Several teens nowadays do not realize the actual worth of earning along with spending money. They are not oriented that investing is necessary even if they may be still college students. As parents, you carry out a crucial role with this area.
You will be able to educate your children concerning how to save money. They will be able to have an understanding of the concept of money along with investment since childhood. This would prepare them to understand management of their money, as they grow old.
Follow this advice on ways to teach your kids how to save money:
1. Children has to be educated on the significance of money. Once your children have discovered how to count, that is certainly a really perfect time for you train them the true meaning of money. You needs to be consistent and explain to them in simple approaches and use this usually so that they could probably remember what you taught them.
2. Always describe to him or her the worth of saving cash. Create them understand the importance and the way it'll impact their lifetime. It is crucial for you to entertain questions from him or her about money and you need to be able to answer them immediately.
3. When getting them their allowances. You must give them away their allowances in denominations. Then you can definitely motivate them that they need to keep a certain bill in the long run. You could inspire all of them to do this by simply telling them that the money might be kept and they can buy completely new couple of shoes and boots or even the toys and games they want to gain as soon as they can save.
4. You can also train them to work for money. You can begin this specific at your house. You are able to spend them 50 cents to at least one dollar whenever they clean their rooms, do the meals or perhaps feed their pets. This concept of earning little money probably will make them believe money is actually some thing they have worked for and also needs to be spent correctly.
5. You can train them to save money by simply giving them piggy banks where they could placed coins and wait till they receive full. You can also open bank accounts for them and let them deposit money using their allowance. It is recommended to show them how much they have got earned to keep them motivated.
Money and saving is just not something that is learned by children in a single sitting. You should be patient in training them and relating the value of money in every of their activities. Children will learn this quickly if you are patient and constant in guiding him or her and motivating them during this effort.
Friday, February 12, 2010
Saturday, January 30, 2010
Unwise Reason to Spend Money
There are many people who just can `t control their spending habits. And this is only a problem if other areas begin to suffer in life. This suffering is intrinsic, financial or just in general, whether it's with family, friends or at work. Often there are reasons why someone has the need to spend and it's often when they are raised these questions about the spending stops.
Money can be like an addiction. It is so addictive that it is who you are and what your routine looks like. It could be the habit of going to the store and buy what you have and how to buy things just because people at that time. Often, a shopper's paradise with a problem to buy on impulse and buy in quantity and quality. This means that they buy to be in a position to four dresses without trying them on, or they may not think before you purchase an item not even necessary if it costs too much money, can have.
Feeling like you have an addiction to money means that after making your purchases, you feel over whelmed with guilt and grief. You can come home and do not even know what you have to be ashamed of some of the things that one has, but perhaps the feeling that they take them back to buy.
If you have family members and friends, the question about your money, you can have a little insight into what they see. Often, you will probably not like other people notice view you, because they say nothing, but if they do voice an opinion, it may be time to what they have to say.
Money for items that do not need, can take a heavy financial burden for you and your family. You could ignore key points, or bills to pay for impulsive article. This kind of stress can put a heavy toll on living, or in a family. Financial stress is one of the number one cause of divorce.
It could be a breaking point, where your family breaks up, or your financial walls come crumbling down around you, where you address that need help. There are ways to fight for the dependence of over-spending and it takes some quick soul searching only. Many times my item comforts us in any way. It makes us feel good to buy new things and spend money, there is a little piece of heaven attached to it. But you have to ask if you only buy things when you comforting. This is to address an important issue. Have you run to the mall, if you feel bad about something? Do you have more money for food if you know you can `t afford?
Some have strict self-discipline to take place for change to occur. You can talk to your doctor about seeing someone for counseling to deal with the emotional aspects. You can also contact your bank and make an appointment to speak with someone. Your banker may have a monthly budget and help you search for ways to pay off bills and save money.
Often change the way you think that your expenses will change. Take a temporary second job and collect the money in a separate account. When you go shopping you will start using the item that you buy and think how much they cost and how much work you had to do to pay for each item. Start to do the things that make you pay in cash, the bank card at home and in other ways to console yourself when you need it.
Money can be like an addiction. It is so addictive that it is who you are and what your routine looks like. It could be the habit of going to the store and buy what you have and how to buy things just because people at that time. Often, a shopper's paradise with a problem to buy on impulse and buy in quantity and quality. This means that they buy to be in a position to four dresses without trying them on, or they may not think before you purchase an item not even necessary if it costs too much money, can have.
Feeling like you have an addiction to money means that after making your purchases, you feel over whelmed with guilt and grief. You can come home and do not even know what you have to be ashamed of some of the things that one has, but perhaps the feeling that they take them back to buy.
