{"id":42339,"date":"2022-06-02T15:07:30","date_gmt":"2022-06-02T19:07:30","guid":{"rendered":"https:\/\/ilgfinancial.com\/staging\/2370\/?p=42339"},"modified":"2022-06-02T15:07:30","modified_gmt":"2022-06-02T19:07:30","slug":"top-five-financial-tips-to-share-with-your-adult-children","status":"publish","type":"post","link":"https:\/\/ilgfinancial.com\/staging\/2370\/top-five-financial-tips-to-share-with-your-adult-children\/","title":{"rendered":"Top Five Financial Tips to Share with Your Adult Children"},"content":{"rendered":"![\"\"](\"https:\/\/ilgfinancial.com\/staging\/2370\/wp-content\/uploads\/2022\/06\/selective-focus-of-magnifying-glass-pen-and-a-stack-of-memo-notes-written-with-expert-advice-on-a_t20_E08jZV.jpg\")
If we’re not careful with spending habits, the phrase \u201cwhere does the time go?\u201d can easily be applied to \u201cWhere does the money go?\u201d. And this applies to the old and the young, so it pays to start early with good financial habits.<\/p>\n
\n- Know your credit score<\/strong>\n
\n- If you aren\u2019t already building credit, it might be time to start since your score is based on your longest-held line of credit (credit card, loan, etc.)<\/li>\n
- If you\u2019re looking to boost your score, focus on always making timely payments<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n
\n- Know your debt-to-income ratio<\/strong>\n
\n- When paychecks start coming in, it\u2019s easy to spend it on either an expensive lifestyle or across so many small items you lose track, so be aware of what you\u2019re making and what you owe<\/li>\n
- As the market fluctuates and inflation increases costs, it\u2019s important to be aware of what you owe and what you\u2019re bringing in<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n
\n- Set and stick to a budget<\/strong>\n
\n- Old school planners suggest sticking to the 50\/30\/20 rule: 50% Needs, 30% Desires, 20% Savings<\/li>\n
- Stay on top of living expenses and periodically look for ways to lower them, which can make more important purchases easier to handle<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n
\n- Create and fund an emergency account<\/strong>\n
\n- No one predicted the latest pandemic, but many wish they were better prepared, so it might make sense to start your fund and don\u2019t dip in unless it\u2019s an emergency.<\/li>\n
- Think beyond an emergency with this money and prepare for a rainy day \u2013 consider using a small portion for a last-minute vacation or a visit home to see family and friends<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n
\n- Start saving for retirement<\/strong>\n