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nikeairmax90hyperfuse-blog1 · 7 years

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Money concepts for kids

Reality can get in the way of an organised day with the kids sometimes! We're all human and the simple day to day of the running of a household with young children can consume our time and attention fully, but let yourself fall into this blindly and you miss out on a great chance to get focussed in instilling positive values into your children.

We're not saying people aren't good parents, far from it! What is being advocated is the use of guiding principles that you can pass on to your children to equip them with a practical set of skills and ideas that will guide their growth.

Finances are a big part of this. While we all know kids are unruly and are expected to make mistakes as they learn and figure out their place in life, working with your kids to make them aware of financial responsibility from an early age can make them particularly well equipped to face the challenges of youth and adult life.

So where to start? Think concepts

There is little use in sitting your young one in front of an Excel spreadsheet and asking them to clock in a formula. The young mind has difficulty in grasping such advanced notions and specifics of finance and you'll find your children becoming frustrated and impatient if you force these ideas on them.

The best way is to compartmentalise the subject of finance and money and to explain each section at a very high level. Talk about money as something you give to get something in return, or about savings as not using your money so you can have nice things in the future.

Saving money

Just about the most important aspect of finance and the most overlooked by adults, you'll help your kids by focussing on the subject of savings. It's best to work on this angle and idea by breaking down the short term and long term. You can do things like give them special containers that they can paint themselves which are for short term and for long term.

This can be very effective if you sit down with them and ask what thing they would like most in the future. Don't worry if they say an Iphone 7, keep it realistic and talk about how long they might have to wait! You'll want to supplement long term lessons here with short term rewards; keep in mind that kids have shorter attention spans and will get frustrated if they have to wait a month or a year for something with no reward in the interim.

Spending it!

You can work some interesting angles into your lessons when you come to the subject of spending. It's a great chance to explain that people work in steady jobs or in their own companies so that they can receive money. Take the time to link your spending lessons back into the subject of saving and keep reminding them that spending can be put into savings so that they can enjoy more great things in future.

It's worth introducing the idea of unexpected things at this point. You can say to your kids that while they know they want this toy right now, wouldn't it be great if they had savings enough that if an even better toy comes out, they can buy it right away? Introducing the sheer benefits of savings in a reward sense is the most tangible and effective way to drive home the value of spending and saving together.

Debt

While debt can be a very adult and weighty subject to broach with children, it's worth introducing it as an idea for them to be aware of. You can tie this lesson to the earnings subject and employment, with thoughts and discussions on paying over time instead of all at once being important.

Although you don't want to spend too much time talking negative, it's important to make your children aware of the repercussions that face them should they find themselves in a debt situation. It can help to let them know that you are always there to help, but to reinforce at the same time the idea that they are ultimately in control of how they spend and use their money.

Need a hand with your own finance?

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nikeairmax90hyperfuse-blog1 · 8 years

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Best budget tips for a prosperous year

If only we had bottomless bank accounts and the time to spend it all! One of the more unfair facts of life is the need for sound financial planning. This applies doubly so if you have serious responsibilities or aspirations such as a partner, family or house.

Budgeting will help you make these important life goals achievable. As with many things in grown up land, it appears daunting at first but is quite manageable in reality should you follow a series of sound, logical steps.

Core principles and points to keep in mind as you budget tend to be smart, sensible and easy to implement – great news when you might feel afraid of diving into your incomes and outgoings for the first time.

Let’s get right to it with some great tips on how to plan what you have so you can achieve what you want.

Fix a goal

People come to the subject of budgeting for a variety of reasons. Some may be looking to eliminate debt that has been plaguing them for years – the freedom of not having interest and piles of outgoings every month is a strong draw.

Others may be moving towards a goal that they have held in their hearts for many years. Extended periods of travel, the car of your dreams or a new family home are all common examples.

The key point here is that by holding your main goal in mind on a daily basis you will be more motivated to undergo the small and regular acts of discipline that are the hallmark of a successful budget.

Budgeting is a game of inches. You will be very unlikely to make one swift action that will give you the financial security you need – instead it is a daily discipline where small purchases are reduced that, in time, add up to give you your bank account back

Start with your income and outgoings

Sounds obvious, doesn’t it? The stark truth is that many skip this basic premise entirely when they come to plan a budget. It’s easy to trim down your outgoings by themselves, but where does this leave you?

You’re more likely to stick to a budget if you know how long you have to safe for, and how much. Nobody budgets just for the thrill of it! It is a means to an end and you won’t be able to quantify the fine details if you are left in the dark when it comes to what’s coming in and how much is going out each month.

Your income is the easy one, for most. It’s a great place to start if you are working with a spreadsheet or budgeting tool. If you are using an app to plan your budget, you’ll find that many online banking services provide a “pull” of your bank data that you can then plug in to your program of choice.

Outgoings are a little trickier. It’s best to start with two areas: The biggest expenses and the most consistent expenses.

Your large payments will be clear to see. These may be recurring payments such as a phone bill or repayment on a bad credit loan or debt. Get clear on these and make sure none have slipped your notice – it’ll make your budgeting task all the harder in future.

Consistent payments are the next step. These don’t have to be big – if you are putting ten pounds a month out for a console or Netflix subscription don’t forget it! Poor money control is death by a thousand cuts and these payments are prime culprits.

Once this is done you’ll have a much easier time coming up with a ballpark expense for the trickier outgoings such as your food bill.

Reference is key – get the first two points out the way first and take it from there. You’ll find it easier and less stressful going forward.

What’s the bottom line?

Once you’ve done all the above you’ll have a neat little figure in front of you. Depending on how extravagant you’ve been living this might be good or bad news! Don’t worry too much if it seems more than you could possibly fix. You’ve got the number now and you can get started in earnest on making it more appetizing.

You can now use this to determine your next steps. The more accurate and diligent you have been with the first steps the more you will benefit at this point by knowing more or less exactly where you stand when it comes to your finances. In an emergency you can consider a no fee bad credit loan from Everyday Loans

#bad credit loans

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