This week we’re sharing how you can prepare your children for financial literacy, improve your credit before jumping into the home buying process, and save on rent. Here’s what you need to know now:

  • Today many college-aged students are misinformed about essential financial facts because the need for them to be financially literate is often overlooked. But, according to Michael Schramm of USA Today, college students are open to learning about finances, and they want to learn from their parents. In his article, “How parents can teach kids to manage money well at college,” Schramm recommends starting at a young age, teaching them to create and manage a budget, give out credit cards carefully, urge students to enroll in their university’s financial literacy class, and encourage them to use online resources like Mint.com, Digit, and Acorns.
Online budgeting tools and smart phone apps can help you keep a handle on your finances.

Online budgeting tools and smart phone apps can help keep a handle on personal finances.

  • Buying a home is a lengthy process, but before you take the deep dive you may want to organize your finances, especially your credit. Good credit opens a lot of doors when it comes to buying a home, whereas bad credit can close them. However, you can improve your credit and be in a new home in no time if you follow Business Insider reporter, Michael Corbett’s advice. He suggests strengthening your credit by obtaining your credit report, maintaining low balances, keeping your old car, and more.
Never missing a payment is a surefire way to steadily increase your credit score over time.

Never missing a payment is a surefire way to steadily increase your credit score over time.

  • Looking for ways to save on rent? You’re not alone. America is becoming a nation of renters— a trend that is driving rental prices to new heights. Today’s renter is spending more than 30 percent of their income on housing, and one in four renter households spend more than half.  Before you move into your new digs, Mandi Woodruff of Yahoo! Finance suggests negotiating with your landlord, renting in the offseason, and holding on to your security deposit.

Leave a Reply

Your email address will not be published. All fields are required.