photo credit: jessiphotoworld

Over at the No Credit Needed blog, a recent post looked at the writer’s financial priorities for the future. It makes for an interest list and something that a lot of people in debt are probably striving to achieve - and we know that making a list of your goals always helps you to achieve them faster and better. So let’s take a look at the key financial priorities on this list:

• Live within a budget - always have a written budget so you know where you plan to put your money
• Have insurance - always have sufficient coverage of the necessary kinds of insurance (for example, health, dental, life or disability)
• Have an emergency fund - for at least six months’ worth of living expenses
• Fully-fund retirement accounts - that makes the annual tax bill lower and increases the wealth for the retirement days
• Fund self-education accounts - the No Credit Needed blogger has three young children, and has the goal of saving enough for their college tuition
• Live without borrowing money - but with one big advantage - this guy has a house funded by his employer
• Continue to live without credit cards - he uses a debit card instead for situations where a credit card is usually very convenient.

It might be interesting to reconsider your list of financial priorities, too.

photo credit: HAMED MASOUMI

Many new mothers dream of being able to give up work completely and devote their full attention to bringing up their children, especially in their pre-school years. However, as Girls Just Wanna Have Funds points out, many women are not completely aware of what a financial risk this step could be. (more…)

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Parenting is never easy, and in a time of growing economic crisis, teaching your child financial responsibility is even harder. So hard, in fact, that your adult child may someday come to you, asking for help out of a sticky financial situation. If that day comes, MSNBC has a few tips on how (and if) to help an adult child with debt: (more…)

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For many children, the year’s memories are highlighted by the weeks spent at summer camp: splashing in a pool, riding horses, eating with hundreds of their friends. Unfortunately for many of these children, summer camps around the nation are changing, responding to a slowing economy and rising fuel prices. (more…)

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Middle-aged couples often find themselves in a tricky dilemma – although they might be financially stable at the moment, they’ve got a couple of kids about to hit college, and they still have to keep an eye on their own retirement in 15 or 20 years’ time. A recent CNN case study gave a great example of a family facing this dilemma, and came out with a few useful tips that we can apply more generally.

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It’s never too soon to start teaching your children about money. While you probably can’t explain a bank loan or a home mortgage to a six-year-old, you can get them into the habit of saving money by helping them to create a saving habit.

Much more important than the amount of money here is that your child grows up understanding the discipline of saving money regularly. Start by opening a bank account for your young child and let them see the balance - you might want to start their saving off on the right foot with $20 or $50.

Once the bank account is in place, give your child a small amount of pocket money that must be saved in the bank. Even if this is only a dollar or two per week, it is important that your child can see the effects of regularly saving money. Take them to the bank once a month or so to deposit the money - most banks have special children’s accounts where this can be done, even with small amounts, without incurring transaction fees. After all, the bank wants to get your child’s business so that they grow up with that bank’s name as the one they’re most likely to use. As the balance grows, encourage your child to be excited by the result, and they might just develop a savings habit that will benefit them throughout their lives.

Life insurance can be a superb investment for a parent or breadwinner, but lately, we’ve been bombarded with offers to insure children. If you have a young child, you may consider taking the plunge and beginning a life insurance plan for him, but experts say that kids do not need life insurance.
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