The IDEA Publishing
  • HOME
  • Popular IDEAS
    • IDEAS for Your Better Business Life >
      • The Business Idea
      • The Career IDEA
      • The Money Idea
    • IDEAS for Your Better Diversions >
      • The Tech IDEA
      • The Travel IDEA
      • The Auto IDEA
      • The Outdoors IDEA
    • IDEAS for a Better Table >
      • The Food IDEA
      • IDEAS de Cocina Espanola
    • IDEAS for a Better You >
      • The Health IDEA
      • Living Well IDEAS
      • The Fitness IDEA
      • The Beauty IDEA
    • IDEAS for a Happier Home >
      • The Home Idea
      • The Entertaining Idea
      • The Parenting Idea
      • The Senior Living IDEA
      • The Pet IDEA
  • The Video Domain
    • Video IDEAS for Your Better Business Life
  • About
  • Contact
  • ads.txt
The_Money_IDEAThe Money IDEA

The Money IDEA

Ideas on How to Save and Ideas for What to Do with Your Savings!
   

A Financial Planning Tool for Every Stage of Life

1/22/2019

Comments

 
black-financial-planning-session
These tips from financial experts can help you maximize financial tools like credit cards throughout life.

From heading off to college to marrying the love of your life to taking those dream vacations, life’s biggest moments are often tied to being financially responsible. A credit card is one tool that can help you achieve your financial goals while offsetting some costs along the way. These tips from financial experts can help you maximize financial tools like credit cards throughout life’s milestones. 


A Financial Planning Tool for Every Stage of Life

(Family Features) From heading off to college to marrying the love of your life to taking those dream vacations, life’s biggest moments are often tied to being financially responsible.

While memories of your first dance as newlyweds don’t often include the cost of the band, money is frequently front and center when planning for some of life’s larger events. From early adulthood through retirement, a credit card is one tool that can help you achieve your financial goals while offsetting some costs along the way.

“No matter your stage in life, it’s important to plan ahead and have the right tools to meet your financial needs,” said Jason Gaughan, credit cards executive at Bank of America. “A credit card offers flexibility, convenience and an increasing amount of rewards that can make your budget go even further.”

These tips from financial experts can help you maximize financial tools like credit cards throughout life’s milestones.

College Years
For many, college represents the first instance of being responsible for personal finances. During this time, some students apply for their first credit cards to cover a wide range of costs such as books or travel expenses to and from school. Experts agree it’s important to start building credit at this age, but only if you can handle the responsibility associated with a credit card.

“Though credit can be a somewhat foreign topic for beginners, online resources such as Bank of America’s Better Money Habits offers tips to help young adults learn about things like how your credit score is calculated, the difference between a credit report and credit score and explains why it’s important to understand before signing up for a credit card,” said Lysandra Perez, a relationship manager for Bank of America who is responsible for educating clients on establishing strong financial habits including managing and building credit.”

According to BetterMoneyHabits.com, an important rule for building strong credit is to spend no more than 30 percent of your available credit line. The online resource also recommends that students look for credit cards that offer low interest rates and no annual fee to help minimize finance charges if they aren’t able to pay their bills in full each month.

“Establishing strong financial habits early on can help set you up for future credit opportunities later in life,” Perez said.

Early Adulthood
As people become more established professionally, they often become more comfortable financially, allowing them to pursue their passions.

Using a credit card that offers rewards tied to interests is a strategy some young adults utilize. According to a Bank of America survey, 91 percent of Millennials ages 23-29 plan to use a rewards card to help pay for upcoming travel.

“It’s common for people in their mid-to-late 20s to prioritize maximizing credit card rewards,” Gaughan said. “They understand using a card for smaller, everyday purchases like coffee and groceries can be an easy way to earn points to pay for fun events like a trip abroad or home for a college reunion.”

Saving and tracking rewards is key during this period, too. Digital tools like My Rewards provide new visibility into the rewards you earn and how to maximize their value. Also look to explore banking rewards options like Preferred Rewards, which can offer special perks and benefits like credit card rewards bonuses, discounts on home and auto loans, interest rate boosters and no-fee ATM transactions.

