In July of 2013, I finished paying off my student loans. It was a fantastic feeling and something I still think about to this day. Even though I have a success story when it comes to paying off student loans, I know that many others struggle with their student loan debt every single day. The […]
The post How Blogging Paid Off My Student Loans appeared first on Making Sense Of Cents.
Knowing how to handle finances is one of the most basic and important life skills. When you understand how to handle your money, you can avoid falling into financial problems and risks. So teaching your children about money is a key step in preparing them for adulthood. Teach them values and terms, such as saving, and they will grow to possess good money habits even up to adulthood. Broaden your knowledge of finance and money matters and pass them to your kids by reading up. Read LoanStart blog for financial advice and learn the intricacies of financing and loans and how they can help benefit your current financial situation.
Get your children involved with money. For example, you can have a young child join you at the grocery store to help with shopping. Ask them to compare prices of similar items and discuss why the items may be different. For older children, you might allow your child to watch or participate when you pay bills. Explain the process to them. Let your child know how much money comes in each month and how much you spend on expenses. Show to them how expenses add up.
Involving your children in household finances will help build their financial knowledge at an early age.
There are several benefits to giving an allowance. For one thing, when your child has money of their own that they can spend at their discretion, they will be incentivized to learn how to handle it. Once the allowance is gone, your child will have to save up to buy necessary items. You can teach your child to be responsible for money management and living within their means by sticking to the rules. Disperse allowance on a regular schedule, and never extend "credit."
Some financial experts recommend giving out an allowance to be budgeted once a month rather than once a week. This gives the child a longer amount of time on how to manage a given amount of money. Also, the larger the amount of money, the more management skills are to be learned.
Your children look up to you, so your decisions with money will set an example. Are you late on your bills? Are you living beyond your means? Get your financial situation in order and be honest with your children. Let them know the reason behind your financial behavior so that you can discuss financial planning and management as a family.
Let them know the reason behind your financial behavior and embark on sound financial planning and management as a family.
Make sure your children know that there are more ways to use money beyond just spending it. Teach your child to save, invest, or donate to charity, and explain why these options are worth the effort, even if they do not offer the short-term satisfaction that comes with making a purchase.
Occasionally, you can offer your child an opportunity to make a small amount of extra income by having them do some chores around the house. This will teach them early on about the value of earning money. You can then help them decide what to do with the extra money they have earned.
Before your child buys something new, discuss with them the alternative ways of spending money to emphasize the value of making choices. Teach them to compare shops and items for prices and quality. Show them how advertisers persuade people to buy their products. Encourage your kids to be savvy and critical of ads and commercials.
Teach your child how to handle credit. When you think they are old enough to understand what credit is, allow them to borrow an extra amount of money from you to make a major purchase. Talk to them and negotiate how much amount your child will pay you each week from their weekly allowance, and then collect the money and keep track of the remaining balance each week until the debt is repaid.
Let your child see how you plan your budget, pay bills, how you shop carefully, and how you plan major expenditures and vacations. Explain to them that there are affordable choices, and allow the kids to participate in the decision-making process. You can set a family goal that everyone can work towards.
Explain to your kids that there are affordable choices, and allow them to participate in the decision-making process.
Children are prone to impulse buys when they find something cute or eye-catching. Instead of giving in and buying the item for them, let your child know that they can use their savings to pay for the item. However, encourage your child to wait at least a day before they purchase anything above a given benchmark–for example, 15 dollars. The item will still be there the next day and they will have properly decided with a level head if they still want the item.
College is an important phase that can affect the future of your child. There’s no time like the present to have your teen saving for college. If they plan on working a summer job you can take a portion of that amount and put it on a college savings account. Your child will feel more responsible since their future is at stake with how much they save.
Your first salary is the steppingstone to becoming financially independent, learning healthy savings habits and building your nest egg.
The post How to Manage Your First Salary and Grow Your Savings appeared first on Discover Bank – Banking Topics Blog.
Paid biweekly? You get two shots a year to get ahead. Here’s how.
The post The Magical Third Paycheck: 5 Budgeting Hacks If You’re Paid Biweekly appeared first on Discover Bank – Banking Topics Blog.
I have been working from home or while traveling full-time since around 2013, and since then I have heard so many myths about work from home jobs. Some of the things that I’ve heard over the years include: “Working from home must be boring.” “You must have so much free time to get chores done!” […]
The post 7 Myths About Work From Home Jobs & What Itâs Really Like appeared first on Making Sense Of Cents.
If you’re looking to make more money this year there are a couple options. Let’s start by making sure you’re getting paid what you’re worth.
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The post How to Negotiate Salary Increases and Promotions appeared first on MintLife Blog.
As Americans grappled with the financial consequences of the pandemic in March of this year, the federal government took several actions to help cash-strapped consumers. For starters, Congress passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act in late March of 2020, which included a temporary suspension of payments and interest for government-owned student […]
The post Should You Make Payments During Coronavirus Student Loan Deferment? appeared first on Good Financial Cents®.
There’s more to think about than just where to park.
The post 10 Questions to Ask about Parking Before You Rent an Apartment appeared first on Apartment Living Tips – Apartment Tips from ApartmentGuide.com.
The Federal Reserve recently lowered interest rates in an effort to stimulate the economy during the coronavirus pandemic. As a result, more and more people are becoming interested in refinancing their mortgage. Depending on the situation, refinancing your mortgage can…
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The post Should I Refinance My Mortgage? When to Refinance appeared first on MintLife Blog.
Do you want to know, “What can I do as a side job?” Today, I have a list of over 80 possible side hustle ideas for 2021. With these side jobs, you can make extra money in 2021. So, what is a side job? I say side job meaning something that you do on the […]
The post 80+ Best Side Job Ideas To Make Extra Money in 2021 appeared first on Making Sense Of Cents.
