Trae Bodge

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You don’t have to give up everything in order to succeed with money. Whether it's having to decline dinners out, take cheaper or fewer vacations, or simply shop less, trying to save money to achieve a financial goal can often be difficult socially. It’s not easy having to choose between spending time with friends and family and paying off a debt or hitting a savings goal — not to mention struggling to handle the judgement from those who don’t understand what you’re doing or why you’re doing it. These common social obstacles can often prevent well-intentioned people from making much progress in terms of their goals, and some others may even give up trying to improve their finances at all. Thankfully, being successful with money doesn’t have to be an all-or-nothing game. You can still achieve what you’ve set out to do while enjoying life at the same time. According to the financial experts of Kiplinger Advisor Collective, it’s all about balance and intentionality. Consider their top tips below for maintaining a healthy social life while working hard toward achieving your financial goals.

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The best financial education starts at home. Every parent wants what’s best for their children, and part of that is ensuring they have a bright financial future. Talking to children about money can start at an early age, but it becomes especially important as they enter their teenage years and begin to take on more adult responsibilities. While every family situation is different, and some may have access to different resources than others, there are always steps you can take to give your teen a jump-start on their financial journey. From helping them understand the ins and outs of basic financial literacy to encouraging them to start their own business, there are a range of ways to help, from the simple to the complex. Consider these nine recommendations from the financial experts of Kiplinger Advisor Collective to help set your teen up for a secure financial future.

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Taking a non-traditional path may mean thinking outside of traditional savings options. One of the best parts of gig work or other self-employed work is being your own boss. Not only do you get to set your own schedule, but you also get to set your own rules for how and when your work gets done. However, being your own boss means you have to take care of all the administrative work as well. Where an employer would normally provide a retirement account option for you — and maybe even contribute a match — when you’re self-employed, you have to take care of that all on your own. But this doesn’t necessarily mean it’s impossible to save for retirement, or even difficult. However, there are tips you’ll want to know if you plan to take this route. Here, nine financial experts from Kiplinger Advisor Collective each share one important thing self-employed small-business owners and gig economy workers should know about saving and planning for retirement.

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Getting on the same page now can ensure you remain successful throughout your relationship. Whether you’re a few months or a few years into a relationship, talking with your partner about money can sometimes feel awkward. You may have different goals for your money or different behaviors regarding spending and saving, and these differences can sometimes be the catalyst for arguments you aren’t sure how to solve. For couples who choose to blend their finances, getting on the same page about money is even more vital to long-term success. For your finances to work as one, you and your partner must work as one — and, according to the financial experts of Kiplinger Advisor Collective, follow these seven key steps. Below, they elaborate on each step, explaining why having meaningful discussions and ensuring you each have a stake in the game will not only make you stronger financially but as a couple as well.

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It’s never too early to start thinking about your child’s financial future. When you’re a new parent, you have a lot on your plate. Between learning how to care for your child’s physical and emotional needs and adapting your life around your new family member, you’re also trying to consider their future and what you may need to do now to help get them started on the best path to success. One area that may draw your attention is their future financial security. What habits will they need to develop in order to have a healthy relationship with money? What steps can you take while they’re young to prepare them for the expenses of the future? These questions can feel overwhelming, especially while you’re still adjusting to parenthood, but even simple steps can have a big impact. According to the financial experts of Kiplinger Advisor Collective, the following seven steps are a good place to start. Below, they outline each one  and why taking each particular step will ensure your child is on the right trajectory for a successful financial future.

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Steering clear of these mistakes will save you a lot of regret once you reach retirement age. Saving for retirement is one of the most important aspects of managing your finances, and getting started can be as simple as signing up for your company’s 401(k) program. But while setting aside money to live on after you retire from work may seem straightforward, there are definitely still some mistakes you can make along the way.  Some of those mistakes may have little to no effect on your overall savings strategy, but others — like putting off saving too long in favor of other goals or following a plan ill-suited to your unique situation — can have a major impact on the amount of money you’re able to save or the amount of taxes you’ll have to pay once you’re of retirement age.  To provide some guidance and shed light on the do’s and don’ts of retirement savings, the financial experts of Kiplinger Advisor Collective each discuss one thing someone should never do while saving for retirement, and why doing so can ultimately derail your success.