Gulf Winds Federal Credit Union Blog

5 Smart Financial Tips to Share with Your Grandchildren

1. Know Your Spending Habits

You should always have concrete figures concerning your monthly spending habits. Create a list of income and expenses, taking care not to spend more than you’re earning.

2. Build Credit

Many of your basic necessities like transportation and housing are affected enormously by your credit. Whenever you’re looking to finance a major expense or take out a loan for an emergency, your credit score makes the difference between meeting ends and falling into holes. Use your cards, keep track of the balance, and pay your fees.

3. Watch Out For Debt

At the same time, make sure to make your credit work for you instead of the other way around. Don’t make impulse purchases or rack up irresponsible debt on your cards. Whenever you need to finance something substantial like college or a home loan, keep a close eye on your debt and keep it in control.

4. Save

Save early and save well. Every little bit that you contribute to retirement makes a difference. Making up for lost time at the end of the road is stressful and hard. Cutting corners early is worth the pain it will avoid later on.

5. Invest

Make your money work for you. Consider the type of investments that you can start to make while you’re young and build upon them. As your investments grow and you start seeing income from different sources, you’ll find yourself with freedom and security.

 

 

 

 

 

 

 

 

 

Photo Credit: Bigstockphoto.com - Wavebreak Media Ltd

 

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