Financial Planning Tips for Specific Life Stages, Part 1

lifetime financial tipsThe following information was published
by the Massachusetts Society of CPAs.

Find the life stages that are currently most important to you or your family and begin to implement the tips. It won’t take long to see results, bolstering both your financial picture and confidence in your financial future.

Childhood Through College

Getting on a sound financial footing is rated “G” — good for any age.

    • 6–8: This is the right time to start with allowances. Monthly is often better than weekly so kids learn a bit about planning ahead. Also, teach youngsters to comparison shop.
    • 9–12: A critical time for children to start earning money to supplement allowance. Lemonade stands, dog walking, fence painting, leaf raking, and snow shoveling are all ideal for this age group.
    • Teens: Finding and keeping a job, budgeting what’s earned, learning the do’s and don’ts of spending and overspending are critical life skills for teens. Teens should have a checking account or savings account, but NOT a credit card.
    • College: Debt is often a more serious problem than academics for college students. Staying within budget needs to be part and parcel of the lessons they learn. Bailing themselves out, curbing their spending lust, and foregoing nonessentials are absolute musts. Too often parents with the best intentions enable the worst financial patterns.

To be continued…

About cozbycpa

Heather L. Cozby is a CPA on the South Shore and Cape Cod. The managing partner of Cozby & Company, LLC, Heather has the resources and experience necessary to provide quality professional services on a timely basis and at a reasonable cost. She specializes in tax planning & preparation; audit, review & compilation services; management advisory services; bookkeeping; and accounting. Her unique niche is in working with homeowners’ associations and condominium trusts, advising with rental real estate, and providing outsourced financial consulting for mid-sized companies. She is more entrepreneurial than most accountants, and offers the best of both worlds - providing the services of a larger firm while retaining the ability to connect with her clients on a personal level.
This entry was posted in Debt, Personal Finance, Planning Strategies and tagged , , , , , . Bookmark the permalink.