GRAND RAPIDS, Mich (WOOD) - Back to school time is a great “fresh start” moment to get the entire family on board and to include everyone as age appropriate to learn about finances. The basics of financial fitness do not change, it’s about establishing and maintaining spending plan, committing to short and long term savings, and appropriate use of credit. Nancy Loftis from First Community Federal Credit Union joined eightWest to talk about getting your child prepared and knowledgeable about finances.
What kids (and adults) need to know
- The importance of saving (short term and long term)
- Identifying the difference between needs and wants – and understanding there is a tradeoff
- Developing a budget/spending plan
- Using tools that aid in good financial management (example – debit card, checking account, mobile and text banking)
- Preparing for college costs
- Understanding how credit worksResources Available to Parents:
- NEFE (National Endowment for Financial Education): www.nefe.corg
- Jump Start Coalition: www.jumpstart.org
- Biz Kids: www.bizkids.com
- Feed the Pig: www.feedthepig.org
- College Savings: http://cgi.money.cnn.com/tools/collegeplanner/collegeplanner.jsp
- College Savings: http://apps.finra.org/Calcs/1/CollegeSavings
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