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Learn how you can answer kids’ questions about money.

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Young children ask questions about money because they're curious. Sometimes, you may not know how to respond, but these discussions can offer great learning moments. Of course, the answers will be different for each family. Try these suggestions to help you with your conversation.

Where is money made?

"There are four big factories called 'mints' that make coins out of metal. Paper money is made at a place called the Bureau of Engraving and Printing. Then the money is sent to banks."

Where do we get money?

"People earn money by working. That means they do a job and get money for doing it. You'll work at a job, too, when you're older. I go to work every day at _______. Grandpa works as a _________. That's how we get money to spend on the things we need."

How can you use that plastic card to buy stuff?

"Adults have two kinds of plastic cards: debit cards and credit cards. When you use a debit card, you're paying with money you already have. When you use a credit card, you promise to pay later. We buy things using a computer or phone using a credit card, too."

What do we use money for?

"We spend some of our money on our needs, such as our home and food. We also spend money on things our family wants, such as games and activities. We try to save some money for things we need or want in the future. Our needs and wants are part of our budget, a plan for how much money we will spend, and what we will spend it on."

How does the money get into the ATM?

"When we save money, we put it in the bank. It's like your piggy bank, except it's a big building that holds lots of money. When we want some of our own money from the bank, we can get it from the ATM, go inside the bank and ask for it, or message the bank through our phone or computer."

Why can't I have a _______ like Joey has?

"Every family is different. Joey's family made a choice to spend their money on the ______ that he wanted. We are saving our money for other choices."

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Learn how you can answer kids' questions about money.

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Watch Cookie Monster learn about making a plan.

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Making a Spending Plan Together - Sesame Workshop

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Watch Cookie Monster learn about making a plan.

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Watch Elmo and Abby learn financial education basics.

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Children can start their financial education at a young age. During a play date, Elmo and Louie help Abby learn about spending, sharing, and saving money.

Spending, sharing, and saving are three ways to use money that children can understand. The best part is, they can start practicing right away at home. Watch this video together with children, then create your own Spend, Share, and Save jars. Find easy-to-print labels here.

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Elmo's Spend, Share, and Save Jars - Sesame Workshop

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Teach kids financial education with Elmo's Spend, Share, and Save Jars video. Print labels to create your own jars and help children learn money basics.

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Watch Bert help Ernie learn the difference between wants and needs.

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During a trip to the grocery store, Bert helps Ernie learn an important financial education skill by teaching him about the difference between wants and needs.

Helping children understand the difference between wants (extra things, like special treats) and needs (things that help us stay healthy, like vegetables) is an important concept. Teaching children about wants vs. needs can help during challenging moments (like at the grocery store) and also help prepare them for decision-making later in life!

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Wants and Needs with Bert and Ernie: Financial Education for Kids - Sesame Workshop

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Teaching kids about wants and needs is important to their financial education. See how Bert teaches Ernie the difference between wants and needs at the store. Learn how this lesson can help kids make better choices with money now and in the future.

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An article about how to stay strong and connected as a family during tough financial times.

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When money is tight, every expense can cause stress. It's common for parents and caregivers to feel guilty for not providing what they think kids need and want. The most important factor is a strong relationship with a trusted adult. That means that the love and care you build into your everyday life has a huge positive impact on your children.

Here are some ways you can strengthen and extend your connection with kids:

Look and Listen-Mindfully

Between work, parenting, and home management, adults are often multitasking. While you're making dinner, you might also be asking your child about their day and washing dishes.

When possible, try to take a few minutes to give your child your focused attention. When you ask about their day, try to actively listen without doing other things at the same time. On your walks or car rides together, can you pick up anything new about the way your child talks, moves, or expresses themselves?

Being mindful helps you and your child connect, and that connection is key.

Add Sprinkles of Creativity

When budgets get tighter, there is less financial flexibility. That doesn't mean your family has less potential for joyful, memorable experiences. Creativity is the magic ingredient for turning a regular day into a special event!

Conversation Games

Liven up going on errands, car rides, or walks around the neighborhood by playing games with your child. No equipment required!

Would You Rather?

Who Would Win?

Shake It Up

Bring some fresh energy to your ordinary days by changing them up even a little! Children get excited when they do familiar things in new ways.

Breakfast for Dinner

Indoor Picnic

Pajama Day

Backwards Night (bath first, then pajamas, dinner last!)

Go for the Gold

Liven up your usual activities by making them into a competition or special event. Simple decorations, signs, outfits, or even theme music can add some excitement.

Backyard Olympics

Talent Show

Ultimate Taste Test

Special Thanks

Sam Renick, SammyRabbit.com | Kids, Money, Education, and More

Meghan Rabuse, Family Finance Mom

Revere Joyce, Early Literacy Outreach Associate, Youth and Family Services

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You're Doing Great! Financial Education for Families - Sesame Workshop

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During tough financial times every expense can cause stress. Here are some ways to stay strong and connected as a family when money is tight.

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Livingston Financial Readiness Action Team

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Livingston Financial Readiness Action Team

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The Financial Readiness Action Team is a partnership between the Career & College Readiness team, local school district counselors, and financial institutions.

We work together to make students aware of scholarship opportunities and financial aid programs, help them complete scholarship or financial aid applications, and teach financial readiness to students and families.

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Financial Readiness for K-12 | Livingston ESA

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We work with local school districts in Livingston County to build awareness of financial aid opportunities and to teach financial readiness to students and families.

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These short videos will walk students through activities related to money management. Hands-on learning is a helpful way to learn concepts about money! Each activity is a stand-alone experience, but will be more useful if watched in the series. See each page for materials needed for the activity.

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4-H Clover Cents

These short videos will walk students through activities related to money management. Hands-on learning is a helpful way to learn concepts about money! Each activity is a stand-alone experience, but will be more useful if watched in the series. See each page for materials needed for the activity.

4-H Clover Cents Videos

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These short videos will walk students through activities related to money management. Hands-on learning is a helpful way to learn concepts about money! Each activity is a stand-alone experience, but will be more useful if watched in the series. See each page for materials needed for the activity.

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Understanding your finances is the first step to a secure retirement.

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In general, most people find themselves struggling with debt. Even if it is a little debt, it still must be properly managed. However, if you find yourself carrying too much debt, eliminating debt should be a top priority as it could jeopardize your financial future. There are many ways individuals can eliminate or reduce their debt. Although these options may not be ideal for some, the choices listed below could be considered.

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In general, most people find themselves struggling with debt. Even if it is a little debt, it still must be properly managed. However, if you find yourself carrying too much debt, eliminating debt should be a top priority as it could jeopardize your financial future. There are many ways individuals can eliminate or reduce their debt. Although these options may not be ideal for some, the choices listed below could be considered.

Developing a Budget

The first step toward taking control of your financial situation is to do a realistic budget of how much money you take in and how much money you spend. See the following section: Developing A Savings and Spending Plan for information on developing a budget.

Contacting Your Creditors

If you're having trouble making ends meet, contact your creditors immediately. Tell them why it's difficult for you, and try to work out a modified payment plan that reduces your payments to a more manageable level. Don't wait until your accounts have been turned over to a debt collector.

Debt Relief Services

If you find yourself overwhelmed by your debt and are at the point where you are considering using a credit counselor, debt management or debt settlement company, you should know the following distinctions:

Credit Counseling
Credit counselors generally advise individuals on managing their money, offer solutions to current financial problems, and/or help develop a personalized plan to help prevent future financial difficulties. Credit counselors do not collect money from you or disburse funds on your behalf to your creditors. These counselors may not collect money upfront or before their service is rendered.

Most reputable credit counselors are non-profits and offer services through local offices, online, or over the phone. If possible, find an organization that offers in-person counseling. Many universities, military bases, financial institutions, housing authorities, and branches of the U.S. Cooperative Extension Service (Michigan State University Extension) operate non-profit credit counseling programs. Your financial institution, local consumer protection agency, and friends and family also may be good sources of information and referrals.

But be aware that "non-profit" status doesn't guarantee that services are free, affordable, or even legitimate. In fact, some credit counseling organizations charge high fees, which they may hide, or urge their clients to make "voluntary" contributions that can cause more debt.

Debt Management
These types of companies create debt management plans that are individually tailored based on what can be realistically afforded on a monthly basis. These services require the collection of money; you pay the debt management company and then the company pays the creditor on your behalf. Debt management plans help reduce outstanding, unsecured debts at a reduced level over a fixed period of time to help regain control of finances.

Debt Settlement
Debt settlement programs typically are offered by for-profit companies and negotiate with your creditors to allow you to pay a "settlement" to resolve your debt - a lump sum that is less than the full amount that you owe. To make that lump sum payment, the program asks that you set aside a specific amount of money every month in savings. Debt settlement companies usually ask that you transfer this amount every month into an escrow-like account to accumulate enough savings to pay off any settlement that is eventually reached. Further, these programs often encourage or instruct their clients to stop making any monthly payments to their creditors.

Debt Settlement Has Risks

Although a debt settlement company may be able to settle one or more of your debts, there are risks associated with these programs to consider before enrolling:

1. These programs often require that you deposit money in a special savings account for 36 months or more before all your debts will be settled. Many people have trouble making these payments long enough to settle all (or even some) of their debts, and end up dropping out the programs as a result. Before you sign up for a debt settlement program, review your budget carefully to make sure you are financially capable of setting aside the required monthly amounts for the full length of the program.

2. Your creditors have no obligation to agree to negotiate a settlement of the amount you owe. So there is a possibility that your debt settlement company will not be able to settle some of your debts - even if you set aside the monthly amounts required by the program. Also, debt settlement companies often try to negotiate smaller debts first, leaving interest and fees on large debts to continue to mount.

3. Because debt settlement programs often ask or encourage you to stop sending payments directly to your creditors, they may have a negative impact on your credit report and other serious consequences. For example, your debts may continue to accrue late fees and penalties that can put you further in the hole. You also may get calls from your creditors or debt collectors requesting repayment. You could even be sued for repayment. In some instances, when creditors win a lawsuit, they have the right to garnish your wages or put a lien on your home.

Whether you are looking for a credit counseling, debt management, or debt settlement company, understand there are differences between them. A credit counselor is NOT required to be licensed and they CANNOT collect money to pay a consumer's debt. Debt management companies are required to be licensed and both the company and the consumer can make payments to the creditors. To find a licensed debt management company in your area, visit the Department of Insurance and Financial Services (DIFS) website ( www.michigan.gov/difs) to search the company database. Debt settlement companies are required to be licensed to work in your state. Consumers are required to make deposits in a special savings account whereby the company will then make payments to the creditors. Before doing business with any debt settlement companies, contact the Michigan Attorney General's Office, and they can tell you if any consumer complaints are on file about the firm you're considering doing business with. Ask the Attorney General's Office if the company is required to be licensed to work in your state and, if so, whether it is.
Complaints
If you have a complaint about a credit counseling agency or a debt settlement company, contact the Michigan Attorney General's Consumer Protection Division at 877-765-8388 or complete an online complaint form at www.michigan.gov/ag. If you have a complaint about a debt management company, contact the Department of Insurance and Financial Services (DIFS) at 877-999-6442 or obtain an online complaint form at www.michigan.gov/difs.

