In the first video blog of Rich Single Momma Says you will learn how to stop worrying about money. The reality is worry and whining is a waste of precious time and energy.
If you are chronic worrier or whiner, you are probably caught up in a hard to break habit. That doesn’t mean you can’t break the habit but you must learn to get through it.
I worried about money all the time. It was on my brain 24/7 especially being a single mom. But I learned that money is energy and loves being around people who are on the same wave length as it were. If you want to attract more money you have to get on the same brain wave pattern as it is on.
Watch the video for more…
Are you tired of worrying about money and want to adopt a positive money mindset? Ready to release the financial stress in your life? I’d love to help you come up with solutions that are specifically for you. Click the link to get a free 15 minute Massive Money Mindset action session with me. I will give you actionable ideas to go from money worry to money motivation.
3 STEPS TO FINANCIAL FREEDOM You can eliminate financial stress and instability by making just three decisions: CONTROL SPENDING The first step to financial freedom is learning how to control your spending. Being in control and tracking the money that comes in and...
One of the most exciting parts of parenthood is watching your children learn as they grow. Of course, life’s lessons can be tough just as often as they can be pleasant. And as you want to protect kids from falling off their bike or scraping a knee, you also want to set them up for a successful financial future, as free from worries as possible.
One of the best things you can do to prepare your kids for a lifetime of handling money is to get them started early. But it isn’t only about timing – following through with lessons and providing plenty of explanation is essential.
Keep these tips in mind to give your kids a leg up in learning about finances.
* Start saving. The earlier you can get your kids into the habit of saving, the more they’ll have to enjoy down the road. The concept doesn’t need to be overly complex – and it shouldn’t be, when you’re dealing with very young children. Piggy banks are a perfect tool for starting saving habits; a simple glass jar works, too, and gives kids an exciting visual to associate with their savings. As your children grow, so should their ideas about saving money. Opening a real savings account in your child’s name is not only an exciting event for her, it builds an early understanding of banking. Some schools and banks even have partnerships that allow students to make deposits at school. If your school doesn’t offer such a program, make trips to the bank with your kids and show them how to monitor their accounts.
* Have ongoing conversations about money. Making your children comfortable with discussing finances is a gift that, while not flashy, will serve them well throughout their lives. Start conversations about needs versus wants, budgeting and life’s necessary expenditures. Encourage price comparison skills by going grocery shopping together and looking at different brands. Set an example by telling kids how you save up to buy an item that you want and ways that you cut costs – and what you can get from the savings. If there’s something your child wants, provide guidance and ideas for how to save up the amount needed to make the purchase.
* Effectively use an allowance. An allowance is a tricky thing – it can be a good teaching tool, but you don’t want your kids to view it as a handout. Whether or not you choose to associate chores with an allowance is up to you, but you should have discussions with your children about when allowances will be paid, and how they can be spent – or saved. Encourage savings by providing two bank envelopes – one for savings and one for spending. If your budget allows for it, consider a “match” program in which you contribute a percentage every time your child makes a savings deposit.
* Don’t be afraid of mistakes. Some of the most powerful lessons lie in making mistakes, so don’t be afraid to let your children make some less-than-perfect decisions. Whether they overspend their budgets or waste money on something frivolous and later regret it, it’s important for them to learn the consequences of financial mismanagement early in life.
Teaching kids about money can be daunting, but doing so lays the groundwork for a stable financial future. Whenever possible, make lessons about money fun, yet practical; emphasize that money doesn’t have to be scary, and that good things come from using it wisely. –
Visit the Equifax Finance Blog (blog.equifax.com) for more useful information and tips on managing family money matters. – (BPT)
Kids who learn about finance management early in life are more likely to be financially responsible as adults. Young children might not need to know about mutual funds and mortgages, but they are smart enough to start learning about the value of money. Teaching your child about the importance of saving money and working hard to get it will give him a solid foundation for making the right financial decisions in the future. Kids learn best when they have no idea that they are learning, so it’s important to come up with fun ways to teach them about serious subjects like finance. Depending on your child’s age and interests, there are a few effective and exciting ideas you can try to get him interested in learning the basics of money management.
Since it’s a little too early for your child to keep track of savings at your bank’s local branch, get him started with a piggy bank. To a child, a piggy bank is essentially the same thing as a savings account. Encouraging a child how to use one is a great way to teach him how banks work and why saving money is important. Ask your child to put some of the money he earns into the piggy bank instead of spending it. After he collects a good amount, take him to the toy or candy store for a reward. Let him pick out whatever he wants to buy because he earned it. It’s a good idea to give your child some extra money as an interest on his savings. It’s an easy way to teach your kid that saving pays off in the long run and leads to better rewards than spending a little money at a time on smaller things.
Make sure that you are giving your child money for a job well done and not just to fill up his piggy bank. Have your child do light household chores to teach him the value of money. It’s important to show young kids that every little bit of money requires hard work. You can have your child clean his room or help you out in the kitchen. Give him age-appropriate tasks that won’t be too overwhelming. Make sure that your child connects the work he is doing with money by giving him a small payment immediately after he is done. Try to use change, so it’s easier for your kid to put a portion of his reward into the piggy bank. Older children can get money in bills as long as you use small denominations.
It’s important to let your child spend a little money after he earns it instead of putting everything into the piggy bank to keep him interested in making more. If you are teaching your child finance management, chances are that he is old enough to count. Spend some time counting money together, and come up with financial goals. Setting objectives will give your kid a chance to practice both math and financial responsibility. Most importantly, always set a good example by taking control of your own finances and slowly teaching your child how to make the right financial decisions as he gets older.
Naomi Esterly believes that it’s never too early to teach kids the value of money. In this guest post she provides practical lessons on how to get them started with finance management. These are the very same things she’s taught her kids and she hopes that you’d find it useful too. When she’s not penny-pinching she is a freelance writer.
Give your kids an allowance so they learn how to manage money; because kids and money can be a dangerous thing if they are not properly introduced.
These days children learn at an early age the value of money. Grandparents, Aunts, and Uncles begin giving coins and dollars to the little ones before they can hold a bottle it seems.
When you child begins to ask for money it’s time to start teaching the value of money. There are times when our own issues with money overshadow our ability to effectively teach how to use money, but it is important to push past the demonized views we hold.
Giving an allowance opens the door to practical education in money management. There are many online tools available to help with the task or you may choose to use the old pen and paper method.
The basics of income, savings, and expenses are usually all that is necessary in the beginning. As the child gets older more lessons can be taught from how to save, charitable giving, shopping, and paying bills.
Teaching delayed gratifications is another important lesson. The sooner your child learns this the less heartache they will have or destructive choices they will make when they grow up.
Hi! Welcome to RichSingleMomma.com. I started this website almost a decade ago because I couldn't find any blogs back then that helped single moms with money. I was having some success in that area so I decided to share what I knew about side hustles, making extra money, and managing money. Read more...
Are you tired of worrying about money and want to adopt a positive money mindset? Ready to release the financial stress in your life? I’d love to help you come up with solutions that are specifically for you. Click the link to get a free 15 minute Massive Money Mindset action session with me. I will give you actionable ideas to go from money worry to money motivation.
