We all know how expensive it can be to raise children, but often parents don’t realize the full extent of the costs. Parents now spend an average of $233,000 on each child between birth and the age of 18 (http://money.cnn.com/2017/01/09/pf/cost-of-raising-a-child-2015/index.html). It’s a lot of money, but thankfully you don’t have to spend this much if you are savvy with your money.
Nearly 7 in 10 seniors who graduated from public and non-profit colleges in 2015 had student loan debt, with an average of $30,100 per borrower, according to the Institute for College Access & Success. While it may seem like a lot of debt to overcome, especially when graduates are just beginning their careers, there are some ways to ease the burden of the debt.
June is graduation season, and for those who are moving on to higher education or entering the workforce for the first time, it is important to carry the timeless wisdom that comes from beyond the textbooks. Everyone could all use some reminders of the lessons that we sometimes overlook in our finances. Here are some guidelines to start, or continue, to live by:
It is no secret that everyone has trouble saving money. However, no matter how thin your budget is, anyone can save a bit of money that can start building up into that new car or house you always wanted. Here are five tips on how to get started. 1. Open a Savings Account Immediately To most, it is much easier to earn money than to save money. A big reason for that could be the lack of a savings account. If you want to save, you’ll need to open an account specifically for savings. Watch out for savings accounts at banks, because that money can be accessed with your debit card.