Tag Archives: bank of mom and dad

Financial Education: Creating an Emergency Fund

It is important for young adults to get into the habit of setting aside an emergency fund to handle living expenses for a given period as it also gets them in the mindset of being prepared for other, bigger problems such as home repairs.

Continue reading

Assessing Your Adult Child’s Financial Situation

In last week’s article we discussed how to talk with your child about their financial situation. Once you’ve initiated the conversation and are willing to financially assist your adult child, here’s the next step you should take. Continue reading

How to Prepare for the Money Talk with Your Kids

It is bound to be awkward, but if kids expect their parents to be forthcoming with financial assistance, the  parents need to have an idea of where their children are financially. Simply laying out their student-loan totals to demonstrate how poor they are isn’t enough information. You and the children need to figure out their overall financial situation. It cannot be a simple single question, “Here’s how much I need for my goal, can you afford to pay it?” Continue reading