Use Caution When Shopping for Debt Relief Services

Avoid any debt relief organization that:

Charges any fees before it settles your debts or enters you into a debt management plan

Pressures you to make "voluntary contributions," which is really another name for fees

Touts a "new government program" to bail out personal credit card debt

Guarantees it can make your unsecured debt go away

Tells you to stop communicating with your creditors, but doesn't explain the serious consequences

Tells you it can stop all debt collection calls and lawsuits

Guarantees that your unsecured debts can be paid off for pennies on the dollar

Won't send you free information about the services it provides without requiring you to provide personal financial information, like your credit card account numbers, and balances

Tries to enroll you in a debt relief program without reviewing your financial situation with you

Offers to enroll you in a debt management plan without teaching you budgeting and money management skills

Demands that you make payments into a debt management plan before your creditors have accepted you into the program

Debt Consolidation

You may be able to lower your cost of credit by consolidating your debt through a second mortgage or a home equity line of credit. But these loans require you to put up your home as collateral. If you can't make the payments - or if your payments are late - you could lose your home. What's more, consolidation loans have costs. In addition to interest, you may have to pay "points," with one point equal to one percent of the amount you borrow. Still, these loans may provide certain tax advantages that are not available with other kinds of credit.

Bankruptcy

Personal bankruptcy also may be an option, although its consequences are long-lasting and far-reaching. People who follow the bankruptcy rules receive a discharge - a court order that says they don't have to repay certain debts. However, bankruptcy information (both the date of the filing and the later date of discharge) stay on a credit report for 10 years and can make it difficult to get credit, buy a home, get life insurance, or sometimes get a job. Still, bankruptcy is a legal procedure that offers a fresh start for people who have gotten into financial difficulty and can't satisfy their debts. For more information, see " Bankruptcy" in Financial Crisis Management in the toolkit.

Credit Repair

Be suspicious of claims from so-called credit repair companies. Many companies appeal to people with poor credit histories, promising to clean up their credit reports for a fee. But anything these companies can do for you for a fee, you can do yourself - for free! You have the right to correct inaccurate information in your file, but no one - regardless of their claims - can remove accurate negative information from your credit report. Only time and a conscientious effort to repay your debts will improve your credit report. Federal - and some state - laws ban these companies from charging you a fee until the services are fully performed.

The Credit Repair Organization Act (a Federal Law) regulates the credit repair companies nationwide. By law, credit repair companies cannot:

Make false claims about their services

Charge you until they have completed the promised services

Perform any services until they have your signature on a written contract and have completed a three day waiting period. During this time, you can cancel the contract without paying any fees.

Note: Accurate, negative information will remain on your credit report for seven (7) years; and bankruptcy information remains for ten (10) years.
Complaints

If you have a consumer complaint about a credit repair company, contact the Federal Trade Commission (FTC) at 877-382-4357 and the Consumer Financial Protection Bureau (CFPB) at 855-411- 2372.

Dealing with Debt Collectors

The Fair Debt Collection Practices Act (a Federal Law) dictates how and when a debt collector may contact you:

Debt collectors may call you between the hours of 8 a.m. and 9 p.m.

They may not call you while you are at work

They may not harass you, lie to you, or use unfair practices when they are trying to collect a debt from you

They must honor a written request from you to stop further contact (this should be sent certified mail)

If you want more information or have a consumer complaint, contact the Federal Trade Commission (FTC) at 877-382-4357, the Consumer Financial Protection Bureau (CFPB) at 855-411-2372, or the Michigan Department of Licensing and Regulatory Affairs (LARA) at 517-241-9288.

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In general, most people find themselves struggling with debt. Even if it is a little debt, it still must be properly managed. However, if you find yourself carrying too much debt, eliminating debt should be a top priority as it could jeopardize your financial future.

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Empowering families and communities to gain the knowledge, skills and resources needed to improve their quality of life.

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OLHSA offers Group Education Webinars with topics such as:

1. Improve Your Credit

2. Debt Negotiation

3. Debt Reduction

4. Reaching Your Financial Goals

5. Home Preservation - late on mortgage or property taxes

6. Homebuyer Education

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Budgeting: How to create a budget and stick with it

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Budgeting: How to create a budget and stick with it

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Making and sticking to a budget is a key step towards getting a handle on your debt and working towards a savings goal, of any kind. Let's say you want to set money aside for emergencies or you aspire to save up for a much larger goal like a car, down payment on a house, or retirement. Until you get a realistic picture of how much money you're bringing in and where it's going, it's difficult to know whether you'll have enough left over to put away.

Getting started can be the hardest part, especially if your finances feel out of control, but these easy-to-follow steps are designed to help you create a budget that really works for you.

Step 1: Where does my money come from? The first place to start is getting a complete picture of where your money comes from. You may be self-employed, have multiple jobs or receive child support or government benefits -- all of these sources should factor into what you have available to make ends meet. Start by recording all of your income with our Income Tracker .

Step 2: Where does my money go? Equally important but the heaviest lift is logging your spending so you get a realistic picture of what your money, on an average month, is going to. Our Spending Tracker helps you both log and sort your spending by categories like utilities and housing to eating out and entertainment. If this feels overwhelming, start small and look at your expenses one week at a time by either reviewing your receipts or checking account. You could also start a daily log of your expenses so you're making sure to capture those small expenses -- like buying breakfast or lunch instead of bringing it with you -- that add up over time.

Step 3: What are all my bills and when are they due? If you're coming up short at the end of the month, it could be that the timing for your bills and income don't match. Our Bill Calendar is designed to help you remember when your bills are due but also keep in mind weeks when you need to be careful about your spending. Missing payments or not paying on time can also have larger impacts on your credit scores and overall financial well-being.

Step 4: Create your working budget. Once you've identified all of your income sources and started tracking your spending and when your bills are due, our Budget Worksheet pulls everything together so you have a working and realistic budget.

Creating a budget will help you figure out if you have enough money to cover your expenses, while also having enough to save or spend on something extra you may want for yourself or your family. Be sure to update your budget if you experience a change in employment or your spending habits.

Sticking to a budget

Changing your money habits won't happen overnight. Making - and sticking - with a budget takes effort, but here are a few important tips for being successful.

Create a tool that works for you. Be realistic and start looking at your finances one month at a time. Create a way that's easy for you to track income and spending in real time, whether that's a daily journal or putting receipts in a folder that you review at the end of each week.

Analyze your spending habits. This is an opportunity to take a comprehensive look at your spending, and it is also the easiest way to look for areas where you can cut back. If you know you're prone to impulse spending, create a plan that's doable to help you limit that spending.

. Whether it's small or large, it's helpful to have an end goal and something you're working towards. Also, rewarding yourself, even in small ways, can help you keep up with any progress you've made.

Develop a support system. Like sticking to an exercise routine, it's easier when you're surrounded by families and friends you can trust to offer you support, either by doing a budget with you or listening when you're struggling.

Take control of your finances

The Bureau created the Get a Handle on Debt Boot Camp to make money management easy by delivering tools and strategies directly to your inbox. Sign up today to start managing your debt by budgeting smarter, paying your bills on time, tracking your spending, paying down existing debts, and earning extra income.

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Budgeting: How to create a budget and stick with it | Consumer Financial Protection Bureau

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Making and sticking to a budget is a key step towards getting a handle on your debt and working towards a savings goal, of any kind. Let's say you want to set money aside for emergencies or you aspire to save up for a much larger goal like a car, down payment on a house, or retirement.

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An overview of Michigan's 529 College Savings Plans

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An overview of Michigan's 529 College Savings Plans

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Want to start saving for your child's future college education? This overview of Michigan's 529 college savings plans will help get you started. Learn the basics of the Michigan Education Trust (MET) and Michigan Education Savings Program (MESP) programs and their tax benefits.

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An overview of Michigan's 529 College Savings Plans

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Michigan Education Savings Program (MESP)

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Michigan Education Savings Program (MESP)

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Michigan's Direct Sold Section 529 Investment Savings Program

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Welcome to the Michigan Education Savings Program

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The Michigan Education Savings Program is a great way to save for college. Pay for tuition, supplies, room & board. Offers low fee investments plus state & federal tax benefits.

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Step two: Create your debt reduction plan

Download our debt reduction worksheet to put together a strategy that's right for you. To use the worksheet, you'll need copies of your bills and interest payment information. If you're motivated by saving the most money while still paying off your debts, the highest interest rate method might be the right choice for you. However, if you're motivated by seeing progress quickly, then you may want to consider the snowball method. Choose the strategy that's best for your situation and put it into action.

Step three: Organize your monthly bills

Understanding what you owe, and when, will help you manage your debt. You can use a bill calendar to keep all your information in one place as you tackle your debt. Use the bill calendar to see all your bills and plan when they're due. Keeping track of your monthly expenses can help put you one step closer to reaching your goals.

Take control of your finances

The "Get a Handle on Debt" series gives you tools to manage your debt by budgeting smarter, paying your bills on time, tracking your spending, paying down existing debts, and earning extra income. You can also get money management strategies sent directly to your inbox by signing up for our "Get a Handle on Debt" boot camp.

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How to reduce your debt | Consumer Financial Protection Bureau

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Download our debt reduction worksheet to put together a strategy that's right for you. To use the worksheet, you'll need copies of your bills and interest payment information. If you're motivated by saving the most money while still paying off your debts, the highest interest rate method might be the right choice for you.

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Tips on How to Improve Credit Score | Equifax

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There are things you can do to increase your credit score regardless of your unique credit situation. Start the process by learning credit score basics and how to practice positive credit behavior.

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It's possible to improve your credit scores by following a few simple steps, including: opening accounts that report to the credit bureaus, maintaining low balances and paying your bills on time. You can try to boost your credit score by getting credit for paying bills like your cell phone, utilities, and popular streaming service, free, with Experian Boost®ø. However, it can be difficult to know where to start. Whether you're building your credit from scratch or rebuilding after your scores have taken a hit, it's important to learn how your scores are calculated and the basic ways to improve them. Then, you can dive into more detailed guides based on your situation.

1. Build Your Credit File

Opening new accounts that will be reported to the major credit bureaus-most major lenders and card issuers report to all three-is an important first step in building your credit file. You can't start laying down a good track record as a borrower until there are accounts in your name, so having at least several open and active credit accounts can be helpful.

These could include credit-builder loans or secured cards if you're starting out or have a low score-or a great rewards credit card with no annual fee if you're trying to improve an established good score. Getting added as an authorized user on someone else's credit card can also help, assuming they use the card responsibly.

If you're starting from scratch with no credit file at all, the most important step is simply getting a credit report with a bureau. With Experian Go™, you can sign up for a free Experian membership and create an Experian credit report. Then you can use options like becoming an authorized user or signing up for Experian Boost to build your credit.

Experian Boost is a tool you can use to add positive utility, cellphone and streaming service payments to your Experian credit report. These on-time payments wouldn't otherwise be added to your credit report, but using Boost means they'll be factored into your Experian FICO ® Scores ☉ .

2. Don't Miss Payments

Your payment history is one of the most important factors in determining your credit scores, and having a long history of on-time payments can help you achieve excellent credit scores. To do this, you'll need to make sure you don't miss loan or credit card payments by more than 29 days-payments that are at least 30 days late can be reported to the credit bureaus and hurt your credit scores.

Setting up automatic payments for the minimum amount due can help you avoid missing a payment (as long as you're careful not to overdraft your bank account). If you're having trouble affording a bill, reach out to your credit card issuer right away to try and discuss hardship options.

Staying on top of accounts that don't generally appear on your credit reports (gym memberships and subscription services, for instance) can also be important. The on-time payments might not help your credit, but the account being sent to collections could still cause your scores to dip.

3. Catch Up On Past-Due Accounts

If you're behind on your bills, bringing them current could help. While a late payment can remain on your credit report for up to seven years, having all your accounts current can be good for your scores. Additionally, it stops further late payments from being added to your credit history as well as additional late fees.

