Funding Your Future: Adult homework for the new school year

Since most kids are back in school, Rachel Langlois from Cyprus Credit Union came up with some financial homework that the whole family can get in on. Sit down at the table with your kids and do your “homework together.”

  1. Credit Check: you can receive three free reports per year at annualcreditreport.com
  1. Automate your bills so you don’t miss a payment.
  2. Evaluate your spending and find areas to reduce:
    1. Utilities and entertainment subscriptions: cable, Netflix, internet, music streaming
    2. Food: are you spending a lot on eating out, what can you do to reduce? Plan out meals, grocery shop. For busy moms use services like Wal-Mart’s grocery pick-up.
  1. Set a focus for the school year, such as:
    1. Learning to budget
    2. Creating an emergency fund
    3. Improving credit score
    4. Reducing debt
  1. Read a personal finance book.

For more financial tips go to cypruscu.com