by admin | Oct 30, 2012
As kids grow older, it is essential that they know the value of a dollar. Usually when people say this they are referring to their kid getting their first job. But in retrospect, kids should be taught the value of a dollar and how to stretch it before their first job! Applying the following steps will ensure that your kids will learn how to become financial savvy.
Around the age that your kid becomes more aware of their surroundings and curious about everything, sit them down and have a chat with them about money and finances. First, involve your kids in creating and maintaining a budget. It’s a good idea to do this because the older they get the more money they will want. Second, kids should know how the money is spent. This will allow your kids to be more sensitive to money limitations, and maybe not ask for that really expensive toy in the window. And third, kids should know approximately how much money is coming in, and how much has to go out to maintain life. When kids know this information, they will be more sensitive to your role as the provider.
Knowledge about financial obligations might encourage kids to find ways to earn money on their own at a reasonable age. Not only will teaching your kids to become financial savvy be beneficial to them, but it will also encourage you to practice what you preach. In this economy, it’s always best to learn and save together as a family.
by admin | Oct 23, 2012
Do you have trouble with spending your own money? Just about everyone, whether you’re a single parent or just single, at some point has trouble keeping their finances in check. Today, money can be tight and a very scarce thing. That’s why controlling your spending is the most key thing to those who can’t seem to hold on to their last penny!
Many people have different ways of keeping their finances in check, but not everyone gets to that point of making personal changes to their spending habits. To start managing your finances, first develop a spending plan to avoid overspending. You can do this by making a list of things you need, and afterwards assign a dollar amount to each thing listed. This way you can stick to a stricter plan and be more in control. After you’ve done that, get a few previous bill statements for things that you’ve paid for in the needs category for things like food, clothing, transportation, etc. Once you’ve done that, look at your bank account online for ready access to your funds and statements. This will allow you to match you list to what you have in your account already.
Managing money is more of a necessity nowadays to staying afloat in this economy. If you want to survive and make every penny count, following these steps will surely get you on a healthier financial track. And if you’re lucky, you can squeeze room in for splurges and more elaborate forms of entertainment and treating yourself!