For those having trouble with credit card debt, talking to a credit counselor and getting on a debt management plan (DMP) could be a good option. The counselor may be able to negotiate lower payments and interest rates, and get card issuers to bring your accounts current.

4. Pay Down Revolving Account Balances

Even if you're not behind on your bills, having a high balance on revolving credit accounts can lead to a high credit utilization rate and hurt your scores. Revolving accounts include credit cards and lines of credit, and maintaining a low balance on them relative to their credit limits can help you improve your scores. Those with the highest credit scores tend to keep their credit utilization ratio in the low single digits.

5. Limit How Often You Apply for New Accounts

While you may need to open accounts to build your credit file, you generally want to limit how often you submit credit applications. Each application can lead to a hard inquiry, which may hurt your scores a little, but inquiries can add up and have a compounding effect on your credit scores. Opening a new account will also decrease your average age of accounts, and that could also hurt your scores.

Inquiries and the average age of your accounts are minor scoring factors, but you still want to be cautious about how many applications you submit. One exception is when you're rate shopping for certain types of loans, such as an auto loan or mortgage. Credit scoring models recognize that rate shopping isn't risky behavior and may ignore some inquiries if they occur within the span of a couple of weeks.

Scores are calculated based on the information in one of your credit reports.

Scoring models try to predict the likelihood that a borrower will be 90 days late on a bill in the next 24 months.

A higher score indicates a person is less likely to fall behind on a bill, and vice versa.

How to Get Your FICO® Score for Free

Understand the reasons that help or hurt your FICO ® Score, including your payment history, how much credit you are using, as well as other factors that influence your overall credit.

Check Your Credit Score for Free

Knowing where you stand and watching your progress can be important. With Experian, you can check your FICO® Score for free. Your account gives you a breakdown of which factors are impacting your score the most, so you can take a focused approach to improving your score. Your credit score will also automatically be tracked and updated each month.

Additional Topics on Improving Your Credit

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It's possible to improve your credit scores by following a few simple steps, including: opening accounts that report to the credit bureaus, maintaining low balances and paying your bills on time. You can try to boost your credit score by getting credit for paying bills like your cell phone, utilities, and popular streaming service, free, with Experian Boost ® ø.

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Teaching Kids About Money: An Age-by-Age Guide

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Teaching Kids About Money: An Age-by-Age Guide

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Trips to the bank, store, or the ATM machine can be a perfect opening for a discussion with kids about how you use money. Here are some fun, simple ways to introduce finance to your child.

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"It's actually easy to teach kids about money," Jayne A. Pearl, an Amherst, MA-based author of Kids and Money: Giving Them the Savvy to Succeed Financially, tells Parents. "Turn your day-to-day activities into learning experiences." Trips to the bank, store, or ATM machine, for instance, can be a perfect opening for a discussion about your values and how you use money. When children are very young, you can work money concepts into your child's imaginary games, like playing pretend store or restaurant. Read on for some fun, simple ways to introduce finance to your child.

"A 2- or 3-year-old faced with a choice between a penny, dime, and nickel will almost always choose the nickel because of its size," Dorothy Singer, Ed.D., a senior research scientist at Yale University in New Haven, CT, tells Parents. But while very young children won't fully understand the value of money, they can begin to learn the names of coins. One way to do this is to play the coin identification game. You and your child can trace around the outside of various coins and color the shapes. Then invite your child to match the coin to the image while discussing each one's name. (Note: Toddlers may try to swallow coins, so always provide close supervision.)

Young kids love to play store, but an imaginary shop in the living room is more than just a fun way for your child to exercise their imagination. By exchanging play money for goods, your child begins to understand the basics of commerce, says Dr. Singer. Use cereal boxes, fruit, sponges, or paper towels as store items. Together, make pretend money and shop till you drop.

Before heading to the supermarket, ask your preschooler to help you clip coupons. (Don't forget to use safety scissors.) When you're at the store, hand them the coupons and ask them to keep an eye out for the products. This will make them feel like they're helping, and it's an easy and fun way to talk about saving money, says Neale S. Godfrey, chairwoman and founder of the Children's Financial Network in Chester, NJ.

Most preschoolers would rather play imaginary restaurant at home than go out for dinner. It playfully promotes a variety of skills, such as setting the table, learning good manners, and making change. "Many 4-year-olds have to be reminded after the pretend meal that they have to pay the bill," says Dr. Singer, "but once they understand the concept, they get very excited about paying with pretend money or making change as the cashier."

"As soon as your child is receiving an allowance, he'll need a place to put his money," says Pearl. Make a trip to the bank an event. Help your child open a savings account, and encourage them to make regular deposits. As the balance grows, you can discuss the concept of interest and how the bank pays people back for saving their money. Many banks have children's accounts that offer no-fee and no-minimum-balance accounts.

This is also a good age to take up coin collecting as a hobby. (You can spark your child's interest with state quarters.) Visit the kids' section of the United States Mint Web site ( www.usmint.gov/kids) with your child and learn about the evolution of U.S. currency. You'll also find online games and cartoons to keep your child engaged.

One way to teach comparison shopping is to read the store's price labels with your child, look at the size and price, and compare the bulk amount per cent. Don't forget to take quality into account. For example, one week, buy brand-name paper towels. The next week, try a generic brand. Then, discuss the differences and decide together if the brand name is worth the extra cost.

The all-American yard sale has you annually cleaning out your attic, garage, and child's closet. This year, put your child in charge. With some supervision, preteens may take to this project like ducks to water. They can handle much of the responsibility while learning about setting a value, making decisions, and helping you haggle with customers over prices.

Ages 13 to 15

A child's early teen years are not too early to learn about the stock market. You can pretend to invest in companies your child is familiar with, like Disney or Mattel. Make it a family activity by having each member pick a stock, suggests Godfrey. Then read the paper or watch the financial news together, and discuss how the stock values of everyone's choices fluctuate.

Between lunch money, school supplies, and other small necessities, allowance can go very quickly for young teens. Help your child set a budget by first discussing wants vs. needs. "I call it the potatoes and gravy game," says Pearl. "Potatoes are food we need to survive. The gravy makes it taste better but isn't necessary." You can reinforce this idea by going over the family budget with your child and discussing your family's needs vs. wants.

Ages 16 and up

Stored-value cards, such as Visa Buxx, are simple tools that parents can use to teach lessons in financial responsibility, according to Pearl. Teenagers can use these buying cards to pay for things without using cash or credit cards. Parents load the cards, which look like credit cards, with a set amount of money and then let their teens budget their allowance. (Ask your lender about possible annual fees.)

"With a little encouragement," says Godfrey, " giving to charity can become part of your child's mentality." In fact, donating can be more than a financial lesson; it can teach social responsibility. Help your child pick five charitable organizations that interest them. To decide which is worthy of your hard-earned dollar, make it a family project to find out what they do, how well they do it, and what percentage of the donations goes to their cause.

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Teaching Kids About Money: An Age-by-Age Guide

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"It's actually easy to teach kids about money," Jayne A. Pearl, an Amherst, MA-based author of Kids and Money: Giving Them the Savvy to Succeed Financially, tells Parents. "Turn your day-to-day activities into learning experiences." Trips to the bank, store, or ATM machine, for instance, can be a perfect opening for a discussion about your values and how you use money.

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How To Get Your Free Annual Credit Reports

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How To Get Your Free Annual Credit Reports

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How do I order my free annual credit reports?

The three nationwide credit bureaus — Equifax, Experian, and TransUnion — have a centralized website, toll-free telephone number, and mailing address so you can order your free annual reports in one place. Do not contact the three credit bureaus individually. These are the only ways to order your free annual credit reports:

visit AnnualCreditReport.com

call 1-877-322-8228, or

complete the Annual Credit Report Request Form and mail it to:

Annual Credit Report Request Service
P.O. Box 105281
Atlanta, GA 30348-5281

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During the COVID-19 pandemic, accessing your credit is important. That's why Equifax, Experian and TransUnion are continuing to offer free weekly online credit reports. Request your free credit reports

Spot identity theft early. Review your credit reports.

Suspicious activity or accounts you don't recognize can be signs of identity theft. Review your credit reports to catch problems early.

You've found your dream house. Are your credit reports ready?

People with good credit should check their credit reports too. Regular checks ensure the information stays accurate. Your good credit will be ready when you need it.

Don't be fooled by look-alikes.

Lots of sites promise credit reports for free. AnnualCreditReport.com is the only official site explicitly directed by Federal law to provide them.

There's more to the game than a score.

How you play changes your score. Details such as how much credit you have, how much you owe, and how often you pay affect your credit scores. Do you know what else does?

One of these things is not like the others.

You may think you have one credit report and one credit score. But you really have several, and they may differ. You should check all three reports regularly.

You've found your dream house. Are your credit reports ready?

People with good credit should check their credit reports too. Regular checks ensure the information stays accurate. Your good credit will be ready when you need it.

Learn what to look for

Your credit reports matter.

Credit reports may affect your mortgage rates, credit card approvals, apartment requests, or even your job application.

Reviewing credit reports helps you catch signs of identity theft early.

Request your free credit reports
FREE Credit Reports. Federal law allows you to:

Get a free copy of your credit report every 12 months from each credit reporting company.

Ensure that the information on all of your credit reports is correct and up to date.

Request your free credit reports

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During the COVID-19 pandemic, accessing your credit is important. That's why Equifax, Experian and TransUnion are continuing to offer free weekly online credit reports. Request your free credit reports Suspicious activity or accounts you don't recognize can be signs of identity theft. Review your credit reports to catch problems early.

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How to Save Money: 27 Proven Ways - NerdWallet

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Save money by using an automated tool or app, getting discounts on entertainment, lowering bills and getting savvy with shopping.

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Saving money is hard. And finding new ways to save money can feel downright near impossible—but have you given these 22 ways a try?

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Balancing your checkbook helps you track your cash flow and identify any errors or signs of fraud. To balance a checkbook, you’ll need to choose your recording method, log your beginning balance, add account transactions and compare your check register to your bank statement.

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What Is Balancing Your Checkbook?

You needn't be making all your transactions with paper checks in order to have a checkbook to balance. In accounting terms, checkbook balancing is the act of reconciling your account by matching up the debits and credits on your bank statement to your own record of transactions.

You can balance your own checkbook by keeping a paper or digital log of bank account transactions that you can compare against your bank statement each month.

Why Balancing Your Checkbook Is Important

Balancing your checkbook is a way to verify that each bank deposit, debit card purchase, money transfer and withdrawal is accurate. Checkbook balancing can help you:

Catch and report banking errors

Track spending and gain a better understanding of your expenses

Identify deposits that don't clear

Spot fraud or unauthorized purchases or withdrawals

How to Balance Your Checkbook

Reconciling your bank account is a monthly financial "to-do" that could take under an hour. Here are the steps to get started:

1. Choose Your Recording Method

The traditional place to log your transactions in a checkbook is called a "check register." This provides a place to input all pertinent information related to every transaction, including purchases, deposits and things like refunds. If you don't have a check register, you could download a free check register template online or create one that works for you with an app or notebook. Below is an example of the column headings to include on a do-it-yourself check register if you create your own.

2. Log Your Beginning Balance

Once you've decided how to log transactions, put your starting bank account balance at the top right of your table. If you pull your balance from an online banking dashboard, use your "available balance" because this figure should include pending transactions.

