• Resources
  • Blog
  • Journalists
  • Log In
  • Sign Up
  • Data Privacy
  • Send a Release
Cision PR Newswire: news distribution, targeting and monitoring home
  • News
  • Products
  • Contact

 

When typing in this field, a list of search results will appear and be automatically updated as you type.

Searching for your content...

No results found. Please change your search terms and try again.
  • News in Focus
      • Browse News Releases

      • All News Releases
      • All Public Company
      • English-only
      • News Releases Overview

      • Multimedia Gallery

      • All Multimedia
      • All Photos
      • All Videos
      • Multimedia Gallery Overview

      • Trending Topics

      • All Trending Topics
  • Business & Money
      • Auto & Transportation

      • All Automotive & Transportation
      • Aerospace, Defense
      • Air Freight
      • Airlines & Aviation
      • Automotive
      • Maritime & Shipbuilding
      • Railroads and Intermodal Transportation
      • Supply Chain/Logistics
      • Transportation, Trucking & Railroad
      • Travel
      • Trucking and Road Transportation
      • Auto & Transportation Overview

      • View All Auto & Transportation

      • Business Technology

      • All Business Technology
      • Blockchain
      • Broadcast Tech
      • Computer & Electronics
      • Computer Hardware
      • Computer Software
      • Data Analytics
      • Electronic Commerce
      • Electronic Components
      • Electronic Design Automation
      • Financial Technology
      • High Tech Security
      • Internet Technology
      • Nanotechnology
      • Networks
      • Peripherals
      • Semiconductors
      • Business Technology Overview

      • View All Business Technology

      • Entertain­ment & Media

      • All Entertain­ment & Media
      • Advertising
      • Art
      • Books
      • Entertainment
      • Film and Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television
      • Entertain­ment & Media Overview

      • View All Entertain­ment & Media

      • Financial Services & Investing

      • All Financial Services & Investing
      • Accounting News & Issues
      • Acquisitions, Mergers and Takeovers
      • Banking & Financial Services
      • Bankruptcy
      • Bond & Stock Ratings
      • Conference Call Announcements
      • Contracts
      • Cryptocurrency
      • Dividends
      • Earnings
      • Earnings Forecasts & Projections
      • Financing Agreements
      • Insurance
      • Investments Opinions
      • Joint Ventures
      • Mutual Funds
      • Private Placement
      • Real Estate
      • Restructuring & Recapitalization
      • Sales Reports
      • Shareholder Activism
      • Shareholder Meetings
      • Stock Offering
      • Stock Split
      • Venture Capital
      • Financial Services & Investing Overview

      • View All Financial Services & Investing

      • General Business

      • All General Business
      • Awards
      • Commercial Real Estate
      • Corporate Expansion
      • Earnings
      • Environmental, Social and Governance (ESG)
      • Human Resource & Workforce Management
      • Licensing
      • New Products & Services
      • Obituaries
      • Outsourcing Businesses
      • Overseas Real Estate (non-US)
      • Personnel Announcements
      • Real Estate Transactions
      • Residential Real Estate
      • Small Business Services
      • Socially Responsible Investing
      • Surveys, Polls and Research
      • Trade Show News
      • General Business Overview

      • View All General Business

  • Science & Tech
      • Consumer Technology

      • All Consumer Technology
      • Artificial Intelligence
      • Blockchain
      • Cloud Computing/Internet of Things
      • Computer Electronics
      • Computer Hardware
      • Computer Software
      • Consumer Electronics
      • Cryptocurrency
      • Data Analytics
      • Electronic Commerce
      • Electronic Gaming
      • Financial Technology
      • Mobile Entertainment
      • Multimedia & Internet
      • Peripherals
      • Social Media
      • STEM (Science, Tech, Engineering, Math)
      • Supply Chain/Logistics
      • Wireless Communications
      • Consumer Technology Overview

      • View All Consumer Technology

      • Energy & Natural Resources

      • All Energy
      • Alternative Energies
      • Chemical
      • Electrical Utilities
      • Gas
      • General Manufacturing
      • Mining
      • Mining & Metals
      • Oil & Energy
      • Oil and Gas Discoveries
      • Utilities
      • Water Utilities
      • Energy & Natural Resources Overview

      • View All Energy & Natural Resources

      • Environ­ment

      • All Environ­ment
      • Conservation & Recycling
      • Environmental Issues
      • Environmental Policy
      • Environmental Products & Services
      • Green Technology
      • Natural Disasters
      • Environ­ment Overview

