Conversation with Children

A lot of teens nowadays do not understand the value of earning and spending money. They were not oriented that investing is necessary even if they are still students. As parents, you play a crucial role in this area.

You should be able to teach your kids how to save money. They should be able to understand the concept of money and investment as early as childhood. This will prepare them to learn money management as they grow old.

Here are some tips on how you can teach your children how to save money:

1. Your children should be educated on the meaning of money. Once your children have learned how to count, that is the perfect time for you teach them the real meaning of money. You should be consistent and explain to them in simple ways and do this frequently, so that they may be able to remember what you taught them.

2. Always explain to them the value of saving money. Make them understand its importance and how it will impact their life. It is important you entertain questions from them about money and you should be able to answer them right away.

3. When giving them their allowances. You need to give them their allowances in denominations. Then you can encourage them to keep a certain amount for the future. You can motivate them to do this by telling them that the money can be saved and they can buy new pair of shoes or the toys they want once they are able to accumulate enough money.

4. You can also teach them to work for money. You can start this at your own home. You can pay them fifty cents to one dollar every time they clean their rooms, do the dishes or feed their pets. This concept of earning a little money will make them think that money is something they have worked for and should be spent wisely.

5. You can teach them to save money by giving them piggy banks where they can put coins and wait until they get full. You can also open bank accounts for them and let them deposit money from their allowance. You should always show them how much they have earned to keep them motivated.

Money and saving is not something that is learned by children in one sitting. You should be patient in teaching them and relating the value of money in all of their activities. Children will learn this easily if you are patient and consistent in guiding them and encouraging them in this endeavor.

By Nicholas Tan - http://www.free-article-info.com/

Popularity: 11% [?]

What ever happened to the single income family? It died that’s what happened. For the majority of American families it’s just not feasible. This is very unfortunate that it’s pretty much a necessity to have two incomes coming into the household. Unless you are making a nice six figure income.

Well I am one of the lucky families that are managing to be a single income household, and before you ask. No I do not make a nice six figure income. The only way I make a six figure income is if you start counting decimal places. I do make a pretty good living, but it doesn’t allow my family any great luxuries.

I’m married and have two children, and I‘m very grateful that we are able to keep my wife home with the kids. Let’s see the house is nothing special maybe 1200 square feet three small bedrooms and one bathroom. Did I mention I live in Connecticut? Which lets just say isn’t the cheapest state to live in.

I sometimes wonder how my wife and I are able to pull this single income household off. We are not financial wizards we don’t have our families subsidizing us. We just try to live within our means. This seems to be an alien concept to most of American now days. We had to prioritize what was most important to the household and that’s how the money would be spent. There isn’t much of a budget for frivolous spending anymore. I’d like to have that part of the budget back as much as the next guy, but it’s just not happening. Let’s see some of the ways we try and save money.

Like I said we are not financial advisors or anything of the sort just regular people trying to make ends meet. So here we go a few of our techniques we use. I’m sure these will probably be redundant as you’ve all heard of these before.

The problem is people don’t use them. I believe the reason that most people don’t use these available options is because of pride. Pride can be a very positive thing when it allows you strength to overcome obstacles you might face. On the other hand you can be blinded by pride, and not ask for help when you need it, or not take some of the options available to you because you are too proud.

Lunch: Bringing you lunch to work. This one has been huge for us. I try and bring my lunch to work everyday. Once in awhile I’ll treat myself and buy lunch. I used to buy lunch everyday and maybe a coffee in the morning. It was costing me at least $10 a day.
You might be saying that doesn’t sound like much. It doesn’t when it’s one day but it works out to roughly $200 a month that’s a lot of money. So needless to say bringing your lunch to work can be a great way to save a decent amount of money.

Wholesale Clubs: While these can be a big help you need to really check the prices as some of the items might actually be cheaper in your local grocery store. My family uses these clubs and they can be a great help. I’m just saying to investigate the price per unit as it might be cheaper else where. Sometimes you just don’t need 15lbs of ketchup.

Groceries: Use coupons! They work I know in my younger days I’d be to proud to use them. Not anymore. You don’t always have to buy the brand name product. A lot of the time the generic is just as good. Sometimes it’s not close, but you’ll just have to experiment.

Clothes/Shoes: If you insist that your kids have to wear all name brand high end clothes look outside of the department stores. Especially if your kids are young they’re going to outgrow the clothes and shoes in a week. Try Ebay you can find tons of clothes if you know what you’re looking for. I must say my wife has been doing this for years now and has pretty much clothed our kids for nothing. Other sites like ours help people to find <a href=”http://www.thefashionablekid.com”>Deals On Infant & Toddler Clothes</a> also try second hand stores. I guarantee with a little looking you’ll find some very nice clothing whether it comes from a thrift or consignment store.

Baby Food/Diapers: These are incredible expenses go to the company of your choices website and sign up for their mailing list or coupon list. We receive a few five dollar coupons a month and every little bit helps.

I wish you all the best. Even if you aren’t able to be a single income family hopefully a few of these tips will help out. Just don’t be to proud to use some of the tips.

By Ryan McCarrol

Popularity: 13% [?]