Detroit woman hopes to break cycle of living paycheck to paycheck, looks toward next chapter
Local 4โฒs money expert Rod Meloni sat down with LaTonya Edwards, a 53-year-old single working mother of three young men hear more about her financial situation, and to see if any improvements could be made.
Holiday Season is around the corner, be sure to budget
DETROIT โ With the Holiday Season approaching and a new stimulus deal still in the distance, many people are taking a hard look at their finances to budget for lean times. RELATED: How to get help while battle for second round of stimulus checks stalls in WashingtonHaving some type of a budget is essential -- especially as we head toward the Holiday Season, when spending is up for many. Look at your billsTake a look at all your bills and expenses to prioritize and determine what are the โmust-payโ bills. Create a budgetAs for holiday spending, set a plan and create a spending budget for each person on your list. Talk to peopleIf you are having financial problems now, contact your landlord, your mortgage company and credit card companies.
Now may be the perfect time to teach your children about money, budgeting and spending
DETROIT With so many parents spending more time at home with their children, now may be the perfect time to give them valuable lessons on money, budgeting and spending. A good way to teach children about money is by getting them to divide money they receive into three parts: Money they should save, money they can spend and money they should give -- and teach those values early. You can also consider a debit card for your high school student, teaching them how to use plastic but without spending more money than theyve earned. Meloni also recommends teaching children about banking and investing. For more Money Matters advice for your children or yourself, check out Melonis special reports by clicking here.