I can’t believe October has arrived! One reason I’m having a hard time believing it is that today’s high temperature in my neck of the woods is 81. But alas, it’s still October! And since we’ve officially entered the last quarter of 2021, it’s time to start thinking about the holidays. Halloween is always a favorite, and sticking with that theme, let’s talk a little about scary things. No, I’m not talking about the 12th sequel in The Conjuring series (that’s a rough estimate), I’m talking about your personal finances. Money can be stressful and scary, but here are three financial fears you can kick to the curb…
Never getting out of debt: There have indeed been times in my past when my credit card had a balance that I never thought I’d be able to defeat. But trust me … YOU CAN DO IT! (Rob Schneider voice) I know there are bills to pay, but with some careful planning you can get on track to take that debt monster down. Don’t know where to start? I got you! Start right here.
Losing your job: We live in a crazy world and you never know what might happen. So all you can do is be prepared as best you can, just in case you find yourself out of work. Don’t fret over it, but make sure your emergency fund is stocked and maybe work on your networking game just in case. It’s never a bad idea to know more people.
Paying for college: College is expensive. I went to a small, relatively cheap college, and it still took me 15 years to pay off my student loans. If you’re worried about helping your kid pay for school, here’s where I’d start. The first thing I would do would be to ask your kid what they want to be when they grow up. You might get an oddly specific answer and that answer may be a field where a four year degree isn’t really the path for them after high school. So find out what your kid is thinking. Also, if you know college is their next stop, start a 529 plan account now. Maybe you should have started earlier, but today is better than tomorrow. And finally, encourage that brainiac kid of yours to take Advanced Placement (AP) courses in high school. You might be the lucky parent who gets to send their kid off to school with a semester or two worth of credits already earned.