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Couples and Money
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  1. 1. INSIDE 2 0 1 5 • I s s u e 4 Manage your stress. What are the main financial stressors in your life? Now is the time to clarify your family’s financial situation and what is causing the most stress. Write down specific ways your family can reduce expenses or manage your finances efficiently. Commit to a plan and review it regularly. If that seems too overwhelming, contact your Primerica representative for a complimentary updated Financial Needs Analysis. It can help you eliminate the guesswork from your financial life and help you free up money to assist in reaching your financial goals. Recognize how you deal with money stress. In tough times some people turn to unhealthy activities to relieve stress, such as smoking, drinking, gambling, and emotional eating. The strain can lead to more conflict and arguments with your partner. Be alert to these behaviors. Learn to recognize when you are feeling stressed and replace the unhealthy behaviors with healthy ones (such as calling a friend, taking a walk, etc.). Turn challenging times into opportunities for growth and change. If you are feeling financially stressed, now is a perfect opportunity to take stock of your situation and make some much-needed changes. Try to find a better job. Take on a side business to earn extra money. (Ask your Primerica Representative how you can earn money helping families with their finances.) Instead of eating out so often, eat together at home as a family. You’ll not only save money, but family mealtime can also draw you closer together. Involve your children in the money conversation. Do you think your children are immune to money stress? Think again: While only 18% of parents believe that money is a source of stress for their children, 30% of youth say they’re worried about the family having enough money.* Rather than trying to shelter them from what’s going on, involve them in the money conversation. Talk often about money and model good money management skills (such as budgeting, tracking your spending and saving for the future). Discuss your goals as a family and the role money plays in reaching them. It will set your children up for a lifetime of financial success. If you’re a parent, chances are you are experiencing some form of financial stress. Here’s help. E X C L U S I V E L Y F O R P R I M E R I C A C L I E N T S Money-Stressed Parents • Parent Money Don’ts • Three Long-Term Care Misconceptions • How to Find More Money for College Did you know?? *American Psychological Association, apa.org, viewed June 26, 2015 43% of people in relationships have no idea what their partner earns Finance.yahoo.com, June 24, 2015 43% Help for
  2. 2. solutions Don’t treat money as a taboo subject. A shocking 46% of 10-15 year-olds say their parents rarely talk about the family’s money situation, and 45% of fathers say they “rarely” talk about finances with their kids.* Talking to your kids about money in healthy ways helps set them up for future financial success. Instead of trying to share all of your hard-earned financial wisdom in one setting, weave small financial lessons into everyday conversations. Don’t be afraid to say no. Saying no can be hard. After all, nobody wants to be the bad guy! But saying “no” now can help your child become a more financially responsible adult. In age appropriate ways, show your child that saying “no” means saying “yes” to things they really want. For example, if your child wants to go to an expensive amusement park, show them how you can have fun together as a family in other ways – such as going to a park. When they get older, discuss choices and trade-offs. Don’t put your kids’ college costs above all else. Many parents think they should sacrifice their own financial future in order to send their kid to his or her dream college. Think again: Financially speaking, it’s smarter to max out your own tax-favored retirement savings plan at work (especially if you have a company match). While your child can borrow for college, you can’t borrow for retirement. Don’t sacrifice so much for your child that you wind up needing help from them in retirement when they are in the middle of a major life stage, such as starting a family. Parental Money Don’ts *“Family Conversations and Fights About Money”, parentfurther.com, viewed June 26, 2015 Are you a parent? Try to avoid these common money mistakes. Did you know?? 1 2 3 Average Spend per Student for Back-to School K-12Parents CollegeParents Nowthere’sproofthatgiv- ingmakesyouhappier.After beinghandedcash,halfofa studygroupwastoldtospend onothers;theotherhalfon themselves. Onlythegift-givers reportedhigherlevelsof satisfaction. “Professor Michael Norton Says... Spend on Others to Be Happy,” learnvest.com, viewed June 25, 2015 “Parents Plan Record Back-to- School Spending This Summer,” businesswire.com, July 7, 2015 Tips to Ease the Stress Talk to your kids about money. Do it often and in healthy ways. Include the entire family in financial discussions and keep financial goals in the forefront. Save together, spend together. Show kids what saving money actually looks like. To make it tangible, get a jar and start to save real money. Choose your words wisely. Instead of “we can’t afford it,” try “that’s not how we choose to spend our money.” This helps kids think about choices and trade-offs. Try these tips to ease family tension around money.
