As you prepare to send your younger daughter off to college in a few months you are doing your best to model and teach her the skills that she will need to be successful. Her formal education at her high school is certainly important, but you also know that your daughter will also need to know other important skills like knowing how to do loads of laundry, manage personal checking accounts, and eat healthy amounts of food on a regular basis.
Understanding Personal Finances Can Help You Succeed in Life
Whether you are a first year college student or a parent with two kids and a home mortgage, it is important to make sure that you understand the basics of personal checking accounts and the latest online banking options. Understanding how to manage your money is an important part of being successful at any age. Even as personal banking accounts are used more online than ever before, in fact, it is important to make sure that you understand how to spend less than you make, and to always have some funds tucked away for a rainy day.
Both personal and business checking accounts have many online features that can make today’s banking more immediate and much easier to track. There were nearly $1.4 trillion of new mortgages issued in 2008, and back in 2004, 69% of Americans owned a house. Today, however, that number is down to 63.4%. Even as fewer and fewer people are purchasing homes, there are still many times when it is important to make sure that your children understand the basics of personal finances. From balancing a checkbook to making sure that your adult children understand how to responsibly use a debit card, there are many financial literacy tasks that will help everyone be more successful later in life.
Following a home purchase, there are many times when a car purchase is the next biggest financial decision that many people engage in. In fact, the latest research indicates that only 80 million people in the U.S. had car loans in the year 2012. As you get ready to send your children off to college, it is important to note that financial stability is important, not only for college, but also for future home and car investments.