3. Add Each Account Transaction

Each time you add or remove money in your account, include the transaction in your log and calculate your new balance. Transactions to list include all checks you write, checks you deposit, ATM withdrawals, bill payments, money transfers or any other type of transaction that causes a debit or credit to your account. Here's an example:

4. Compare Your Check Register to Your Bank Statement

At the end of the statement period, use your check register to match the balance and each transaction to your bank statement. If your balance and transactions match up, your work is done, and you can start logging transactions for the next month. If there's a mismatch, it may take some work to figure out what the cause is.

4 Reasons Your Checkbook Might Not Balance and What to Do

If your check register and bank statement don't balance, double-check your math to see if there are any adding or subtracting errors on your register.

Next, make a note of unusual transactions and missing deposits to investigate further. Below are some scenarios that may cause your bank balance to be off and what to do next.

1. A Check Hasn't Cleared

Banks may hold checks to verify funds or bounce a check entirely if the check writer's account has insufficient funds. If a check doesn't clear, you may need to contact the check writer for another payment or contact the bank to ask how long the check-clearing process will take.

2. You or Your Bank Makes a Mistake

Banking mistakes can happen. Maybe you type in $50 when processing a check deposit instead of $500, resulting in an end-of-month shortage of $450. Or a bank teller types in the wrong amount when you deposit a check in person. In this scenario, gather backup to prove your case for why it's an error and contact the bank for instructions on how to fix the issue.

3. A Merchant Makes a Mistake

A merchant could overcharge you or double charge you for an order or purchase, causing your check register and bank statement to be off. In this scenario, contact the merchant to dispute the charge and then report the transaction to the bank.

If you return an item, sometimes it can take several weeks for a retailer to issue a refund. In this situation, you may need to hold off on recording the refund credit to your check register until the merchant processes it and it shows up as a refund on your bank statement.

4. You're a Victim of Fraud

Your bank account balance at month's end may end up being lower than expected if someone is making unauthorized purchases. It's important to let your bank know about fraudulent charges right away because reporting it quickly can limit your liability for unauthorized charges.

Don't Write Checks? It's Still Good to Balance Your Checkbook

The term "balancing your checkbook" sounds like it might only mean tracking check payments, but it involves tracking every bank transaction and double-checking them against your monthly bank statement.

There are plenty of robust financial apps that can help you create a ledger of transactions if you don't want to do this task by hand-but you don't need anything fancy to get started. Good old-fashioned Microsoft Excel or paper and pen could be enough to help you keep track of where your hard-earned money is going so you can make sure it's being spent in the right place.

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You needn't be making all your transactions with paper checks in order to have a checkbook to balance. In accounting terms, checkbook balancing is the act of reconciling your account by matching up the debits and credits on your bank statement to your own record of transactions.

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Let's be honest. Balancing a checking account-aka balancing a checkbook-probably isn't on your list of fun activities. But keeping up with your spending and income is a must, and that's exactly what balancing a checkbook does! So, let's break down the what, why and how.

What Does It Mean to Balance a Checkbook?

Back in the day, before there were things like online banking, most people had these things called checkbooks that contained pieces of paper called checks. You could use checks just like cash to buy stuff. These checkbooks also had small worksheets called registers where you could write down all your transactions going in and out.

Crazy, right? The younger folks out there might be surprised to hear this. Just ask your parents or grandparents all about checkbooks. They might still use them!

Checkbooks are where we get the phrase "balancing a checkbook." It's also called reconciling an account. Basically, it just means you're making sure the records you've kept for allyour spending and income match what the bank says on your physical or online statement.

And when we say "all your spending," we mean all your spending -even the bag of Sour Patch Kids you bought at the gas station when you filled up your car yesterday.

Most people don't use actual checkbooks for regular transactions these days, but the name still sticks-like "filming" or "taping" a video on your iPhone (even though you're not using actual film or tape).

Why Should You Balance a Checkbook?

Balancing a checkbook is a way to keep up with your transactions. And if you aren't tracking all your spending and income right now, you're putting yourself at risk of getting hit with dangerous overdraft fees.

You can also catch any mistakes early when you stay on top of your account-like if the bank made an error or a business charged you the wrong amount. Or you might catch an error you made when writing down a payment or deposit. (It happens. We're human.)

And here's a big one: Balancing a checkbook is a way to catch identity theft because you'll see any odd charges as you're balancing.

Think of balancing a checkbook as just another layer of security for you and your money. It doesn't take that much effort, but it can save you lots of headaches down the road.

How to Balance a Checkbook in 5 Steps

Listen, this process isn't glamorous, and neither is cleaning your bathroom-but they both need to be done to keep your house in order. And hey, at least balancing a checkbook isn't a disgusting chore. It's actually pretty easy! Here's how to do it in five basic steps:

Step 1: Write Down Your Transactions Often

Start by getting out your check register (if you use an actual checkbook) or making a spreadsheet (check out the register example above). Write down your current checking account balance in the "Cash Balance" column on the far-right side. This is the amount that's in your account before you begin to make transactions.

If money comes in or outof your checking account, write it down in the register or spreadsheet. Do this with any payment (like writing a check, using your debit card, sending money with a mobile payment service-you get the idea) and with any income (like regular paychecks or any side hustle money).

Some people write down transactions the second they happen. Others collect receipts and log them later. Just make sure you don't let too many days go by before you check in on your account. Why? Because keeping an up-to-date balance is one of the ways you can stop your money from getting away from you.

Step 2: Open Your Checking Account Statement

Next, you need to open your checking account statement-either the paper copy you got in the mail, the digital version that was emailed to you, or the online view you can access when you log in to your bank account.

Step 3: Check All Transactions

Make sure every transaction on the statement is also in your register or spreadsheet-even pending payments.

Step 4: Update Your Balance

If you realized in Step 3 that you missed some transactions, you need to add them now.

Then you've got to do some basic math to make sure your balance is up to date. This means subtracting each withdrawal (money you spent) and adding every deposit (money you put in) to your existing bank balance and writing the new balance in the far-right column. Pretty simple stuff.

Even better: If you're using a program like Microsoft Excel to create a spreadsheet, you can punch in fancy formulas to make the computer update your balance automatically. Nifty, right?

And if you aren't very computer savvy, go ahead and use the ol' pencil and paper method. Or just ask your kids or grandkids about it.

Step 5: Repeat

Some people wait until the monthly statement comes from the bank before they balance their checkbook. But if you log in to your bank at least once a week, you'll give yourself way less chance of letting any transactions slip past you (which helps you avoid those overdraft fees we mentioned earlier!).

Beyond Balancing a Checking Account

Okay, here's the deal: Balancing a checkbook is great-but it's not enough if you want to really take control of your money. Why? Because when you balance your checking account, you're just keeping track of what already happened to your money. You aren't actually planning what should happen with your money. You're making sure you don't overspend, which is good-but you'll never get ahead if you don't plan ahead.

In other words, you need a budget.

Listen-budgeting gets a bad rap, but it's just a plan for your money. It's giving every single dollar a purpose and a job. It's creating habits for your spending so you're intentional with your income.

Every. Single. Month.

And budgeting doesn't have to be hard. In fact, with the premium version of the EveryDollar app, it's easy. You can connect your budget to your bank so all your transactions stream right in. Then, you just drag and drop them to the right line and watch the math happen for you (yes, really).

Stop simply keeping up with your money. Start making it work for you.

Try out EveryDollar today!

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Let's be honest. Balancing a checking account-aka balancing a checkbook-probably isn't on your list of fun activities. But keeping up with your spending and income is a must, and that's exactly what balancing a checkbook does! So, let's break down the what, why and how.

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Oakland Livingston Human Service Agency (OLHSA) 

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Oakland Livingston Human Service Agency (OLHSA) 

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Oakland Livingston Human Service Agency (OLHSA) is a Community Action Agency that was formed in 1964 as part of President Lyndon B. Johnson's War on Poverty. OLHSA supports Oakland and Livingston County residents with removing the burdens of poverty by providing individually tailored, wrap-around assistance for all individuals and families in need of help.

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Oakland Livingston Human Service Agency (OLHSA) is a Community Action Agency formed in 1964 as part of President Lyndon B. Johnson's War on Poverty. OLHSA supports Oakland and Livingston County residents that are looking for assistance in removing the burdens of poverty. We provide individually tailored, wrap-around assistance for all individuals and families in need of help.

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Oakland Livingston Human Service Agency (OLHSA) is a Community Action Agency formed in 1964 as part of President Lyndon B. Johnson's War on Poverty. OLHSA supports Oakland and Livingston County residents that are looking for assistance in removing the burdens of poverty. We provide individually tailored, wrap-around assistance for all individuals and families in need of help.

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Michigan's Section 529 Prepaid Tuition Savings Plan

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Pay for Future Education at Today's Price

You've been thinking about it, and now is the time to do it. The Michigan Education Trust (MET) is here to help make saving for college easier. Avoid rising tuition rates and save on college tuition by buying college credits at today's price with a MET 529 prepaid tuition savings program. Give the gift that will last a lifetime--the gift of education.

Prices are valid through January 31, 2024.
PURCHASE MET

excited boy wearing backpack and holding textbook

MET's 35th Anniversary Giveaway has ended.

Congratulations to the 100 lucky winners of MET's 35th Anniversary Giveaway! Check here to see the winners. If you entered the MET 35th Anniversary $1.5 Million Giveaway, please check your messages as we are still contacting the remaining winners.

MET is a 529 prepaid tuition savings program which allows you to pay for future higher education at today's price. MET is flexible, transferable and even refundable. MET is specific to tuition, it does not pay for room and board or books. Depending on the beneficiary's choices, MET provides:

Prepaid tuition and mandatory fees at any Michigan public university and community college upon admission.

Funds from a terminated METs can be directed to a Michigan independent (private), out-of-state college or trade school.

Refunds can be made if a beneficiary decides not to attend college.

Interested in Enrolling?

Here you will find the full MET contract which provides complete details regarding the program, payment options, pricing calculator and more.

VIEW ENROLLMENT KIT (PDF)

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Pay-As-You-Go is MET's most flexible payment option. Buy one credit to start your MET, after that you can add to it any time you like! Invite family and friends to contribute too. Click below to learn more about this option.

MET staff are available for presentations or to setup a display at your event. If you are interested in scheduling a MET presentation or display, please call the MET office at 800-638-4543, or in the greater Lansing area at 517-241-4884.

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Request Information

Want to learn more about MET? Click the button below to fill out the form. We will send you communications including MET news and events.

Want to meet with a MET staff member? Schedule a virtual one-on-one appointment today.

If you have an existing MET contract and have questions email us at TreasMET@Michigan.gov or call 800-638-4543.

Request Information

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You've been thinking about it, and now is the time to do it. The Michigan Education Trust (MET) is here to help make saving for college easier. Avoid rising tuition rates and save on college tuition by buying college credits at today's price with a MET 529 prepaid tuition savings program.

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Guidelines for Teaching Kids About Money

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Guidelines for Teaching Kids About Money

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Michigan's Broker Sold Section 529 Investment Savings Program

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There are various risks associated with an investment in the MI 529 Advisor Plan; principal loss is possible.

The MI 529 Advisor Plan (MAP) is offered by the State of Michigan. TIAA-CREF Tuition Financing, Inc. (TFI) is the Program Manager and Nuveen Securities, LLC, member FINRA and SIPC, is the Distributor.

Before investing, carefully consider investment objectives, risks, charges, expenses, and other important information. For this and other information that should be read carefully, please read the MAP Plan Description. Also, consider whether your or your beneficiary's home state offers any state tax or other benefits, such as financial aid, scholarship funds and protection from creditors, that are only available for investments in that state's qualified tuition program.

