The topic of financial literacy is at the center of much of the current discussion surrounding the Affordable Care Act.
And while the law has taken on a life of its own, the experts we spoke with had some simple ideas on how to keep things from getting out of hand.
We want to stress to you that the ACA does not mean you can’t make money.
It’s just that it doesn’t require it.
There are some very simple things you can do that will help keep your finances safe.
For example, if you’re worried about paying for a mortgage, you can take steps to lower the amount you borrow and keep the interest rates low.
It doesn’t cost you anything.
And while many of these strategies may seem obvious, you may not realize it until you’re trying them out.
We want you to take some time to do some homework on your own before starting a new financial plan, said Lisa Lefkowitz, director of child financial planning for the Child Development Center of Philadelphia.
You should know your family’s financial situation and know how much you need to pay in each month, and the amount of your credit cards, bank accounts, car payments, etc. So you can compare what you need with what you’re getting paid in the month, she said.
It can also help you figure out how much money your child needs.
“It’s really important to know that even if you have to pay a little more for gas, if your child has diabetes, and they can’t pay for their own gas, they’re going to need a little bit of extra money,” Lefkellow said.
And while it may not seem like a big deal, it could affect your financial future.
The IRS has issued guidance that explains the difference between paying your child for food and paying for things like diapers, clothes and toothpaste.
So it’s not just that paying for necessities can be a good thing, it can be part of your financial strategy, she added.
“I think the advice is to pay for the things you need in the household that you know your child is going to use.
And I think that is one of the things that helps keep your financial situation in check,” Laffkowitz said.
If you’re not sure what financial strategy to adopt, here are some of the key tips from experts we reached out to:Read up on your child and financial planning.
You can do this yourself, but you may want to call a financial counselor for advice.
Ask your child to read books, websites, and articles on topics such as financial planning, retirement savings, tax planning, savings accounts and savings products.
Talk to your financial counselor about the best financial tools and strategies for your child.
Pay a financial adviser who has specialized training in child development.
Focus on financial literacy, not financial responsibility.
Check with your child before you take any financial decisions.