If you have family members and friends, the question about your money, you can have a little insight into what they see. Often, you will probably not like other people notice view you, because they say nothing, but if they do voice an opinion, it may be time to what they have to say.
Money for items that do not need, can take a heavy financial burden for you and your family. You could ignore key points, or bills to pay for impulsive article. This kind of stress can put a heavy toll on living, or in a family. Financial stress is one of the number one cause of divorce.
It could be a breaking point, where your family breaks up, or your financial walls come crumbling down around you, where you address that need help. There are ways to fight for the dependence of over-spending and it takes some quick soul searching only. Many times my item comforts us in any way. It makes us feel good to buy new things and spend money, there is a little piece of heaven attached to it. But you have to ask if you only buy things when you comforting. This is to address an important issue. Have you run to the mall, if you feel bad about something? Do you have more money for food if you know you can `t afford?
Some have strict self-discipline to take place for change to occur. You can talk to your doctor about seeing someone for counseling to deal with the emotional aspects. You can also contact your bank and make an appointment to speak with someone. Your banker may have a monthly budget and help you search for ways to pay off bills and save money.
Often change the way you think that your expenses will change. Take a temporary second job and collect the money in a separate account. When you go shopping you will start using the item that you buy and think how much they cost and how much work you had to do to pay for each item. Start to do the things that make you pay in cash, the bank card at home and in other ways to console yourself when you need it.
Wednesday, January 20, 2010
The Complete Idiot's Guide to Money for Teen
Teens are targeted as consumers more and more. This gives them tremendous influence, but it also sets them up to be taken advantage of. "The Complete Idiot's Guide to Money for Teens" teaches them how to get money, save and invest it, budget it, spend it wisely, and keep track of it. Whether they're saving for their first car, trying to make sense of a checking account statement, or trying to establish a good credit history, this guide has solid information and teen-tested tips.
Why money is so important in our society, how one can go about earning money, and other topics such as budgeting, debt and investing. The author provides concrete information that is beneficial for any teen who wants to become familiar with the basics of financial management. Shelly writes on the level of a teen-ager, short and to the point. She leaves out the extra, useless information that would cause narcolepsy in most of today's teenaged population. Shelly goes into detail about how to "make your money work for you." She talks about the benefits and disadvantages of different types of savings accounts, checking accounts, and money market accounts. The Complete Idiot's Guide to Money for Teens is a great book for anybody who wants to be more financially savvy. The essential information it provides will send any teen on his or her way to a financially successful future.
Click Here for more informations
Why money is so important in our society, how one can go about earning money, and other topics such as budgeting, debt and investing. The author provides concrete information that is beneficial for any teen who wants to become familiar with the basics of financial management. Shelly writes on the level of a teen-ager, short and to the point. She leaves out the extra, useless information that would cause narcolepsy in most of today's teenaged population. Shelly goes into detail about how to "make your money work for you." She talks about the benefits and disadvantages of different types of savings accounts, checking accounts, and money market accounts. The Complete Idiot's Guide to Money for Teens is a great book for anybody who wants to be more financially savvy. The essential information it provides will send any teen on his or her way to a financially successful future.
Click Here for more informations
Basic concepts in personal finance that every teen should know
Most teens don't know they hold one of the most sought after keys to financial independence: time. The Teen's Guide to Personal Finance illustrates basic but critical financial concepts like the power of compound interest, in an engaging format that makes sense to young adults.
As teens, authors Joshua Holmberg and David Bruzzese were not taught these concepts in school or at home. They had to learn hard financial lessons about runaway interest rates on credit card balances, the money they could have earned had they invested a small portion of their summer earnings rather than spent it, and more.
The Teen's Guide to Personal Finance is a must-read primer for all teens as they become more independent and more responsible for the financial choices they make. From opening a bank account to investing in mutual funds, The Teen's Guide to Personal Finance provides a sound foundation of financial knowledge upon which young adults can build realistic strategies to achieve financial independence.
By learning key financial concepts in The Teen's Guide to Personal Finance, teens will be much better prepared to avoid financial pitfalls while taking advantage of the time they have to build wealth through goal-setting, saving, investing, and maximizing their tax advantages. The easy-to-read format provides ample stories, graphics, action plans, and worksheets to help teens easily understand key concepts, and most importantly, get started immediately.
More info HERE
As teens, authors Joshua Holmberg and David Bruzzese were not taught these concepts in school or at home. They had to learn hard financial lessons about runaway interest rates on credit card balances, the money they could have earned had they invested a small portion of their summer earnings rather than spent it, and more.