Participation in MAP does not guarantee that the account's assets will be adequate to cover future tuition or other higher education expenses, or that your beneficiary will be admitted to or permitted to continue to attend an institution of higher education. Investments in MAP are not guaranteed or insured and there is risk of investment loss.

This MAP website contains links to other websites. The MAP, TFI and Nuveen Securities, LLC are not responsible for the content of those other websites.

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MI 529 Advisor Plan for financial professionals | 529 plans

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There are various risks associated with an investment in the MI 529 Advisor Plan; principal loss is possible. The MI 529 Advisor Plan (MAP) is offered by the State of Michigan. TIAA-CREF Tuition Financing, Inc. (TFI) is the Program Manager and Nuveen Securities, LLC, member FINRA and SIPC, is the Distributor.

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Join Michigan 4-H as we hold fun contests and workshops leading up to National Financial Literacy Month in April. Expand your knowledge and compete with other youth across Michigan to earn prizes in money management challenges.

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4-H offers many opportunities for young people to learn about personal finance, including fund-raising for their club or a community service project, participating in clubs dedicated to investment, and selling their own market animal at the fair.

Newsletter Sign-up Follow us on Facebook Follow us on Instagram

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4-H offers many opportunities for young people to learn about personal finance, including fund-raising for their club or a community service project, participating in clubs dedicated to investment, and selling their own market animal at the fair. Newsletter Sign-up Follow us on Facebook Follow us on Instagram

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How do I start a budget?

Start a budget by gathering your bills and pay stubs. Think about how you spend money, besides paying your bills. For example, do you buy a cup of coffee every day? After a month, that coffee money could add up to an expense you might write down.

When you have your bills and pay stubs:

write down your expenses. An expense is money you spend

write down how much money you make. This is called income

subtract your expenses from how much money you make

If the number is less than zero, you are spending more money than you make. Look for things in your budget you can change. Maybe something you do not need, or a way to spend less.

Use this Budget Worksheet to help you.

What if I don't get paid every month?

Some people do not get paid every month. If you expect things to be like they were last year, do this:

add all the money you earned last year

divide that number by 12. This is about how much money you will have for each month

For Example

Last year my paychecks added up to $30,000.
$30,000 ÷ 12 = $2,500
I had about $2,500 each month.

How can I use my budget?

A budget is something you use every month. A written budget will help you:

see where you spend money

see where you can save

make a plan for how to spend and save your money

Your budget can help you save money for the future. You can make savings one of your expenses. You might find ways to spend less money. Then you can put money into savings every month - maybe into a bank or credit union.

Why should I save money?

It can be hard to save money. It is very hard when your expenses go up and your income does not. Here are some reasons to try to save money even when it is not easy.

Emergencies - Saving small amounts of money now might help you later. Everyone has expenses they do not expect.

Expensive things - Sometimes, we have to pay for expensive things - like a car, a trip, or a security deposit on an apartment. You will have more choices if you have money to pay for those expensive things.

Your goals - You might want to pay for college classes. Maybe you need to visit family in another country. You can plan for these goals and save money. Then you might not have to use a credit card or borrow money to pay.

How else can I save money?

You can try these ways to help save money:

For one month, write down everything you spend. Small expenses, like a cup of coffee, can add up to a lot of money. When you know where you are spending your money, you can decide what you might not want to buy.

Pay with your credit card only if you can pay the full amount when the bill comes. That way, you do not pay interest on what you owe.

Pay your bills when they are due. That way, you will not owe late fees or other charges.

Keep the money you are saving separate from the money you spend.

Consider opening a savings account in a bank or credit union. Read more about opening a bank account.

If you keep cash at home, keep the money you are saving separate from your spending money. Keep all your cash someplace safe.

For Example

What I did not buy this month:

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Start a budget by gathering your bills and pay stubs. Think about how you spend money, besides paying your bills. For example, do you buy a cup of coffee every day? After a month, that coffee money could add up to an expense you might write down.

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A 529 plan is a tax-advantaged savings/investment plan designed to encourage saving for the future expenses of a designated beneficiary (typically one's child or grandchild). The plans are named after Section 529 of the Internal Revenue Code and are administered by state agencies and organizations.

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A 529 plan is a tax-advantaged savings/investment plan designed to encourage saving for the future expenses of a designated beneficiary (typically one's child or grandchild). The plans are named after Section 529 of the Internal Revenue Code and are administered by state agencies and organizations.

Types of Section 529 College Savings Plans

There are two types of 529 college savings plans: prepaid tuition plans and savings plans:

Prepaid Tuition Plans allow for the pre-purchase of tuition based on today's rates and then paid out at the future cost when the beneficiary is in college. Performance is often based upon tuition inflation. Prepaid plans may be administered by states or higher education institutions.

- The Michigan Education Trust (MET) is Michigan's 529 prepaid tuition plan.

Savings Plans are different in that your account earnings are based upon the market performance of the underlying investments, which typically consist of mutual funds. Savings plans may only be administered by states.

- The Michigan Education Savings Program (MESP) is Michigan's direct sold 529 savings plan.

- The MI 529 Advisor Plan is Michigan's advisor sold savings plan.

529 (A) Achieving a Better Life Experience - ABLE Plan

ABLE accounts allow eligible individuals the ability to save for qualified disability expenses and provide a saving/investment tool that are excluded from income and/or asset calculations for public assistance programs.

- MIABLE is Michigan's 529 (A) plan.

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A 529 plan is a tax-advantaged savings/investment plan designed to encourage saving for the future expenses of a designated beneficiary (typically one's child or grandchild). The plans are named after Section 529 of the Internal Revenue Code and are administered by state agencies and organizations.

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The first step to starting a college fund is calculating how much you need to save for college. Here are the 10 best ways to save for college so your student can go to school debt-free.

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Imposter Scams

Avoiding Identity Theft

Recovering from Identity Theft

Scams Against Immigrants

Job Scams

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The official website of the Federal Trade Commission, protecting America's consumers for over 100 years.

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Your Credit History

Using Credit

Payday Loans and Cash Advances

Car Title Loans

Managing Debt

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Renting an Apartment or House

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Buying a Used Car

Your Education After High School

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The official website of the Federal Trade Commission, protecting America’s consumers for over 100 years.

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Want to teach your kids about money? Start by including them in the conversation

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Want to teach your kids about money? Start by including them in the conversation

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Do you remember how you first started learning about money?

Setting up a lemonade stand? Selling Girl Scout cookies? Or maybe just watching how your parents dealt with household expenses?

Our upbringing plays a big part in shaping our relationship with money "because our kids see and do everything that we do," says financial expert Jen Hemphill.

It's a lesson she learned firsthand. When she was young, Hemphill's family moved from Colombia to the U.S., and money was often tight.

"I didn't ask my parents for money because they had already told me they didn't have it," she says. "I was that kid."

Hemphill carried that ultra-frugal "we can't afford it" attitude into her adult life - until she realized just how much that singular mindset was limiting her family's ability to financially grow and thrive. Now, as an accredited financial counselor and host of the Her Dinero Matters podcast, Hemphill helps other people take control of their own money stories and aids parents in finding their family's best financial footing.

A healthy money mindset in the household starts by making a team effort, she says.

Read on for some top tips on financial literacy for kids and families from our interview with Hemphill, or click the link at top to listen to the full episode.

Talk about money as a family, openly and often

Money can feel like a taboo topic in a lot of households. Hemphill says the only way to shake off the awkwardness is to have regular family discussions about money in which everyone in the household is included. A lot of parents might feel inclined to leave younger children out of money conversations to shield them from hard topics or money woes, but Hemphill says these talks don't have to be serious or scary.

"I always start with money wins," Hemphill says. "It could be anything from finding some money on the street to being able to resist some impulse spending when you were out and about."

Sharing positive money stories is an easy, casual way to help your family normalize thinking about and discussing financial planning, says Hemphill. She suggests setting aside time at least once a month for a family money talk in which everyone gets a say and can contribute to the family's financial goals.

If you're unsure about what's OK to discuss, Hemphill suggests the Money as You Grow guide from the Consumer Financial Protection Bureau as a great resource for crafting age-appropriate conversations.

Including kids of all ages in small acts of financial decision-making in the real world is another great way to keep the whole family actively money minded. If you're at the grocery store, says Hemphill, you could try giving your 5-year-old the opportunity to pick the bread you're going to buy from a few options and then talk to the child about their reasoning. Or if you're out going back-to-school shopping, you could do some price comparisons with your tween to help grow the child's saving muscles.

An allowance isn't one size fits all

The essential element when deciding about an allowance, says Hemphill, is to remember "you know your kid best." Don't be swayed by your own childhood experience or what your peers might be doing. She has worked with parents who don't agree with assigning financial value to essential household duties, and others who find an allowance to be a great motivator.

From there, parents should first look at their own budgets and assess how much of an allowance they could comfortably afford. Then, to decide on an age-appropriate offering, think about what your child needs money for and any goals you've crafted with them. Because "if they're 5 years old versus 13, the amount is going to be different, right?"

When you've settled on your when, why and how much, make sure the terms of the allowance are clear-cut: Will it be tied to chores, behavior or neither? Are the children required to save a certain amount? For older kids, could you offer more in allowance and then make them responsible for buying some of their own necessities?

An allowance can be a powerful learning tool, says Hemphill, because it gives your child the opportunity to manage their own money and still have you to guide them if they fail.

"Make those mistakes early on so you can have the discussion of 'OK, what could have been done differently, and how would that have benefited you better if you did?' " Hemphill says.

Start saving as early as possible

Savings is the most important financial habit to instill early on, advises Hemphill.

If you can make saving a regular part of life when kids are young, she says, it'll "be a no-brainer" when it's time for them to fly the coop. You can start with kids as young as toddler age, says Hemphill, by using a good old-fashioned piggy bank!

She suggests trying a give-save-spend bank, which can work as a fun and easy tool for even the youngest little ones to start thinking about goal-setting as well as helping others. Then, whenever your child gets some birthday money or a monthly allowance, make sure to talk with your child about the best way to divvy up the dough. If you want to take savings goals even further, you can encourage your kids to always put 20% of new earnings into their savings slot, says Hemphill.

As kids get older or show some interest, consider setting up a kid-friendly bank account. Hemphill advises shopping around: Look for banks that will waive certain fees or don't have a standard minimum balance requirement. When you've found the right one, she suggests taking your kid into the bank with you, if possible, to open an account together and cash in on that teachable moment.

Don't wait - it's never too late

When parents lack confidence or control of their own financial situation, they can be less willing to talk about money with their children. But if you wait until your finances are perfect before teaching kids about money, "then you're doing a disservice to your kid."

Children are impacted by a parent's financial decisions whether or not you choose to include them in the conversation, stresses Hemphill. If you're transparent about your money choices instead of leaving kids in the dark, you're setting them up better for success by helping them understand the power money can hold and providing opportunities to learn from your mistakes together.

"The sheer act of talking about it brings confidence," says Hemphill, so don't stress if your financial life feels a bit out of sorts or if you didn't practice good money habits with your kids from the get-go. "It's never too late. A lot of grown-ups never talked to their parents about money, right?"

You don't have to be perfect, Hemphill reminds us - you just have to start the conversation.
The audio portion of this episode was produced by Andee Tagle with engineering support from Neil Tevault. We'd love to hear from you. If you have a good life hack, leave us a voicemail at If you love Life Kit and want more, subscribe to our newsletter.202-216-9823, or email us at LifeKit@npr.org. Your tip could appear in an upcoming episode.