      • View All Environ­ment

      • Heavy Industry & Manufacturing

      • All Heavy Industry & Manufacturing
      • Aerospace & Defense
      • Agriculture
      • Chemical
      • Construction & Building
      • General Manufacturing
      • HVAC (Heating, Ventilation and Air-Conditioning)
      • Machinery
      • Machine Tools, Metalworking and Metallurgy
      • Mining
      • Mining & Metals
      • Paper, Forest Products & Containers
      • Precious Metals
      • Textiles
      • Tobacco
      • Heavy Industry & Manufacturing Overview

      • View All Heavy Industry & Manufacturing

      • Telecomm­unications

      • All Telecomm­unications
      • Carriers and Services
      • Mobile Entertainment
      • Networks
      • Peripherals
      • Telecommunications Equipment
      • Telecommunications Industry
      • VoIP (Voice over Internet Protocol)
      • Wireless Communications
      • Telecomm­unications Overview

      • View All Telecomm­unications

  • Lifestyle & Health
      • Consumer Products & Retail

      • All Consumer Products & Retail
      • Animals & Pets
      • Beers, Wines and Spirits
      • Beverages
      • Bridal Services
      • Cannabis
      • Cosmetics and Personal Care
      • Fashion
      • Food & Beverages
      • Furniture and Furnishings
      • Home Improvement
      • Household, Consumer & Cosmetics
      • Household Products
      • Jewelry
      • Non-Alcoholic Beverages
      • Office Products
      • Organic Food
      • Product Recalls
      • Restaurants
      • Retail
      • Supermarkets
      • Toys
      • Consumer Products & Retail Overview

      • View All Consumer Products & Retail

      • Entertain­ment & Media

      • All Entertain­ment & Media
      • Advertising
      • Art
      • Books
      • Entertainment
      • Film and Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television
      • Entertain­ment & Media Overview

      • View All Entertain­ment & Media

      • Health

      • All Health
      • Biometrics
      • Biotechnology
      • Clinical Trials & Medical Discoveries
      • Dentistry
      • FDA Approval
      • Fitness/Wellness
      • Health Care & Hospitals
      • Health Insurance
      • Infection Control
      • International Medical Approval
      • Medical Equipment
      • Medical Pharmaceuticals
      • Mental Health
      • Pharmaceuticals
      • Supplementary Medicine
      • Health Overview

      • View All Health

      • Sports

      • All Sports
      • General Sports
      • Outdoors, Camping & Hiking
      • Sporting Events
      • Sports Equipment & Accessories
      • Sports Overview

      • View All Sports

      • Travel

      • All Travel
      • Amusement Parks and Tourist Attractions
      • Gambling & Casinos
      • Hotels and Resorts
      • Leisure & Tourism
      • Outdoors, Camping & Hiking
      • Passenger Aviation
      • Travel Industry
      • Travel Overview

      • View All Travel

  • Policy & Public Interest
      • Policy & Public Interest

      • All Policy & Public Interest
      • Advocacy Group Opinion
      • Animal Welfare
      • Congressional & Presidential Campaigns
      • Corporate Social Responsibility
      • Domestic Policy
      • Economic News, Trends, Analysis
      • Education
      • Environmental
      • European Government
      • FDA Approval
      • Federal and State Legislation
      • Federal Executive Branch & Agency
      • Foreign Policy & International Affairs
      • Homeland Security
      • Labor & Union
      • Legal Issues
      • Natural Disasters
      • Not For Profit
      • Patent Law
      • Public Safety
      • Trade Policy
      • U.S. State Policy
      • Policy & Public Interest Overview

      • View All Policy & Public Interest

  • People & Culture
      • People & Culture

      • All People & Culture
      • Aboriginal, First Nations & Native American
      • African American
      • Asian American
      • Children
      • Diversity, Equity & Inclusion
      • Hispanic
      • Lesbian, Gay & Bisexual
      • Men's Interest
      • People with Disabilities
      • Religion
      • Senior Citizens
      • Veterans
      • Women
      • People & Culture Overview

      • View All People & Culture

      • In-Language News

      • Arabic
      • español
      • português
      • Česko
      • Danmark
      • Deutschland
      • España
      • France
      • Italia
      • Nederland
      • Norge
      • Polska
      • Portugal
      • Россия
      • Slovensko
      • Suomi
      • Sverige
  • Overview
  • Distribution by PR Newswire
  • Cision Communications Cloud®
  • Cision IR
  • Sponsored Placement
  • All Products
  • General Inquiries
  • Request a Demo
  • Editorial Bureaus
  • Partnerships
  • Media Inquiries
  • Worldwide Offices
  • PR Newswire: news distribution, targeting and monitoring
  • Send a Release
    • ALL CONTACT INFO
    • Contact Us

