10 Money Management Tips for Kids
Money Management Tips for Kids
Financial experts teach us to plan a budget and live within our means. They show us how to manage finances and create a stable financial future. They also teach us how to use credit cards without incurring huge interest and overwhelming credit card debt. Let’s look at what these financial experts teach their children and what valuable lessons they put in practice within their own families.
1. Manage Your Money: Earn to spend:
Financial experts believe that kids should learn the value of a dollar. Most financial experts encourage their kids to work and earn at an early age. It may be simple jobs around the house like pulling weeds in the yard or vacuuming the carpet, or even selling to friends and family but kids need to learn to earn before they learn to spend. This will teach them to value work.
2. Money Management is all about Choices:
Financial experts take their children shopping so that they learn to spend money wisely. Often a child will ask for something impractical, just because they see it on the shelf. The key is to instill in them the idea that there are choices to live a healthy financial life. We need to help them understand that your income is limited and your wants are unlimited, so you need to have a proper plan regarding how to spend your hard earned money so that you get the best use out of it instead of buying it all.
3. Gratification can pay off:
When a kid earns money he needs to have the gratification of spending it as well. They should be able to spend a portion of whatever they earn any way he or she chooses. This teaches the benefits of money and hard work.
4. Money Management includes Savings:
Kids should be encouraged in the money management skill of saving a portion of what they earn. They should have a pot of money stored away that is all their own and should be motivated to save 10% of the earnings from their jobs. This saved be saved for a larger item that they really want like a bicycle or electronic gadget or game. See the article on the Jars method of Saving for more information.
5. Money Management and Giving Back:
Kids need to learn early the value of giving back and tithing. It is an important principle, most money managers believe that if we only hoard our money and don’t give any back to others, we become “financially consitpated” most truly rich people are also good givers. In addition, around Christmas time, children can be encouraged to give old toys to children who are less fortunate. Doing this, will help children feel blessed and help them to realize that not every kid out there is as well-off. Continue reading
5 Steps toward a Stronger Financial Future
By Kim Moore
Learn How to Build a Secure Future for your Family
For the most of us, financial security is a huge priority when it comes to our family. Being able to provide food, shelter and a good life is paramount. There are many things that can stand in the way of a strong financial future, which is why we as moms need to do all we can.
One of the best things you can do is to eliminate any debt that your family has. Debt interest is a huge drain on families’ financial resources. And if you’re still using credit cards – stop. Here are 5 quick tips to help you take back your family’s financial future. Continue reading
7 Easy Ways to Eliminate Wasteful Spending
By Kim Moore
Tips to Help you keep more of your Money
Many of us feel powerless when it comes to our finances. Luckily, we can reclaim our power and take charge of our financial lives. As parents, we have a responsibility to our families to make the most of every dollar.
If things feel especially tight right now, consider that there are ways to save money that you may not have thought of before. Here are some tips to help you eliminate wasteful spending and keep more of the money that your family earns. Continue reading
A Family Budget = Less Stress?
A Simple Formula to Secure Your Family’s Financial Future
Just as none of us would think of leaving the house without the basic necessities – diaper bag, Sippy cup, cell phone, snacks – we should approach our finances with as much care and planning. Yet you’d be surprised at how many mothers have little to no plan when it comes to budgeting their household expenses. Sure, we’re careful about what we spend money on, but how many of us really keep track of even our basic expenses? Over the past few years, we’ve all had to adjust our attitudes toward money. We check prices at the grocery store, buy things when they’re on sale, and generally watch our wallets when it comes to shopping.
But is it enough? Continue reading
Creative Ways to Earn Extra Money over the Weekend
So you don’t want to give up your day job in this difficult economy, but you want to make some extra money. It’s a common situation, and many people are looking for creative ways to turn their free time into a fun and profitable second job. Whether you need a quick influx of cash for a short term goal, or you’re interested in starting a side business that has the potential to grow into something more, there’s tons of opportunities to fill a need in your community while putting a little extra in the bank. Here’s a few creative ways to earn extra money on your days off.
Save Money On Your Family’s Canine Costs
If your family has a dog you probably understand how easy it is to feel as though our pet is a member of the human household. Our dogs sit in the kitchen while we eat dinner, come into our rooms when they feel scared, and watch all the same television programs that we do. They have emotions and desires, strengths and weaknesses, and we simply couldn’t imagine our homes without them.
Our dogs also, however, cost us money. Although there’s an incredible amount of variation depending on your family and on the size of your dog, the average annual expense of owning a dog falls in the range of $500 to $800 dollars. On the low end, some people can get by with spending under $300. On the high end, some families will put out over $2000 annually to care for their canine pets.
Regardless of where your family’s dog costs fall, reducing those costs can certainly play a part in any overall expense-reduction strategy. Continue reading
3 Basics of Financial Responsibility
By Angelita Williams
We’ve all seen articles giving advice on how to budget, where to invest, and when to save. Certainly, these tips can be worthwhile, but it can be very difficult to sort the useful tips from the less useful ones. Moreover, personal finance tips don’t help much unless you understand the basics of personal finance and financial responsibility. A huge part of becoming truly responsible with your finances is having a good grasp of your personal financial situation. Before you swear off going out to eat or shopping sprees, use these tips to help you gain a better understanding of your financial situation. Continue reading
Save on Automobile Insurance
Whenever you go shopping, you probably look for the best deal. The same can be true for automobile insurance. Research and careful decision making, can pay off in finding the best deal especially when it comes to searching for automobile auto insurance quotes.
Using an insurance agent (either independent, or with a company) is the traditional way for getting an insurance quote. You can call them, or sometimes an independent agent will visit your home. In either case you are guided through the process of buying automobile insurance. The agent may look at your credit score, review your driving record, and ask what kind of vehicle(s) you are driving. The next step is to decide on the coverages that you need for your vehicle. You will also choose the deductible. This is the portion of a claim that is not covered by the insurance provider. It is the amount you pay out of pocket before the insurance company will cover any expenses.
The deductible amount is your choice. You can choose a high or low deductible. Coverages and deductible amount are the two most important elements that decide the price of your auto insurance quote. The more coverage you choose, the higher the auto insurance premium will be. Conversely, a high deductible will lower the quoted premium.
There is another way to get Continue reading
10 Ways to Save Money on Your Next Family Vacation
By Aaron Schulman
Going on a family vacation should be relaxing and create lasting memories. Those memories shouldn’t be marred by worries about how you are going to finance the trip or how you are going to pay the bills once you are home again. A well-researched, planned out trip does not have to break the bank. You can create those wonderful memories even on a small budget. The bottom line is, whether you travel once every few years, or whether you vacation frequently as part of a discount vacation club, there are often more ways to save money if you do a little more research and preparation. Here are a few practical tips on how to do just that:
Online Calculators Can Help Increase Your Savings
By Alex Summers
We’re all interested in saving as much money as possible. While the best online banks will help you plan properly for retirement or future college tuition expenses through their own services, several other online references will help you find better ways to save your money. A few of those are online calculators including:
Credit Card Repayment Calculator
Many of us a have a few credit cards, and if you are just starting out in your young adult life, there is a good chance that you may have racked up some credit card debt. While we all need a credit card or two to build and maintain our credit, it is very easy for our credit card charges to get out of hand if remained unchecked.
While paying off your balance each month is ideal, if you have a bit of credit card debt and are unable to pay off your balances immediately, figure out the best repayment plan possible so that you minimize the amount of interest that you will pay in the end. If you are already behind… picking a plan that will help you pay off your debt as quickly as possible will help you save a great deal of money over