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Want to teach your kids about money? Start by including them in the conversation : Life Kit

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Money can feel like a taboo topic in a lot of households, but talking about it regularly can take the awkwardness out of it.Kids see and do everything that we do, and that's true when it comes to money, says financial expert Jen Hemphill.In this episode, Hemphill shares her top tips for financial literacy for kids and families, including how to start those conversations and creating a healthy money mindset for everyone.

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10 smart ways to teach kids about money through the years

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10 smart ways to teach kids about money through the years

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Only eight U.S. states require high school students to take a semester of personal finance education before graduation, while 10 more are set to implement similar requirements soon.

Parents can step in and help by engaging in financial education at home with their children.

Here are 10 steps parents can take with kids ages 5 and up to improve youngsters’ familiarity with important financial concepts and habits.

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How do you foster financial independence and financial literacy among young people?

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Think back to your education in personal finance. Did you learn about money management at home? At school? Through trial and error?

"When I talk to people about their own financial educations, I hear a lot about regret-regret that they didn't learn the fundamentals sooner," says Carrie Schwab-Pomerantz, CFP ® professional, president of Charles Schwab Foundation, managing director of Schwab Community Services, and board chair of Schwab Charitable. "Indeed, entering the workforce with a solid understanding of money management can give you a real leg up in the long run."

Unfortunately, many young people aren't getting an education in the fundamentals of financial independence, such as budgeting, investing, and saving. According to the Council for Economic Education, in 2022 just 23 states require students to take a class in personal finance to graduate from high school. ¹

"It's really up to each of us to ensure our kids are prepared to thrive as adults," says Chris Kawashima, CFP® professional and a senior research analyst at the Schwab Center for Financial Research. "Otherwise, it could take them years to figure it out, all while saving too little and spending too much-both of which are huge barriers to financial security."

Here, Carrie and Chris share their top tips for instilling healthy money habits at three crucial early stages of your child's life.

An allowance is a good first step-especially if you tie at least part of it to chores that teach responsibility and a strong work ethic. Earning an allowance introduces kids to the value of money and making choices for themselves. "In fact," Carrie says, "kids often find they make different choices with their own money than they would with someone else's."

At some point, your kids are going to want things that exceed their allowance. Encouraging them to save for those items teaches them the concepts of delayed gratification and trade-offs. Make a routine of setting aside a small portion-say, 10%-of every dollar they receive, including allowances and gifts.

Once your kids have saved some money, you can consider opening a custodial brokerage account for them or help them purchase fractional shares. Along with gaining a sense of ownership, your child can learn the importance of researching and managing their assets. Keep in mind there may be unique tax considerations for custodial accounts, so it's generally best to work with an advisor to ensure they would be appropriate for your situation.

"Let them choose a few stocks to invest in. Then, set up regular meetings to review their performance," Chris suggests. "You might be surprised by how engaged kids can be when it comes to investing in a company they know and like."

"We know from our research that young people who have jobs are more likely to be better savers in the long run," Carrie notes. So, make sure your child is saving a portion of every paycheck-and maybe even require them to help out with other expenses, as well. "It's perfectly reasonable to expect kids to pay for their own gasoline or trips to the movies," she says.

As teenagers become more independent and start driving themselves around, enrolling your child as an authorized user on one of your credit cards can be helpful. "From a practical perspective, having a credit card to deal with emergencies like flat tires is always a smart idea," Carrie says. More to the point, your teen can learn to spend within their means-assuming you require them to pay back every dollar they charge.

This is also a good opportunity to discuss the importance of being responsible with credit. When you take responsibility to pay back borrowed money, lenders can trust you more when you need to make a big purchase in the future.

Chris emphasizes that it's equally important to explain the basics, such as how credit cards differ from debit cards. And it's essential to warn kids about the dangers of high-interest debt and revolving credit. "The more they know about debt, the more likely they are to manage it responsibly," he stresses.

Once your kids have earned income, they can start contributing to an individual retirement account (IRA). Chris suggests a Roth IRA for most young savers. "Roths are funded with after-tax dollars, but withdrawals in retirement can be entirely tax-free," he explains. ² "By funding these accounts early-when their income, and thus their tax rate, is still very low-kids could benefit from decades of potential compound growth and tax-free income in retirement."

Once your kids accept their first jobs after college, help them draw up budgets based on their salaries and estimated expenses. "When you've never lived on your own, it's easy to underestimate common expenses, such as groceries and utilities," Carrie notes.

It's also a good idea to review their employer benefits with them to ensure they're taking full advantage of all available options, especially any matching contributions to employer-sponsored retirement accounts, such as 401(k)s. "It's important for them to understand the value of those matching contributions," Carrie says. "It's like free money!"

Help your kids understand that time is their greatest ally when it comes to investing. "The old saying 'Time in the market is better than timing the market' can't be said enough to kids," Chris says.

As for the investments themselves, there are literally thousands of low-cost index funds to choose from-which can be overwhelming to a novice. When in doubt, choosing a product that allocates and invests their money for them might be the best approach.

One such option is a target-date fund, whose asset allocation mix becomes more conservative as the target date approaches. Another option would be to consider a robo advisor that builds, monitors, and rebalances a diversified portfolio of exchange-traded funds on an investor's behalf.

You want your kids to be fully independent adults, but you might need to step in to help them from veering off course from time to time. After all, making poor financial decisions can be an expensive learning experience.

And if they have a question you can't answer, Carrie suggests introducing them to your financial professionals. "You want them to get in the habit of asking for help if they need it-and not just from you," she says. "Even the professionals get help-I know I do."

State governments are taking steps to support financial literacy in schools-Georgia and Michigan recently passed laws requiring at least a half-credit course in personal finance in high school ³ -but there's still no substitute for leading by example. Showing your kids how you achieve your goals through budgeting, saving, and investing will give them confidence that they can do the same.

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Think back to your education in personal finance. Did you learn about money management at home? At school? Through trial and error? "When I talk to people about their own financial educations, I hear a lot about regret-regret that they didn't learn the fundamentals sooner," says Carrie Schwab-Pomerantz, CFP ® professional, president of Charles Schwab Foundation, managing director of Schwab Community Services, and board chair of Schwab Charitable.

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Use this worksheet to see how much money you spend this month. Then, use this month’s information to help you plan next month’s budget.

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If you're an on-paper, on-purpose type of person when it comes to handling your personal finances, download one of our budget forms or other useful spreadsheets.

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Go digital with your budget. Try EveryDollar-our zero-based budgeting app. Track your spending, see your goal progress, and create unlimited budgets without having to shuffle a stack of paper. The trees will thank you.

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Go digital with your budget. Try EveryDollar-our zero-based budgeting app. Track your spending, see your goal progress, and create unlimited budgets without having to shuffle a stack of paper. The trees will thank you.

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Mint brings together everything from spending, balances, and budgets to your credit score and more. Access your financial life in one app.

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Budget Tracker & Planner | Free Online Money Management | Mint

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Take charge of your finances with Mint's online budget planner. Our free budget tracker helps you understand your spending for a brighter financial future.

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Goodbudget - budget tracker app [FREE or PAID]

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Goodbudget - budget tracker app [FREE or PAID]

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A home budget app based on the envelope budget system. Available on the Web, Android, and iPhone. Replace your family budget planner, worksheet or spreadsheet with software that syncs.

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Budget with a why Spend, save, and give toward what's important in life create your goodbudget Budget tracking app available on How it works How it works Goodbudget is a budget tracker for the modern age. Say no more to carrying paper envelopes. This virtual budget program keeps you on track with family and friends ...

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EveryDollar  - monthly budgeting app. [FREE or PAID]

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EveryDollar  - monthly budgeting app. [FREE or PAID]

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Get organized, find more money, and finally feel secure in your finances. (Free and Paid versions available)

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Listen-you don't have to cross your fingers every time you swipe your card. When you have a budget (aka a plan for your money), you can spend and save with confidence. Say goodbye to that overwhelmed feeling-because you're about to start taking control of your money.

In the first month of budgeting with EveryDollar, you can expect to:

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EveryDollar | Make a Budget and Track Expenses

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EveryDollar is the best way to budget with confidence, track transactions, and get insights into your spending and savings habits.

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Using your age, current income and current retirement savings rate, this retirement calculator will show whether you're on track for the retirement you want.

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How much money do you need to retire?

The typical advice is that you should aim to replace 70% to 90% of your annual pre-retirement income through savings and Social Security. For example, a retiree who earns an average of $63,000 per year before retirement should expect to need $44,000 to $57,000 per year in retirement. Use our retirement calculator to figure out how much you need to save for your retirement.

Using this retirement calculator

Adjust your savings rate to find out how much you should put away to meet your monthly spending needs in retirement.

Adjust your retirement age to see how working a bit longer can make up for saving less. Keep in mind that while many of today's retirees work well past standard retirement age, you might not be able to.

In the advanced fields, you can customize your projected life expectancy, annual portfolio return and the rate of inflation. NerdWallet recommends using an annual inflation rate of 2% and an average annual return of 6% pre-retirement. This assumes a portfolio of 80% equities and 20% fixed income.

Estimating your retirement needs

Your retirement savings goal hinges on a few factors, most notably how much you think you'll spend in retirement. To estimate that, think about how your current spending might change. For example, you might have your mortgage paid off by then, but your travel spending could increase.

Consider, too, that you'll no longer have to save for retirement - you'll be in retirement - so you can reduce your income needs by the amount you're saving. That means if you're currently saving the recommended 15% of your income, you can live on 85% of your income in retirement with no changes to how you spend. Social Security can adjust that down even further. You can use this calculator to estimate how much of your income Social Security will replace.

Adjusting your spending needs

The calculator defaults to the assumption that you'll spend a little less than you spend now. That means you plan to scale back your spending just slightly in retirement, and your goal should be to replace about 80% of your pre-retirement income, minus your current savings rate. The calculator doesn't factor in income you'll receive from Social Security, but you should plan to use Social Security income to help meet that 80%.

For example, if you save 15% of your income and elect to spend at NerdWallet's assumed rate of 20% less than you do pre-retirement, the calculator will show you how much you need to save to replace 65% of your current income. If that's not your plan - you think you'll cut spending even further, or you want the flexibility to spend more - you can adjust your spending levels. Here are the alternatives:

You can elect to spend even less in retirement, which gives you a goal of replacing about 70% of your pre-retirement income, minus your current savings rate. We recommend selecting this option if you'd like to plan for Social Security.

You can choose to keep your spending the same in retirement, which will adjust your goal to replace roughly 100% of your current income, minus the percentage you're currently saving.

On the other hand, if you think you want to spend more in retirement, you'll receive a goal that replaces 110% of your pre-retirement income, minus the amount you're currently allocating to savings.

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Retirement Calculator | How much do you need to retire? | NerdWallet

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The typical advice is that you should aim to replace 70% to 90% of your annual pre-retirement income through savings and Social Security. For example, a retiree who earns an average of $63,000 per year before retirement should expect to need $44,000 to $57,000 per year in retirement.

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Here’s how you can give your kids a head start and set them up to win with money at any age.

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Teaching kids about money is part of being a good dad or mom. Because if you don't, somebody else will, and there's a good chance that somebody else will have no idea what they're talking about.

Here's how you can give your kids a head start and set them up to win with money at any age.