Marriage and Parenthood
A seismic shift often occurs when entering the marriage and parenthood stage of life. The individually minded spending of early adulthood transitions to down payments on homes and saving money for children’s educations.

These years typically require more financial savviness to make every dollar count as large expenses requiring loans, such as houses and cars, are more prevalent during this stage.

Along with larger purchases, these years also often come with grocery store trips, filling up the gas tank for carpool duty and buying new clothes as your kids grow. Look for a cash back card that lets you earn rewards on your everyday purchases and offers redemption for cash back to cover expenses or invest in a savings account.

Retirement
By retirement age, you’ve likely spent decades saving and are looking to enjoy the fruits of your years of labor. While the amount saved for retirement varies greatly depending on your situation, it’s always important to spend wisely during retirement, and a credit card that reaps high rewards can help.

“There are many ways to continue saving and investing once in retirement,” said David Poole, head of Merrill Edge Advisory, Client Services and Digital Capabilities at Bank of America. “Credit cards that allow you to invest rewards back into your retirement fund is an easy way to continue contributing to your 401(k).”

Credit cards can also help retirees fulfill long-standing travel goals. Some like the Bank of America Premium Rewards card offer lucrative travel benefits such as earning two points for every dollar spent on travel and dining purchases. Look for points that are flexible and can be used toward future travel purchases or as cash back.

“With so many credit card options available, it’s important to understand what your current needs are,” Gaughan said. “Do your research, develop a strategy and work with your financial institution to determine the best card for your lifestyle.”

Find more information and credit card options at bankofamerica.com/creditcards.

Photos courtesy of Getty Images

SOURCE:
Bank of America

KEYWORDS

  • advice ×
  • aging ×
  • college ×
  • college loans ×
  • credit ×
  • credit cards ×
  • education ×
  • families ×
  • family ×
  • Family Features ×
  • finance ×
  • finances ×
  • financial planning ×
  • lifehacks ×
  • personal finance ×
  • personal finances ×
  • personal wealth ×
  • retire ×
  • retirement ×
  • retirement planning ×
  • seniors ×
  • tips

RSS Feed

Comments



    Archives

    January 2021
    December 2020
    September 2020
    August 2020
    June 2020
    May 2020
    March 2020
    February 2020
    January 2020
    December 2019
    November 2019
    October 2019
    September 2019
    August 2019
    July 2019
    June 2019
    May 2019
    April 2019
    March 2019
    February 2019
    January 2019
    September 2018
    August 2018
    July 2018
    June 2018
    May 2018
    April 2018
    March 2018
    February 2018
    December 2017
    November 2017
    September 2017
    August 2017
    July 2017
    June 2017
    April 2017
    March 2017
    February 2017
    January 2017
    December 2016
    November 2016
    October 2016
    September 2016
    August 2016
    July 2016
    June 2016
    May 2016
    April 2016


    Interested in Publishing on The Money Idea?
    Send your query to the Publisher today!