      888-776-0942
      from 8 AM - 10 PM ET

  • Send a Release
  • Sign Up
  • Log In
  • Resources
  • Blog
  • Journalists
  • RSS
  • GDPR
  • News in Focus
    • Browse All News
    • Multimedia Gallery
    • Trending Topics
  • Business & Money
    • Auto & Transportation
    • Business Technology
    • Entertain­ment & Media
    • Financial Services & Investing
    • General Business
  • Science & Tech
    • Consumer Technology
    • Energy & Natural Resources
    • Environ­ment
    • Heavy Industry & Manufacturing
    • Telecomm­unications
  • Lifestyle & Health
    • Consumer Products & Retail
    • Entertain­ment & Media
    • Health
    • Sports
    • Travel
  • Policy & Public Interest
  • People & Culture
    • People & Culture
  • Send a Release
  • Sign Up
  • Log In
  • Resources
  • Blog
  • Journalists
  • RSS
  • GDPR
  • Overview
  • Distribution by PR Newswire
  • Cision Communications Cloud®
  • Cision IR
  • All Products
  • Send a Release
  • Sign Up
  • Log In
  • Resources
  • Blog
  • Journalists
  • RSS
  • GDPR
  • General Inquiries
  • Request a Demo
  • Editorial Bureaus
  • Partnerships
  • Media Inquiries
  • Worldwide Offices
  • Send a Release
  • Sign Up
  • Log In
  • Resources
  • Blog
  • Journalists
  • RSS
  • GDPR

Financial Tips for Parents to Teach Their Children


News provided by

Family Features Editorial Syndicate

Jun 21, 2021, 14:40 ET

Share this article

Share this article


MISSION, Kan., June 21, 2021 /PRNewswire/ -- (Family Features) Children often dream of the day they can call themselves grown-ups, but few look forward to – let alone think about – the financial realities of independence. It's never too early to start teaching your children how to save money and spend responsibly.

Continue Reading
Photos courtesy of Getty Images
Photos courtesy of Getty Images

"As parents, our job is to set our children up for success," Bank of America's Head of Deposit Products Erin McCullen said. "Giving our kids a strong foundation of financial skills like budgeting and saving is a key part in ensuring they thrive as adults and can concentrate on the things they love."

Consider these financial tips from McCullen:

Establish a budget. Budgeting is a lifelong skill. Teaching young adults how to budget can help them plan spending, save money, create goals and address financial anxiety. According to a Bank of America survey, 52% of Americans said they didn't start budgeting until they began their first full-time job.

If your kids are on the younger side, they likely don't have a steady income, but you can still help them practice budgeting with allowances or gifts from relatives or friends. Keep it simple: teach them to track the money they receive and separate it into spend-now and spend-later categories.

Later, when you're helping your kids create an adult budget, you'll need to expand those categories to track expenses like housing costs and groceries. From there, measure these categories against their total monthly income. Ideally, they should have more money coming in than going out. This process can help identify must-have vs. want-to-have purchases while highlighting areas to cut back on spending or finding room to save.

Save regularly and consistently. Making consistent, automatic contributions to a savings account can create a mindset that will be valuable as your children get older.

"It is never too early to open a savings account," McCullen said. "Even if your children don't yet have any bills or financial obligations, teach them to set aside some of the money from their allowance or even gifts from family or friends. Helping children learn to save early-on, even for a small purchase, can help them develop a consistent savings habit over time."

Young adults should also consider programs like Keep the Change, which helps build savings automatically by rounding up debit card purchases to the nearest dollar amount and transferring the change from a checking account to a savings account.

Make a finance checklist. Young adults have a lot on their minds at the end of their final semester at school. As they begin to transition from student life to the working world, one way to help them stay on track is to prepare a checklist of things to do before they graduate and start their jobs.

This list can include creating a budgeting and tracking strategy, opening a savings account to begin setting aside money from future paychecks or checking in with a financial planner to discuss transitions and what's to come.

Taking time now to teach your children strong financial habits can help them develop lifelong financial skills and prepare them for their next adventure. The healthy habits they build today can help carry them to tomorrow and beyond.

