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8 Reasons Why Financial Education is Important
At The Institute for Families and Nannies we want to empower nannies to be in charge of their financial life. Here's some good reasons to create a financial plan:
1. To See Where Your Money is Going. Do you have a budget? If not, chances are that you have no idea where your hard earned cash goes, and you may find yourself coming up short before your next paycheck arrives. Creating a budget to track your spending will help you end up keeping more dollars in your pocket.
2. To Get out of Debt. If you find yourself mindlessly reaching for a credit card to make purchases, chances are that your credit card debt is higher that you’d like. Did you know that many people end up spending up to twice as much on the original purchase by the time they have paid interest to the credit card company? It’s time to keep that money for yourself.
3. To Save for Retirement. Many people don’t think twice about saving for retirement, especially if you’re young and retirement seems like a blur in the distant future. By ignoring your retirement savings or relying on social security, you will not have enough to retire comfortably. The Financial Planning for Nannies workshop will help you take your retirement into your own hands.
4. To Help You Through Unforeseen Emergencies. What if the car breaks down or your have an expensive medical bill that you didn’t expect? Putting the expense on your credit card will only make your finances worse. But if you had created a space in your budget for an emergency savings account, there would be no need to stress about unexpected expenses.
5. To Make Sure You’re Paying Your Taxes Correctly. There’s nothing worse financially than to be surprised with a hefty tax bill come April 15th. By educating yourself about your financial situation and how much you need to pay the IRS, there will be no surprises, and you’ll be able to save the appropriate amount from each paycheck.
6. To be a Good Example to Your Kids. Whether you have children now, plan to have children in the future, or want to help the family you work for by being a good example, teaching kids about saving and spending while they’re young can make a big impact on their financial situation as adults.
7. To Understand Why and Where You Should be Investing. Investing can be a scary proposition, but the fact is that in order for your savings to keep up with inflation and support you when you retire, investing is a smart move. Learn more about how it works so when the time comes, you’ll be able to make the move with confidence.
8. To Become Financially Independent. Once you have a budget in place, no credit card debt, an emergency savings account and a retirement fund in place, the fear of not being able to pay your bills because you live paycheck to paycheck will diminish and you’ll be able to focus your energy on the things that matter to you the most in life.