    Categories

    All
    1040
    1040a
    1040EZ
    1099
    401k
    401(k)
    Accident
    Accident Insurance
    Accidents
    Account Information
    Accounting
    Accounts
    Advertising
    Advice
    African-American
    African-Americans
    Age
    Aging
    Amazon
    Analysis
    Annual
    Annual Enrollment
    Annuities
    Annuity
    Antique
    Antiques
    Appraisal
    Apps
    April 15th
    Assets
    Assisted Living
    Attorney
    Auto Insurance
    Auto Loan
    Automatic Payments
    Automobile
    Autopay
    Baby
    Bank
    Banking
    Bankruptcy
    Banks
    Benefits
    Bills
    Birth
    Bonds
    Borrower
    Borrowing
    BPT
    Brandpoint
    Brandpoint Content
    Budget
    Budgeting
    Calculator
    Cancer
    Capital
    Capital Gains
    Car
    Car Accident
    Career
    Careers
    Car Insurance
    Car Loan
    Cars
    Cash
    Cash Flow
    Casinos
    CBS This Morning
    CD
    Center For Financial Services Innovation
    Certainty
    Charitable
    Charity
    Check
    Checking
    Checks
    Child
    Children
    Child Tax Credit
    Choices
    City
    Claim
    Claims
    Closing Costs
    Collateral
    Collectibles
    College
    College Loans
    Communications
    Community
    Companies
    Comparison
    Compensation
    Compound Interest
    Compunding
    Computer
    Computers
    Conflicts Of Interest
    Consumer
    Consumer Protection
    Consumers
    Consumption
    Contract
    Contributions
    Convenience
    Conversion
    Copayment
    Copayments
    Coronavirus
    Cost Of Living
    Costs
    Couples
    Court
    Coverage
    CPA
    Credit
    Credit Card
    Credit Cards
    Credit History
    Credit Report
    Credit Reports
    Credits
    Credit Score
    Credit Union
    Crime
    Criminal
    Crisis
    Critical Illness Insurance
    Cybercrime
    Cybersecurity
    Data
    Dates
    Death
    Debit Card
    Debt
    Debts
    Deductibles
    Deductions
    Deferred Compensation
    Defined Contribution
    Delivery
    Demographics
    Department Of Housing And Urban Development
    Design
    Destinations
    Diamond
    Digital
    Disability
    Disability Insurance
    Discount
    Discounts
    Distribution
    Distributions
    Diversification
    Doctor
    Doctors
    Documents
    Donations
    Down Payment
    Down-payment
    Earned Income Tax Credit
    Earnings
    EBay
    Ecommerce
    Economics
    Economy
    Education
    Educational
    EITC
    Eligibility
    Email
    Emergency
    Emergency Fund
    Emergency Plan
    Employee
    Employee Benefits
    Employer
    Energy
    Entertainment
    Environmental
    Equity
    Estate
    Estate Planning
    Estates
    Ethnic
    Ethnicity
    Exemptions
    Expenses
    Expert
    Expertise
    Experts
    Families
    Family
    Family Features
    Family Finances
    FASB
    Fashion
    Federal Government
    Federal Housing Administration
    Fees
    FHA
    Filing
    Finance
    Finances
    Financial
    Financial Advisor
    Financial Crisis
    Financial Institutions
    Financial Plan
    Financial Planning
    Financial Setbacks
    Financial Strategy
    Fixed Income
    Flood Insurance
    Fraud
    Future
    Gambling
    Gaming
    Generic Drugs
    Gifts
    Goals
    Gold
    Government
    Green
    Groceries
    Grocery
    Growth
    Guide
    Hacks
    Health
    Health Care
    Health Insurance
    Health Savings Account
    Heirs
    Higher Education
    Hobby
    Holiday
    Home
    Homebuyers
    Homebuying
    Home Equity
    Home Equity Conversion Mortgage
    Home Improvement
    Home Insurance
    Home Loan
    Homeowners
    Homeownership
    Home Ownership
    Homeowners Insurance
    Home Repairs
    Homes
    Home Security
    Home Warranty
    Hospital
    House
    Household
    Housing
    HSA
    HUD
    ID
    Identification
    Identity Theft
    Incentives
    Income
    Incomes
    Income Tax
    Income Taxes
    Individual Investor
    Information
    Injury
    Insurance
    Insurance Claim
    Insurance Company
    Insurance Policy
    Insurance Rates
    Interest
    Interest Rates
    Internal Revenue Service
