Personal Finance Tip of the Week: Ways of helping children become financially independent

Parents can help their children get on their feet financially be teaching good money management skills. It’s important to be hands on with your child at first, here are some tips on doing that:
• Communicate expectations: help them outline future goals and set time frames for achieving them
• Set up a budget: teach them the importance of budgeting and how to create a balanced budget, meaning more income, less expenses
• Eliminate expenses: discuss wants versus needs and how to prioritize them
• Charge Rent: this helps them get into the habit of making that monthly payment
• Review debt: help them develop a plan to reduce their debts
• Talk career plans: encourage them to take advantage of their degree and education to start a career

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