  3. 3. Three Long-Term Care Misconceptions Beware of These Money Drains $396 Average amount spent on extracurricular activities during the school year. “Parents Break the Bank for Back-to-School Shop- ping,” finance.yahoo.com, viewed July 23, 2015 75% 3/4 of parents say they have cut back on purchases for themselves so they can afford their child’s school-related costs. “Parents Break the Bank for Back-to-School Shopping,” finance.yahoo.com, viewed July 23, 2015 Still stalling on long-term care insurance? If you’ve been following one more of these common misconceptions, think again. The government will pay for it. Most people do not receive assisted-living care from the government, unless you are a veteran or on Medicaid (typically reserved for the neediest people). And Medicare doesn’t cover the costs of assisted living if all you need is custodial care, such as help getting dressed. I won’t need it. About 70% of retirees need long-term care at some point including help from family and friends as well as assisted living and nursing homes. Men typically need 2.2 years of assistance. Women, who live lon- ger, need an average of 3.7 years.1 It’s too expensive. Without long-term care insurance, you could wind up paying out of pocket for assisted living: a pricey proposition. An assisted living facility can cost you an aver- age of $3,022 a month, or $36,264 for a year. The costs go up if you need more assistance. Full-scale nursing home assistance can run about $85,000 a year.2 1 USA Today, March 31, 2014 2 Ibid Did you know?? Highlyfrugalpeoplearedriven bythepleasureofsaving.On theextremeside,somepeople actuallyfeelpainwhenforced tospend. Thegoodnews:even supersaverscanlearntospend moneywisely. #1 Not planning your meals for the week. It’s important for your health, and even more important for your spending plan. This trick allows you to avoid unplanned trips to the drive-through, utilize sales and slash your food costs. #2 Not anticipating deductibles. Instead of high payments each month, you’ve opted for a higher deducible. While this is often recommended as a way to lower your insurance premiums, it can backfire. Just make sure you have at least the amount of your deductible saved in the event that you need it. #3 Ignoring bank statements. Bank and credit card statements can serve as a powerful reality check. Do you actually know what you are spending? Or do you just pay bills and spend the rest? Tracking your spending is the first step to taking control of your financial future. Until you do that, it’s unlikely you will ever achieve lasting financial stability. To lock-in the lowest long-term care insurance rates, experts suggest obtaining coverage when you are in your 50s. Money causes stress all or most of the time: Parents All Adults Parents All Adults 77% 38% 64% 26% Who Is Worried About Money? Money is a source of stress: Money, July 2015
  4. 4. solutions © 2015 Primerica / A8872 / 50340 / 9.15 / 15PFS363-2 This brochure is intended for informational purposes only and should not be construed as a solicitation to sell or offer any of Primerica’s products or services.  Representatives are prohibited from selling or offering to sell any product or service for which the Representative is not appropriately licensed. Representatives are not licensed to sell all products in all states/provinces. Representatives may provide products and services only in those jurisdictions where the Representative is licensed or approved. solutions www.primerica.com AnindependentrepresentativeofPrimerica.Terminsuranceoffered byPrimericaLifeInsuranceCompany,ExecutiveOffices:Duluth,GA. AdvisoryServicesofferedthroughPrimericaAdvisors.Securities offeredbyPFSInvestmentsInc.,MemberFINRA.PrimericaandPFS InvestmentsInc.areaffiliatedcompanies Name Title LifeLicenseNumber AddressLine1 AddressLine2 City,CaliforniaZIP (XXX)XXX-XXXXOffice (XXX)XXX-XXXXCell (XXX)XXX-XXXXFax www.primerica.com/name first.last@primerica.com Need some new ideas for saving money on college? Check out these tips. Opt for a co-op. To save a bundle on your college student’s cost of living, consid- er a co-op. Offered at dozens of colleges, co-ops keep rent low by having students share cooking and cleaning. Another option: see if your student can become a dorm resident adviser (they often get free rooms). Graduate early. It might sound intimidating, and it certainly isn’t for every student, but finishing college a year early shaves 25% from your overall college costs. The four-year degree is simply traditional, and finishing college in three years to save money is gaining momentum. Have your student consider tak- ing classes during the summer and adding one additional course during regular semesters. Stay on track. Nothing can derail your college spending plans like having to stay in school an extra semester, an extra year or more. Encourage your student to take full class loads, keep up with graduation requirements and concentrate on earning good grades in all courses. How to Find More Money for College 1 2 3 If your child went to college without a car, you might qualify for an insurance discount as long as the school is at least 100 miles away from your home. Did you know?? Kiplinger's, August 2015

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