Emphasize the importance of safe credit. Young adulthood is the right time to begin building credit because establishing good credit takes time. Building credit from a young age can help pave the way for major purchases and life moments, since credit impacts future living arrangements, the ability to purchase a car and even employment opportunities.

Teach your children about the steps they can take to start building credit like planning their credit card usage, never spending outside their means and paying off their credit card bills on-time and in-full. They can also earn rewards while spending by ensuring their credit card rewards their spending. An option like the Bank of America Customized Cash Rewards card offers flexibility to earn rewards in the category of your choice and can help maximize rewards while building credit.

Find more tips for teaching your children financial skills at BetterMoneyHabits.BankofAmerica.com.

Financial Lessons at Every Age

From preschool through college, every stage of school is designed to prepare kids for life-long success, but learning about finances is one area that can be especially impactful for children in the long term.

Consider these ways kids can learn about money throughout childhood as recommended by the experts at Bank of America:

Elementary School – Focus on basics like saving small change and planning how to spend it. As kids begin to learn fundamental math, you can introduce them to the concept of making a spending plan. Apply these lessons to toys or gifts they want and teach them to set aside money until they have enough to buy the toy of their dreams.

Middle School – Those early mathematical lessons around spending can be expanded to include real-life decision making and budget creation, including what should be accounted for and considered before making a purchase. Before children go to the mall with their friends, highlight the thought process involved in spending before they make impulse purchases.

High School – As adulthood begins to draw nearer, it's worth exploring the fundamentals of credit scores, credit cards, investing, saving for retirement, homeownership and more so that, upon graduation, teens can start putting those lessons into practice. High school seniors should also educate themselves on student loans, as debt often becomes a reality for those who attend college, and understanding the facts can help them make more informed choices.

Bonus tip: If your high schoolers have jobs, even if it's just part-time, it can be helpful to discuss taxes and how to manage receiving consistent income. It can guide them in creating balanced and accurate budgets in the future.

College – Build credit by opening a credit card account to help achieve goals later in life, such as purchasing a home. With a career just a few years away (or less), college is also a smart time to begin reading into the basics of 401(k)s, starting an emergency fund or even learning the basics of investing.

Photo courtesy of Getty Images

Michael French
[email protected] 
1-888-824-3337
editors.familyfeatures.com

About Family Features Editorial Syndicate
A leading source for high-quality food, lifestyle and home and garden content, Family Features provides readers with topically and seasonally relevant tips, takeaways, information, recipes, videos, infographics and more. Find additional articles and information at Culinary.net and eLivingToday.com.

SOURCE Family Features Editorial Syndicate

Related Links

http://www.familyfeatures.com

Modal title

Also from this source

Chores to Tackle to Get Your Home Ready for Spring

Chores to Tackle to Get Your Home Ready for Spring


3 Steps to Help Pets Achieve and Maintain a Healthy Weight

3 Steps to Help Pets Achieve and Maintain a Healthy Weight

Explore

More news releases in similar topics

  • Publishing & Information Services
  • Banking & Financial Services
  • Children
  • Diversity, Equity & Inclusion

Contact Cision

  • Cision Distribution 888-776-0942
    from 8 AM - 9 PM ET

  • Chat with an Expert
  • General Inquiries
  • Request a Demo
  • Editorial Bureaus
  • Partnerships
  • Media Inquiries
  • Worldwide Offices

Products

  • Cision Communication Cloud®
  • For Marketers
  • For Public Relations
  • For IR & Compliance
  • For Agency
  • For Small Business
  • All Products

About

  • About PR Newswire
  • About Cision
  • Become a Publishing Partner
  • Become a Channel Partner
  • Careers
  • COVID-19 Resources
  • Accessibility Statement
  • Asia
  • Brazil
  • Canada
  • Czech
  • Denmark
  • Finland
  • France
  • Germany
  • India
  • Israel
  • Italy
  • Mexico
  • Middle East
  • Middle East - Arabic
  • Netherlands
  • Norway
  • Poland
  • Portugal
  • Russia
  • Slovakia
  • Spain
  • Sweden
  • United Kingdom

My Services

  • All New Releases
  • Online Member Center
  • ProfNet

Contact Cision

Products

About

My Services
  • All News Releases
  • Online Member Center
  • ProfNet
Cision Distribution Helpline
888-776-0942
  • Terms of Use
  • Privacy Policy
  • Information Security Policy
  • Site Map
  • RSS
  • Cookie Settings
Copyright © 2023 Cision US Inc.