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money Archives - Sharkey, Howes & Javer

10 Ways to Show Your Money Some Love

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SHJ Show Your Money Some Love

In the month of love, we thought it was important to share our tips on how to show your money some love so it can help you attain your goals. While we could add many more tips to the list, the 10 below are an excellent place to start when thinking through your financial strategy.

1. Don’t Wait

“Oh, I’ll do that tomorrow… or next week… or next month.” We can all find excuses about getting fit, starting a diet, cleaning the house or… taking care of our finances. When it comes to showing your money some love, the first step is to put the excuses aside and take action. Money problems are associated with stress, relational challenges and decreased happiness. Waiting to take care of your finances only prolongs the hurt.

2. Save First

When a paycheck comes in, it can be tempting to pay the bills, buy a few things on the wish list and head out to a nice steak dinner. While it may be well deserved, saving before splurging can really show your money some love. When money is saved, it earns interest and the more interest it earns the more money you have later. Savings accounts, 401(k)s, IRAs and other investments are all part of a good saving strategy.

3. Look for Tax Free

Many retirement plans, such as a 401(k), allow you to save with certain tax advantages. Look into your employer’s retirement plan and possible matching programs, as well as other available programs such as the 529 plan for college education savings. Financial advisors, like the team at Sharkey, Howes and Javer, can be excellent resources when it comes to creating a smart saving strategy.

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Talk to Your Kids About Money… Really

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Talking to kids about the birds and the bees is awkward and hard. But what about money? A report by the National Financial Educators Council recently found the average youth financial literacy score to be just 58% (source). [Your kids can take the test here if you are interested]. Another study by Capital One found 52% of teens want to learn more about how to manage their money (source).

Right now most of our financial literacy education comes from our parents. It’s not standard in children’s education. Talking to your kids frequently about money is one of the best ways for them to learn how to handle their own finances as they become adults.

Here are a few tips to talk to your children about money:

Make it part of everyday conversation. You’re at the store and have a budget to stick to. Share with them how and why you came to your budget as you are shopping. Are your kids begging for a trip? Sit down with them and have them help make a plan to save for the trip as a family. Review basic bank statements with them so they can learn how to read financial information. Try inserting conversations about money into your everyday conversations and you won’t have to schedule time to have the ‘financial talk.’ Plus, it will be more effective if your kids can learn as they grow.

Be as open as you can about family finances. There are some topics that won’t be appropriate for all ages, we understand. But try to be open about finances rather than having those discussions behind closed doors. If times are tough, don’t fake it for the kids. Have a family savings meeting to discuss how you can all cut back. If you just received a raise or maybe an inheritance, talk with the kids about how you should invest it as a family. Decide as a family how you want to give to charities, etc. Being open about finances will help set kids up for financial success and make them more willing to talk about financial issues in the future.

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