1. INSIDE
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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. 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. 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