    Internet
    Investing
    Investments
    IRA
    IRS
    Itemize
    Jewelry
    Job
    Job Loss
    Jobs
    Kids
    Land
    Laptop
    Law
    Lawsuit
    Lawyer
    Legal
    Lender
    Lending
    Leukemia
    Liability
    Lifehacks
    Life Insurance
    Lifestyle
    Limits
    Line Of Credit
    Literacy
    Litigation
    Loan
    Loans
    Long-term
    Long-term Care
    Loss
    Losses
    Lost Wages
    Management
    Manufactured Home
    Manufactured Homes
    Marginal
    Marketing
    Markets
    Marriage
    Matching
    Medicaid
    Medical
    Medical Bills
    Medicare
    Medium
    Mental Health
    Metro Areas
    MI
    Millennials
    Modular Homes
    Money
    Money Management
    Monthly Budget
    Monthly Payments
    Mortgage
    Mortgage Insurance
    Mortgage Loan
    Motivation
    Move
    Moving
    Myth
    Myths
    Need To Know
    Nestegg
    New Home
    News
    Nursing Homes
    Online
    Online Auction
    Online Banking
    Online Filing
    Online Shopping
    Opportunities
    Opportunity
    Origination Cost
    Parents
    Patients
    Pay
    Paycheck
    Payment
    Payments
    Penalties
    Penalty
    Pension
    Personal Bankruptcy
    Personal Finance
    Personal Finances
    Personal Privacy
    Personal Wealth
    Pets
    Phone
    Plan
    Planning
    PMI
    Policy
    Portfolio
    Premiums
    Prescription Drugs
    Prevention
    Prices
    Pricing
    Priorities
    Privacy
    Property
    Protection
    Prudential
    Psychology
    Purchasing Power
    Qualifications
    Rate Of Return
    Rates
    Real Estate
    Realtor
    Refund
    Regulation
    Relationships
    Relocation
    Rent
    Rental
    Renters
    Renting
    Resale
    Research
    Restaurants
    Retire
    Retirees
    Retirement
    Retirement Account
    Retirement Planning
    Returns
    Reverse Mortgage
    Risk
    Risk Factors
    Risk Tolerance
    Robbery
    Rollover
    Roth IRA
    Safety
    Salary
    Save
    Saving
    Savings
    Scam
    Scams
    Scholarship
    School
    Security
    Senior Care
    Senior Citizens
    Seniors
    Settlement
    Settlements
    Shipping
    Shocks
    Shopping
    Silver
    Skimming
    Smartphone
    Socially Resposible Investing
    Social Security
    Spanish
    Spend
    Spending
    Spouse
    SSDI
    State Taxes
    Stock Market
    Stocks
    Strategy
    Stress
    Style
    Suggestions
    Supply Chain
    Survey
    Sustainability
    Tax
    Tax Consequences
    Tax Credits
    Tax Deadlines
    Tax Deductions
    Taxes
    Tax Filing
    Taxpayers
    Tax Planning
    Tax Preparation
    Tax Refund
    Tax Return
    Tech
    Technology
    Teens
    Terms
    Testing
    Texting
    Theft
    TIAA
    Time
    Tip
    Tips
    Title
    Tools
    Traditions
    Transaction
    Transactions
    TransUnion
    Trend
    Trends
    Tricks
    Trucking
    Trump
    Trusts
    Unemployment
    Unemployment Insurance
    Unexpected Expenses
    UPS
    Urban
    Vacation
    Valuables
    Value
    Veterans
    Volatility
    Voluntary Benefits
    Wages
    Wall Street
    Washington
    Wealth
    Web
    Wedding Rings
    Wife
    Will
    Wills
    Wisconsin
    Withdrawl
    Withholding
    Work
    Workplace
    Worry
    Wow
    Young Adults







    Get this money content for your website with our RSS Feed below!

    RSS Feed

Proudly powered by Weebly
  • HOME
  • Popular IDEAS
    • IDEAS for Your Better Business Life >
      • The Business Idea
      • The Career IDEA
      • The Money Idea
    • IDEAS for Your Better Diversions >
      • The Tech IDEA
      • The Travel IDEA
      • The Auto IDEA
      • The Outdoors IDEA
    • IDEAS for a Better Table >
      • The Food IDEA
      • IDEAS de Cocina Espanola
    • IDEAS for a Better You >
      • The Health IDEA
      • Living Well IDEAS
      • The Fitness IDEA
      • The Beauty IDEA
    • IDEAS for a Happier Home >
      • The Home Idea
      • The Entertaining Idea
      • The Parenting Idea
      • The Senior Living IDEA
      • The Pet IDEA
  • The Video Domain
    • Video IDEAS for Your Better Business Life
  • About
  • Contact
  • ads.txt