Time has really flown by and your kindergartner is now graduating from high school – maybe even college.  Where has the time gone?  The last time you checked, you were walking them to the bus stop and now they are walking down the aisle to receive their diploma or degree.  They have been successful in passing the tasks put before them and now the school agrees that they can move on to the next huge step in their life – and yours.

As you look back and recall, what have you done to prepare them financially.  I do not mean what have you given them in the way of money, but what have you taught them with regard to managing money?   Have  you equipped them with the correct methods and processes to become financially successful in life?  Better yet, have you been the example to them that will show them how to do it even though they may have never been “instructed”.

Time after time, I meet clients who tell me that “…my parents never taught me how to manage money” or I never learned the basics in school.  Sadly, that number is huge in our country today and some might argue that the best of that bunch now reside in Congress.   Many tell me that they developed their credit card habit by watching how they parent(s) used the plastic and they had no idea how fast they could amass debt.

So, what have you taught your child in managing money?  Are they ready and equipped or do they have your credit card and cell number?

It is not too late!  Even though they may be walking down the aisle any day now, it is not too late for them to learn the power of managing money.  You can be the one who sets them on a positive path financially.  Taking steps now will save you and them heartache in the future.

This past weekend I attended Brad and Mav’s wedding.  It was a great wedding and great food at the reception (my favorite part).  While their wedding was a beautiful thing to them, it made me begin to think of the cost today to pay for a wedding.  Being a financial coach, money is something that I think about all the time, but most of that thinking is around how to help others manage well.

So, I am sitting in the church awaiting the service to start and numbers start going through my mind.  What did that cost?  What will this cost?  Was “it” paid with cash or will they have the opportunity to pay for it over the next fews months and even years?  Questions that any financial coach should ponder.

As I was thinking, I was continually reminded of the approach I tell all my clients on paying for weddings – BUDGET!!  Most couples go into wedding planning with one of two things – no financial plan or a plan that is not set in its dollar amount.  Then, like with other major purchases, the plan and costs grow and grow – sometimes out of sight!

Advice to a bride, a groom or a parent(s) of a soon to be wedded person – set a hard dollar amount and stick to it.  Spend from that amount, on paper, until you have exhausted what you have or what you want the wedding to be.  Once that is firm, then you can begin with the wedding.  Stick to the plan!

Parents, can I offer you an even better idea?  Set a firm dollar amount and give it to your child with two conditions.  First, if they go over the amount you are setting aside it will be up to them to pay for it.  Second, if they go under that amount set, they keep the difference!  You may be surprised to see what kind of wedding is planned when there is potentially money left on the table for them to use to pay off some bills, take a nice honeymoon, save on a down payment for a house or just put into savings.

Nice weddings are just that.  It was a great afternoon, but what is really besides the new bride and groom?

I have been reading Dave Ramsey’s newest book The Money Answer Book.  Like Dave’s New York Times Best Seller, The Total Money Makeover, this new book will get the attention of many people who are today looking for answers with their money issues.

This book will appeal to many because it is compact, easy to read and makes a quick reference for what you need to know or do to act quickly and get moving in the right direction.  The information is not new.  Dave has written this before and speaks it every day, however the new approach with quick answers to questions that affect many Americans is timely and helpful.

Did your spouse leave and you need to protect your credit?  Page 67.  Are you a Christian and confused about tithing?  Check out the Stewardship section.  On and on, he offers more advise to those needing financial help and direction.

I recommend readers, especially those trying to make it through financially, to grab this book and keep it as questions come up.  Is that you?