The FDIC issues Money-Management Tips for All Ages MortgagePress.comFDIC, Money TIps for All Ages, consumer advice
No matter how old or young you are or how your life is changing,
you can do something to better manage and protect your money. A new
publication from the FDIC, entitled "Money Tips for All Ages: Your
Finances at Different Stages of Life," features suggestions for
everyone plus special recommendations for teens through retirees.
The advice, in a special edition of the agency's quarterly FDIC
Consumer News, can be read or printed online at www.fdic.gov/consumers/consumer/news/cnspr08.
There is also an online form for ordering up to two free paper
copies.
"Money Tips for All Ages" includes practical advice for:
" Everyone, such as how and why to comparison shop for financial
services, keep banking costs down, understand FDIC insurance
coverage and protect against fraud.
" Teens, including recommendations on how to start making
grown-up decisions about personal finances, such as automatically
saving money before being tempted to spend it (that's called
"paying yourself first") and avoiding identity thieves who trick
people into divulging valuable information, often over the
Internet.
" Young adults, including those starting college or a career, on
matters such as why and how to save for long-term goals (maybe
buying a home or owning a business) and building a good credit
record (essential to getting get a loan or a credit card with an
attractive interest rate, often also important when applying for
jobs, insurance or an apartment).
" Newlyweds, with information on why to have a candid discussion
about finances (including any major outstanding debts) before tying
the knot, and understanding how to effectively use jointly held
accounts.
" Busy people at midlife, typically age 35 to 55 (or
thereabouts), as they multi-task managing money for today and for
tomorrow (including saving for retirement or a child's college
expenses).
" Parents teaching children the financial facts of life,
including why it's important for adults to "show and tell" how to
manage money and to generally serve as good examples of what it
means to save, spend wisely and share with others.
" Before you retire, such as how to save as much as possible
from your remaining paychecks, and why to take precautions with
Social Security and pension income and retirement accounts.
" After you retire, with suggestions for managing expenses on a
fixed or reduced income, and avoiding potential pitfalls with
"reverse mortgages" and "variable" life insurance and annuities
(investments that provide tax-deferred earnings but have
potentially high risks and fees).
" Financial caregivers for disabled or elderly relatives,
including preventive measures involving banking or bill paying
before a loved one has a serious health problem, and how to guard
against fraud and theft by unscrupulous relatives, contractors,
caregivers, friends, neighbors and other individuals who target the
vulnerable.
A separate article discusses ways to cope financially during and
after major life events ranging from welcoming a new child into the
family to dealing with a death, divorce or job loss. For more
information, visit www.fdic.gov.
