The current economic conditions in the U.S. are leaving many families strapped financially. With college students rushing out the door, they might not fully understand how these times are affecting your family. Students not knowing the financial difficulties they could face later in life by taking out thousands of dollars in student loans are digging themselves into a hole. As of September 2018, student loan debt is over 1.5 trillion dollars and rising. The federal government needs to figure out a solution….quick! Click on https://bennerweinkauf.com/ to access more information about bankruptcy laws.
Financial expert Dave Ramsey encourages families to talk openly about their finances. Students should not have false expectations. It will help them to learn to manage money responsibly if you start them early.
His recommendations include:
– Don’t get them student credit cards until they are responsible enough to pay them
– Parents should check-in with students often and ask about their money status
– Parents should work with students to design a budget
– Students can get a job to help pay their bills, meals and entertainment
– Be prepared with emergency cash
Keeping yourself in financial check is important. Take a look at your finances each and every month to see where you stand and how you can improve.