Disclosure: I wrote this post as participation in in a blog tour for Mom Central on behalf of MassMutual and received compensation in the form of an Amazon gift code to thank me for taking the time to participate.
Family’s Financial Future
I know I say it over and over again, but as a mom of 5, planning for my family’s financial future is paramount. I already have 2 taking college courses and have 3 more to go. Therefore, looking into college saving strategies such as those offered by MassMutual can help us better prepare. In fact, they have this easy quiz to help Moms begin to think about our own attitudes toward finances. Take the quiz yourself and see how you fair. Me? I am apparently a “Successful Planner”… most likely due to my penny-pinching ways.
I am learning more about 529 plans almost daily and we are considering setting them up for our younger girls. 529 plans are flexible investment options with tax benefits, according to MassMutual. They are state-sponsored plans with tax benefits that allow you to contribute higher sums of money. They can then be used for qualified higher educations costs, such as tuition, room, books, supplies, and equipment. Considering we have a few years to plan, and 2 hitting the college age right around the same time, this sounds like a great way for us to begin planning.
Set a Good Example
Are you part of the 80% of adults that believe educating our children to manage their money is important? We teach our children a lot along the way to adulthood, so managing their finances should be included. I know that I am constantly trying to teach my kids the value of a dollar and to set a good example. They earn money by doing chores around the house and are free to spend or save their earnings. And most of the time they do end up saving.
When they want to spend, I am adamant about making sure they get the best bang for their buck. They must be able to explain their product choice to me and I either shake my head or let them know they made a good choice. I am tough when it comes to spending money. I am a saver and believe every dollar spent should be done so with purpose.
MassMutual offers a few fantastic ways to help educate our children on managing their money:
- Family Financial Education Seminars
- Save! The Game (iPod touch and iPhone app)
- Money Talks series
- Right on the Money games
My husband and I have begun to work through the the tips provided through MassMutual’s Family Finances page. As we manage our day-to-day budget, as well as prepare for our financial future, we realize that we want to be less overwhelmed. We desire to be more confident in our finances… and want to be sure that we are leaving a good legacy for our children in that area.
Therefore, we have begun by working through the Money Talks series MassMutual offers and our kids are enjoying the Save! The Game app. We hope that together, with MassMutual’s assistance, we can become better prepared and offer our children the financial stability we may not have been able to otherwise.
How important is it for you to set a good example for your family in terms of managing money and planning for the future?
You can learn more, plus find a financial professional near you, by checking the MassMutual website.
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