How to Teach Pre-Schoolers and Kindergartners About Money

1. Use a clear jar to save.

The piggy bank is a great idea, but it doesn't give kids a visual. When you use a clear jar, they see the money growing. Yesterday, they had a dollar bill and five dimes. Today, they have a dollar bill, five dimes, and a quarter! Talk through this with them and make a big deal about it growing!

2. Set an example.

A study by the University of Cambridge found that money habits in children are formed by the time they're 7 years old. Little eyes are watching you. If you're slapping down plastic every time you go out to dinner or the grocery store, they'll eventually notice. Or if you and your spouse are arguing about money, they'll notice that too. Set a healthy example for them and they'll be much more likely to follow it when they get older.

3. Show them that stuff costs money.

You've got to do more than just say, "That pack of toy cars costs $5, son." Help them grab a few dollars out of their jar, take it with them to the store, and physically hand the money to the cashier. This simple action will have more impact than a five-minute lecture.

How to Teach Elementary Students and Middle Schoolers About Money

4. Show opportunity cost.

That's just another way of saying, "If you buy this video game, then you won't have the money to buy that pair of shoes." At this age, your kids should be able to weigh decisions and understand the possible outcomes.

5. Give commissions, not allowances.

Don't just give your kids money for breathing. Pay them commissions based on chores they do around the house like taking out the trash, cleaning their room, or mowing the grass. Dave and his daughter Rachel Cruze talk a lot about this system in their book, Smart Money Smart Kids. This concept helps your kids understand that money is earned-it's not just given to them.

6. Avoid impulse buys.

"Mom, I just found this cute dress. It's perfect and I love it! Can we buy it please?" Does this sound familiar? This age group really knows how to capitalize on the impulse buy-especially when it uses someone else's money.

Instead of giving in, let your child know they can use their hard-earned commission to pay for it. But encourage your child to wait at least a day before they purchase anything over $15. It will likely still be there tomorrow, and they'll be able to make that money decision with a level head the next day.

7. Stress the importance of giving.

Once they start making a little money, be sure you teach them about giving. They can pick a church, charity or even someone they know who needs a little help. Eventually, they'll see how giving doesn't just affect the people they give to, but the giver as well.

How to Teach Teenagers About Money

8. Teach them contentment.

Your teen probably spends a good chunk of their time staring at a screen as they scroll through social media. And every second they're online, they're seeing the highlight reel of their friends, family and even total strangers! It's the quickest way to bring on the comparison trap. You may hear things like:

"Dad, Mark's parents bought him a brand-new car! How come I have to drive this 1993 Subaru?"

"Mom, this girl at school got to spend $10,000 on her Sweet 16 party. I want to do that too!"

Contentment starts in the heart. Let your teen know that their Subaru (although not the newest car on the block) is still running well enough to get them from point A to point B. And you can still throw a memorable, milestone birthday party without spending a chunk of your retirement savings funding it!

9. Give them the responsibility of a bank account.

By the time your kid's a teenager, you should be able to set them up with a simple bank account if you've been doing some of the above along the way. This takes money management to the next level, and will (hopefully) prepare them for managing a much heftier account when they get older.

10. Get them saving for college.

There's no time like the present to have your teen start saving for college. Do they plan on working a summer job? Perfect! Take a portion of that (or more) and toss it in a college savings account. Your teen will feel like they have skin in the game as they contribute toward their education.

11. Teach them to steer clear of student loans.

Before your teen ever applies to college, you need to sit down and have the talk-the " how are we going to pay for college " talk. Let your teen know that student loans aren't an option to fund their education. Talk through all the alternatives out there, like going to community college, going to an in-state university, working part-time while in school, and applying for scholarships .

While you're at it, get The Graduate Survival Guide for them. It's a must-have resource to help your college-bound teen prepare for the next big step in their life.

12. Teach them the danger of credit cards.

As soon as your kid turns 18, they'll get hounded by credit card offers-especially once they're in college. If you haven't taught them why debt is a bad idea, they'll become yet another credit card victim. Remember, it's up to you to determine the right time you'll teach them these principles.

13. Get them on a simple budget.

Since your teen is glued to their mobile device anyway, get them active on our simple budgeting app, EveryDollar. Now is the time to get your teen in the habit of budgeting their income-no matter how small It is. They should learn the importance of making a plan for their money while they're still under your roof.

14. Introduce them to the magic of compound interest.

We know what you're thinking. You can barely get your teen to brush their hair-how in the world are they supposed to become investment savvy? The earlier your teen can get started investing, the better. Compound interest is a magical thing! Introduce your teen to it at an early age, and they'll get a head start on preparing for their future.

15. Help them figure out how to make money.

When you think about it, teenagers have plenty of free time-fall break, summer break, winter break, spring break. If your teen wants some money (and what teen doesn't?), then help them find a job. Better yet, help them become an entrepreneur! These days, it's easier than ever for your teen to start up their own business and turn a profit.

Change Your Family Tree

Teaching your children about money at any stage is going to take time on your part. It won't always be easy. But if you want your children to know how to successfully manage their money when they get older, taking the time now will be worth it.

One of the best ways to teach your kids about handling money is to give them a chance to make some of their own! With the Teen Entrepreneur Toolbox, you'll get all the tools you need to help them start their own business and learn real-world skills.

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Teaching kids about money is part of being a good dad or mom. Because if you don't, somebody else will, and there's a good chance that somebody else will have no idea what they're talking about. Here's how you can give your kids a head start and set them up to win with money at any age.

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Enter your monthly after-tax income into this free budget calculator to create a suggested budget.

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50/30/20 budget calculator

Our 50/30/20 calculator divides your take-home income into suggested spending in three categories: 50% of net pay for needs, 30% for wants and 20% for savings and debt repayment.

Find out how this budgeting approach applies to your money.

Savings and debt repayment

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Do you know your "want" categories?

Become a NerdWallet member to track your monthly spending trends, including how much you're allocating to needs and wants.

The 50/30/20 rule is a popular budgeting method that splits your monthly income among three main categories. Here's how it breaks down:

Monthly after-tax income

Necessities are the expenses you can't avoid. This portion of your budget should cover required costs such as:

Before you build a budget

NerdWallet breaks down your spending and shows you ways to save.

Distinguishing between needs and wants isn't always easy and can vary from one budget to another. Generally, though, wants are the extras that aren't essential to living and working. They're often for fun and may include:

20% of your income: savings and debt

How, exactly, to use this part of your budget depends on your situation, but it will likely include:

A smart view of your financial health

Get a quick read on how you're set up to meet expenses and money goals.

Get more help with monthly budget planning

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This calculator uses the 50/30/20 budget to suggest how much of your monthly income to allocate to needs, wants and savings.

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Honeydue - for couples to manage money together. [FREE]

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Honeydue - for couples to manage money together. [FREE]

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Honeydue is a free mobile app that makes it easy for couples to stay on top of money - whether you just moved in together, or celebrated your 25th anniversary.

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honeydue

Honeydue is the simplest way for couples to manage money, together.

Good things come in pairs.

Learn more

Argue less, and save more with your soulmate. Choose what you want to share.

See what soulmates are saying about Honeydue

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Honeydue's Mission

We're on a mission to outsmart money, together.

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honeydue Honeydue is the simplest way for couples to manage money, together. Good things come in pairs. Learn more Argue less, and save more with your soulmate. Choose what you want to share. See what soulmates are saying about Honeydue It's the best finance app out there, and we can use it together.

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Are you looking forward to the day when you can stop spending all your money on debt payments and start building wealth instead? Do you believe it's even possible? We're here to tell you it possible-with the right plan. Sure, it takes some extra effort and determination, but it's totally worth it. Imagine a life where every paycheck that comes in is yours to spend. No more paying for the past. Eyes on today-and the future!

When it comes down to it, the usual tips like cutting up your credit cards and making coffee at home do work, but there are even more clever ways of getting out of debt we want to share with you-28 ways, in fact!

Ready to learn how to become debt-free?

Let's do this!

Best Way to Get Out of Debt

Before we jump into our practical tips to pay off your debt faster, let's talk about how to get out of debt in general.

First things first: Decide you're done with debt-right now. That means no more swiping that credit card. And no more taking out personal loans for things you can't pay cash for.

Have we hit a nerve yet? For some of you, this might be a big change of pace. But if you really want life-change, you've got to stop doing what you've always done and make room for something new.

Here's the good news in four simple words: You. Can. Do. This. By setting and sticking to financial goals, millions of people have gone from feeling crushed by a mountain of debt to (literally) screaming with joy. We've seen it. (Seriously, check out these Debt-Free Screams!)

How did they do it? They followed the 7 Baby Steps. This proven plan shows you how to get out of debt for good and start building wealth. With the Baby Steps, you'll stop worrying about how to make ends meet and start feeling excited about where your life is headed.

It is possible. Remember: You. Can. Do. This. How? Use these debt-busting tips and get the weight of those debt payments off your shoulders and out of your life. Forever.

Get Out of Debt Fast With the Debt Snowball

Real quick, before you use the debt snowball (and these 28 tips) to get out of debt, you need to build a safety net. We call this Baby Step 1: saving $1,000 for your starter emergency fund. This money is for emergencies only! So, once you've stored it away in a savings account, don't touch it. Make sense?

Okay, now that you've got that buffer between you and life's little emergencies, it's time to go all in-paying off all your debt (except the house) using the debt snowball method. (We call this Baby Step 2, by the way.)

Here's how it works:

List your debts from smallest to largest-regardless of interest rate.

Attack the smallest debt with a vengeance while making minimum payments on the rest of your debts.

Once you pay off the smallest debt, take that payment and apply it to your next-smallest debt.

Repeat this method as you plow your way through debt-which usually takes most people between 18-24 months.

This will take work, but it's definitely worth it in the end. Think about what your life will be like when you don't have to spend big chunks of your paycheck paying off things you bought months (or years) ago. Don't give up!

Now that we've covered how to start paying off debt, here are 28 ways to help you get out of debt faster. Finish line, here we come!

Dave Ramsey's Basic Tips for Getting Out of Debt

1. Make a budget!

This one ranks at the top of Dave's list because it's that important. The truth is, you can't get out of debt without making a budget. Period.

But budgeting doesn't have to be a daily chore you dread. You can make it easy by using budgeting apps like EveryDollar.

We recommend a zero-based budget because it's the best way to give every dollar you make a job to do whether you're giving it, saving it or spending it. You budget will show you where you're spending your money and-just as important-where to cut back so you can throw more money at your debt snowball.

2. Start a side gig.

Starting your own business has never been easier! Do you have a knack for making things? Sell your products online. Are you an animal lover? Take up dog walking or pet sitting.

Learn how to start a business on the side. You might be surprised how successful you become.

3. Get a part-time job.

Not into starting your own business? Then consider some easy ways to earn extra cash on the side. Become a driver for Lyft or Uber. Or deliver pizzas at night to bring in extra money. You can even deliver other types of food in your spare time by working for places like Uber Eats or Grubhub.

That extra money coming in every month will help you pay off your debt quickly so you can start celebrating sooner!

4. Sell the car!

The average monthly payment for a new car is $667. That's just outrageous! Think about how much faster you could get out of debt if you replaced the new, shiny toy in your garage with a used car you paid for with cash. You could throw that $667 car payment at your debt snowball every month instead of out the window.

5. Cut up your credit cards.

Shred 'em. Burn 'em. Shoot 'em. You'll never get out of debt until you stop making debt a way of life. The credit card industry will try to tell you that closing your credit card account is a bad idea.

Listen closely: They're wrong. No matter how many credit cards you have, all they do is keep you stuck in the cycle of debt. Get rid of every last one and never look back!

