Friday Roundup: Allowances, Inheritances, Wedding Debt, and Other Money Quandaries

Updated June 2, 2021

With Covid restrictions lifting and wedding season in full swing, we wanted to update a reader favorite post on money dilemmas and wedding debt.

This week’s round-up covers a wide gamut of personal finance topics from childhood allowances to what to do with an inheritance.

This Washington Post article discusses the time-honored tradition of giving kids an allowance and whether or not it’s a good way for kids to learn how to manage money.

“Instagram-famous” is a thing these days and the pressure to create a photo op-worthy lifestyle is apparently causing millennials to rack up debt in order to have picture-perfect weddings. Sobering given that if you took $30K and just stashed it in a retirement account like a Roth IRA, with interest that $30K would be worth over $3.2 million.

And weddings aren’t costly only for betrothed couples: a recent survey found that a third of bridal party members go into debt for their friend’s weddings. At least one millennial is bucking wedding tradition, however. Read this Business Insider article by Stefanie O’Connell on how she refuses to have bridesmaids at her wedding.

We all dream of a nice windfall, but inheriting a large sum of money can create its own set of problems. This Motley Fool post has tips on what to do with a large inheritance.

And if a rich relative leaving you a ton of cash isn’t in the cards for you, US News has a list of the 8 best apps for buying and selling used stuff to create your own windfall.

Have a great weekend!

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