight or 88, it’s never too early (or late) to start protecting your money and making sure that there’s some put by for the future.
This post will suggest an easy money tip for every age group, so you can rest easy in the knowledge that all of your loved ones are making smart financial decisions.
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1) Get Life Insurance
Life insurance is one of the best ways to protect your family financially. If you have children or a partner who depends on you for money, it would be devastating for everyone involved if you were suddenly unable to provide for them.
By taking out a life insurance policy, you’ll have the reassurance that – should the worst happen – the people you love won’t have to worry about bills or funeral costs on top of everything else.
If you have elderly parents who like to help out with the household income or give your children money on a regular basis, why not suggest they get life insurance quotes for seniors online or organize a meeting with an accountant?
Many people overlook the importance of senior life insurance – but with 53% of grandparents contributing to their grandchildren’s college fees, it could be a lifeline for your family.
2) Set Up Spreadsheets To Help Young Adults Budget
It’s easy to lose track of your spending at school or college. If you’ve got a young adult who’s managing their own money, help them out by setting up a spreadsheet where they can log their expenses. Look for software that will automate this for you – with columns for bills (such as rent), income, and everyday purchases – or create your own.
This will make sure they stick to their budget, or at least monitor how far they’re going over it. After all, there’s nothing worse than getting a shock when your card is declined…
3) Encourage Your Children To Save
Almost every parent who’s lucky enough to be able to will save for their child’s future. But almost 60% find it difficult to talk to their children about money, with the majority of these believing that children shouldn’t have to worry about financial matters.
By actively encouraging your children to save, you’ll be able to instill good money sense in them from the start – which will hopefully lessen the chance that they’ll end up seriously stressed about money later on in life.
There are various ways to do this, no matter how much you’re in a position to give them. If you give your kids an allowance, why not sit down with them and negotiate ways to divide it up? For example, suggest they keep 50% to spend on whatever they like, put 25% in a savings jar for a rainy day, and transfer the remaining 25% into a savings account.
It doesn’t matter if this works out to 10 cents or $10. The important thing is to help them view saving as a fact of life – and even 10 cents will slowly add up.
Wherever your family members are in life, help them plan for the future and free themselves from financial worries.