Do We Inherit Our Bad Money Habits?

While you can’t change your genes, you can learn to recognize and put a stop to repeating harmful money habits your parents (may or may not have) passed down to you.

Parents tend to teach us self-sufficiency – and that’s a good thing.

But if your parents tell you that balancing your checkbook is the only financial advice you’ll ever need, they’re most likely wrong. There’s only so much you can do to prepare for the future on your own.

When you’re at a place where you’re ready to start thinking seriously about your money, professional help will make all the difference in the world.

Contrary to popular belief, you do not have to carry a balance on a credit card to boost your credit score. Actually, you should do the opposite. Pay off monthly purchases to avoid incurring interest, and an even bigger balance you cannot afford. The act of making payments on-time, along with the card’s credit limit, is enough to improve your standing over time.

Purchasing your first home has long been considered an integral part of the American dream. But there are some housing markets where renting is the savvier move. Consider foregoing a mortgage, or relocating to a more affordable area if you are determined to own a home.

Not everyone has an emergency fund, yet alone a savings account. But even if you set up a savings account to pull $25-50 from your pay each month, you can teach your kids an important lesson early on. An idea - have each of them start a rainy day fund and start saving!

The solution? Educate yourself! If you have kids of your own, make it a priority to talk to them about money and involve them in your financial planning so they can break the cycle.