6. Use the envelope system.

When you pay with cash, you actually feel your money leaving your hands. Ouch! People tend to spend less when paying in cold, hard cash. Using your own custom envelope system, you'll see (and feel) every dollar you spend from your envelopes, and that will help you keep track of your spending so you can stick to your budget.

7. Stop investing.

Yep, you read that right. And yes, we even mean stop contributing to your 401(k). Right now, you want all of your income to go toward your plan to get out of debt.

Once you've paid off your debt and have saved 3-6 months of expenses in a fully funded emergency fund (which is Baby Step 3), you can start investing for retirement again. By then, you'll be on Baby Step 4 and can start putting 15% of your income toward retirement.

8. Quit the comparison game.

You know who wins at the comparison game? No. One. Stop trying to keep up with the Joneses! Remember, you're living like no one else now so later you can live and give like no one else.

Think about it. In 20 years, you won't have a financial worry in the world, while everyone else will still have car loans, mortgages and credit card bills.

9. Tell the kids you're on a budget.

When it comes to money, the kids can be a worse guide than your stomach. But instead of making them an enemy of your money goals, get them on board! Teach them about money so they understand what you do and don't have room for in the budget. Talk to them about your vision of having a life without debt. And remember: Never be afraid to use that magic word: No.

10. Take Financial Peace University.

With Financial Peace University (FPU), you'll learn the step-by-step plan to get out of debt and save more money. You can watch the nine-lesson course on your own or join a class for added accountability. Either way, start FPU today -and learn how to become debt-free for good!

Ways to Get Out of Debt by Spending Less and Shopping Smart

11. Cut those coupons.

You've probably heard this a thousand times, but are you actually doing it? You can save a ton of money just by showing a coupon to the cashier.

Just be sure you're using coupons for products you already plan on buying-otherwise you could end up overspending on items you don't need.

12. Try consignment shopping.

Kids grow out of clothes at the speed of light. And let's be real: It's not worth it to go into debt for your two-year-old's ever-changing wardrobe. Check out your local consignment stores that sell pre-loved outfits in good condition. And if you'd rather shop online, sites like thredUP and Swap.com are great resources to get adult and children's clothing-at a fraction of the cost.

13. Cut the cable.

If you love watching TV and you also love saving money, you have options. Check out the best streaming services for your budget and cut the cord. Put that $100 cable bill toward your debt each month and watch just how quickly your debt snowball starts rolling.

14. Stop going out to eat.

We get it. Going to a restaurant or hitting up the drive-thru is so much easier than making meals at home. But while you're enjoying the freedom of not having to cook for those picky eaters, you're spending way more money by eating out than you would by eating in.

Here's an idea: Invite friends over for taco night instead of meeting up at a restaurant. And hey-if you want to splurge for guac, we won't judge.

15. Meal plan.

Okay, practically speaking, if you take restaurants off the table, how can you do this "meals at home" thing without stressing out? Start meal planning! You'll cut back on the amount of money you spend on food each month. That means more of your hard-earned income can go toward paying off your debt.

16. Break up with your barista.

If you don't know where all your money's going each month, we're pretty sure your favorite coffee shop can find it for you. Try brewing your own coffee at home. It's a minor adjustment to your morning routine and can really add to your savings fast.

17. Visit the library.

Libraries have been around forever, but guess what? They're still awesome! You can check out any book, e-book or audiobook anytime for free.

Plus, the internet has made the benefits of libraries even better. Library apps like Libby, Hoopla, and Project Gutenberg let you search, reserve and check out books without ever leaving the couch!

18. Make a grocery shopping list.

Want to hear one of the easiest ways to save money at the grocery store? Make a list. Whether you like to write down your grocery needs on a piece of paper or you prefer using a grocery list app like Mealime or AnyList, don't walk through those automatic doors without this written plan of attack.

But here's the thing about making a list: You have to stick to it. Especially if you're shopping with kids. It's a whole lot easier to blow your budget when your kid sees a 40% off sign on a giant Nerf gun on Aisle 11, looks at you with pleading eyes, and says that's the exact one he's been wanting.

19. Try grocery shopping online.

Of course, convenience is top of mind whenever you think about the benefits of online vs. in-store grocery shopping. But you know what else is a major benefit? Saving money!

In addition to the "online only" deals and other perks, you get to review your cart before you click "buy now." That means you can remove those impulse buys that looked yummy while you were browsing but aren't actually necessary.

20. Avoid expensive hobbies.

Do you really have $200 a month to spend on golf? Or vintage bottles of wine to add to your collection? Designer fabric for that crafting project you've started and stopped so many times?

Put those pricey pleasures on hold for a short while-remember, your favorite craft store will still be there once you get out of debt.

21. Ditch the gym membership.

Last we heard, you can still go for a run outside-for free. Gather some friends and start a running club. Or do those fancy HIIT workouts at your local park. You can get fit and healthy without spending a ton of money. Just make sure you don't use all that savings to buy protein powder you never finish. Instead, put the money directly toward your debt-free goal so you can get out of debt fast.

22. Find free entertainment.

Put a spending freeze on your entertainment costs for a little while. This means no going out to the movies, concerts, mini golf or whatever you do for fun that costs money.

There are cheaper ways to reward yourself than spending money to hear Taylor Swift sing in person. Instead, challenge yourself to find free ways to stay entertained. Take the kids to the park. Or look for a free event in your community. Taylor Swift isn't going anywhere. You can get tickets once you've knocked out your debt.

Other Creative Ideas to Get Out of Debt

23. Ask for a raise.

What do you have to lose? Like Wayne Gretzky says, "You miss 100% of the shots you don't take." Learn how to ask for a raise (the right way) and then put on your confident face and march into your boss's office.

24. Learn to say no.

Make it a new part of your vocabulary. Love it. Embrace it. Because when it comes to spending money, you'll need to say it quite often. Learning how to say no to buying stuff you don't need is one of the smartest ways to stop paying for your past and start building your future.

25. Sell items on Facebook Marketplace or Craigslist.

Haven't you heard? One person's trash is another person's treasure. Dig through your kids' rooms. Then search through that black hole of your closet to find things you can part with to make some quick cash.

If you'd prefer to sell your stuff the old-fashioned way, host a garage sale.

26. Go on a spending freeze.

Challenge yourself with a no-spending day or a "nothing but the essentials" month, aka a spending freeze. This is a great way save some extra money-so you can chuck it at that month's debt payoff goal.

27. Give more.

Wait a minute-give? Yes! Giving changes you. It changes your spirit and takes your focus off of you for a minute. Make tithing and giving part of your budget, no matter what your income is.

28. Find accountability.

Sticking to a plan so you can get out of debt is hard. When you have to say no to friends, concerts and going out to eat, it's even harder.

That's why it's important to find someone you trust to hold you accountable to your goals. If you're married, that's your spouse. The person who holds you accountable could also be your best friend or even your neighbor. Just make sure it's someone who will actually call you out if you slip up.

Traps to Avoid When You're Learning How to Get Out of Debt

Okay, now that you've got tips on how to get your debt snowball rolling, let's talk about some things that could trip you up along the way. Here are a few traps to avoid as you baby step your way to debt freedom:

1. Debt Consolidation

You've probably heard of it. And maybe you've even fallen prey to it. But hear us out: Debt consolidation is a bad idea.

With consolidation, combining your debts for a lower interest rate will make you feel like you've done something to help your situation. In reality, though, it's only going to keep you in debt longer-because debt consolidation often means a longer repayment term.

The only form of debt consolidation we can get behind is for student loans. And that's only if you consolidate your student loans the right way.

2. Credit Card Balance Transfers

Just like debt consolidation, credit card balance transfers will only offer you a temporary solution. Sure, it might give you a little extra breathing room in your paycheck, but it'll keep you in debt for longer.

Why? Because you'll be tempted to spend those "extra" dollars on something other than your debt. Remember, the only way to get out of debt fast is by throwing everything you have at it-until it's gone.

3. Filing for Bankruptcy

When you don't have enough money to pay the light bill or buy food, it's beyond terrifying. But bankruptcy is rarely the answer. If you feel like bankruptcy is your only option, it's time to slow down, take a deep breath, and remember there's hope.

Bankruptcy is the last thing you should consider. Before you go there, do everything you can to avoid it. If you're feeling like you have no other choice, please talk with a Ramsey Preferred Coach first. They can offer hope by walking you through other options.

Learn the Best Way to Get Out of Debt

There are a lot of things you can do to get out of debt fast. But without the right plan, it's hard to make progress-and even harder to keep yourself from going back into debt later.

We mentioned it earlier, but it's worth repeating: With Financial Peace University (FPU), you'll learn the proven plan to get out of debt and stay out of debt. FPU has helped millions of people take control of their money and go after their goals with confidence. And now it's your turn.

Listen: The road to debt freedom can be tough. But remember, your future is worth the work you put in today. You can do this!

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Are you looking forward to the day when you can stop spending all your money on debt payments and start building wealth instead? Do you believe it's even possible? We're here to tell you it possible-with the right plan. Sure, it takes some extra effort and determination, but it's totally worth it.

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The YNAB app works because it’s built around Four Rules designed to change your financial future.

Rule One

Give Every Dollar a Job

Rule Two

Embrace Your True Expenses

Rule Three

Roll With the Punches

Rule Four

Age Your Money

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The magic is in the method. Follow these four simple rules and change your relationship with money.

Try YNAB Free For 34 Days

Change Your Money Mindset

The YNAB app doesn't work because it's pretty (it is, though) or because it has amazing tech (it does, though). It works because it's built around Four Rules designed to change your financial future.

Why It Works

You've already mapped out a plan, so instead of stressing over every little (guilt-inducing) spending decision, you're just following your own instructions. No raise, windfall, or inheritance required. (Though all of those would still be nice.)

Why It Works

You're being more realistic about your finances by planning for larger, less frequent expenses while keeping your dreams and goals in sight. By anticipating big expenses and breaking them down into more manageable monthly amounts, you're making fully informed spending decisions based on immediate needs and future obligations.

Why It Works

You don't need to be perfect! You just need to commit to the process of planning what you'll spend (Rules One and Two), and then, follow your plan. Oh, that's right, and then adjust the plan as needed. Rinse and repeat.

Why It Works

You aren't stressed, because you're not living on the financial edge. No more wasting time and energy timing bills to a specific paycheck. When a bill comes, you just pay it. The result? Breathing room. Less focus on today and more on tomorrow means bigger thinking, better decisions, and chiseled abs (it's possible!).

Want to Master the Method?

We've got the Rules and the resources! Learn more about taking total control of your finances by reading our book or watching a free video course. (You can even download this printable of the Four Rules to have it handy!)

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The magic is in the method. Follow these four simple rules and change your relationship with money. Try YNAB Free For 34 Days The YNAB app doesn't work because it's pretty (it is, though) or because it has amazing tech (it does, though). It works because it's built around Four Rules designed to change your financial future.

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Use this budget tool to see how much you make and spend each month.

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Creating a Bill calendar helps you see how income and bills line up each month.

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Plan the best times to save and spend with this Income and benefits tracker.

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Use this spending tracker to consider what is important to you.

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Setting goals is the first step toward achieving your dreams. This tool teaches you how to effectively set goals that are SMART—meaning they are (S)pecific, (M)easurable, (A)chievable, (R)elevant, and (T)ime bound

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Developing a Saving and Spending Checklist

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Attached is an example budget spreadsheet. You can use this to assist you with preparing your monthly expense list.