Thrifty Thinking: The Missing Semester

Disclosure: I received complimentary products to facilitate this post. All opinions are my own.

Financial freedom is an elusive goal for many, particularly for those overwhelmed by debt, be it from credit cards or student loans. On average, students graduate in college with thousands of dollars in debt - and with entry-level jobs paying low wages, it can be hard for young adults to get ahead.

Financial literacy begins at home. No matter what age your child is, you can begin the conversation about budgeting, saving, and responsible spending. Even young children are able to grasp ideas such as getting the best value, not spending more than you have, and allocating money into certain categories. Older children can start taking responsibility for certain budget-related tasks, like helping plan shopping lists. If you feel open, share your finances with older teens and young adults. It will help them realize how much things they take for granted - like utilities and house payments - actually cost, and encourage them to evaluate how they spend their own money.

Sometimes it's helpful to have another resource to lean on for advice, especially if you've made financial mistakes, your kids don't take your advice seriously, or you have questions yourself. The Missing Semester by Gene Natali, Jr. and Matt Kabala, winners of the 2013 Excellence in Financial Literacy Education Award, offers readers, especially young adults and others struggling in these tough times, a short course on the essentials of wise financial decision-making. It's a clear, concise book that goes through virtually all the topics a young adult needs to know to start on the path towards financial freedom.