The Teen's Guide to Personal Finance is a must-read primer for all teens as they become more independent and more responsible for the financial choices they make. From opening a bank account to investing in mutual funds, The Teen's Guide to Personal Finance provides a sound foundation of financial knowledge upon which young adults can build realistic strategies to achieve financial independence.
By learning key financial concepts in The Teen's Guide to Personal Finance, teens will be much better prepared to avoid financial pitfalls while taking advantage of the time they have to build wealth through goal-setting, saving, investing, and maximizing their tax advantages. The easy-to-read format provides ample stories, graphics, action plans, and worksheets to help teens easily understand key concepts, and most importantly, get started immediately.
More info HERE
Financial Peace Jr.: Teaching Kids About Money!
I purchased this product to use with my 3-year old son. He loves it! In fact, it's a frequent topic of conversation.
He likes giving me updates on his "jobs" for the day. This product will help you to teach your children, even young children, the value of money and the linkage to hard work.
Dave's system splits up the child's earnings into 3 categories: giving, saving, and spending. My son enjoys all 3: giving money (tithe) at church, saving money for a big toy, and spending money on little cars or candy bars. I highly recommend this product.
You can see more information HERE
He likes giving me updates on his "jobs" for the day. This product will help you to teach your children, even young children, the value of money and the linkage to hard work.
Dave's system splits up the child's earnings into 3 categories: giving, saving, and spending. My son enjoys all 3: giving money (tithe) at church, saving money for a big toy, and spending money on little cars or candy bars. I highly recommend this product.
You can see more information HERE
The Total Money Makeover: A Proven Plan for Financial Fitness
In this fresh, interactive guide, respected financial expert Dave Ramsey offers a proven, comprehensive plan for getting in shape financially. The Total Money Makeover Workbook takes you one step closer to getting out of debt and achieving financial health. Against a playful backdrop of fitness terminology, Dave gives solid, hard-hitting advice and the hope and the how-to needed to turn goals into reality. The Total Money Makeover Workbook includes:
For more info: CLICK HERE
- Useful worksheets and forms
- Readable and informative charts and graphs
- The four factors that keep people from getting in shape financially
For more info: CLICK HERE
Saturday, January 16, 2010
Personal Savings From the Right Perspective
What is the first thing that you must do in order to achieve your personal financial targets? In most cases, it is best to start with a new savings account. Financial management gurus emphasize the importance of taking a tight rein on both ends of your finance spectrum. You need to establish a realistic budget and manage your outflows and set up an emergency fund. In most cases, you will have a high yielding savings account as your emergency fund.
It is essential that you treat this emergency fund as money that you can afford to put away. You have to remember that you are not motivated by high rates of return when you set up your savings account. Your main goal in setting up your savings account is to have a standby fund which you can draw from during the "rainy days." There are other investment options which can give you the same benefits as that of savings accounts. However, the latter is tops when it comes to ease of use and flexibility.
But this is not the only reason why you are going to set up your savings account. There is more to it than meets the eye. In fact, you can adopt a more progressive approach in as far your saving portfolio is concerned. First, you may come up with three different and distinct savings accounts. You can have different saving accounts for each of the following purposes:
• Funds for emergency situations
• Funds for short to medium-term investments
• Funds for a long-term (loftier) goal
While each of these saving accounts has distinct purpose, they share something in common. All of these savings accounts contain funds which are not meant to be used anytime soon unless something really serious comes up. On top of this, you have to be satisfied with the modest yields that you will get in return for the security that saving accounts provide for your money.
This paradigm shift will bring you out of the usual mindset of looking at IRAs, 401(k) and stock investment to maximize returns of your investment. There is one thing that we want to avoid - higher risk. With savings account, you are able to manage the risks much better compared to high yielding investment instruments. High yield investment options do have the potential in delivering windfall profits. However, you can also lose your shirt if the stock market suddenly makes a nosedive, notwithstanding the careful and comprehensive financial planning that you perform before making your decision. When going for savings account, you have to be aware of the fact that your primary concern is to put in your money in a financial vehicle that is relatively more secure and stable. It is your veritable security blanket which you can rely on anytime.
Most Canadians, particularly those who belong to the under 50 age bracket, follow the same spending behavior as that of the Americans. In a recent financial study sponsored by Mackenzie Investments, results show that over 32% of respondents under age 50 exhibited overspending tendencies, while 24% were categorized as absolute of over spenders. One of the glaring revelations of the study was the tendency of more than half of the respondents (53%) actually resort to their credit cards to purchase items every time they don't have enough cash on hand or money in their savings account.
The results of the study show that Canadians have the general tendency to "spend first and ask questions later." It is for this reason why there is a need for us to overhaul our spending behavior and go the extra mile to improve our savings portfolio.
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