Financial Accuracy » kids

Preparing Them For the Future

MoneySmart — Sat, 30 Jan 2010 02:43:28 +0000

Responsibility with money is an important habit to develop at a very early age. It is a decision making habit that will affect children the rest of their lives. The education a parent can teach them will be priceless when they reach the adult world. Here are some tips on how to educate them to use money wisely.

1.Show them the difference of rewards between saving and spending. Saving can have much larger and long lasting rewards, but the wait is longer. Meanwhile spending is most likely a temporary reward.

2.Give them the opportunity to handle their own money. Provide them the chance to earn allowance. As the parent, you will also get a little extra help.

3.Break the pay up so it is easy to save. For example, if their allowance is $10, give them a $5 and five $1′s. Then discuss how much should be saved and encourage them to put it in their piggy bank.

4.When they have enough saved, take them to a bank and open a savings account. Help them understand the processes of the bank as they grow older. Keep encouraging them to save for important things like college, as well as the fun things they want to purchase.

Cash For Clunkers Eligible Vehicles

MoneySmart — Wed, 29 Jul 2009 20:51:11 +0000

Cash for clunkers eligible vehicles are what many people are hoping they have these days. The cash for clunkers program has been underway for a short time. The cash for clunkers program will offer a fat rebate to Americans who trade in eligible cars.

The cash for clunkers program is already proving to be a success. Within the past week, 8,000 eligible vehicles have been traded in for newer vehicles, all thanks to the cash for clunkers program.

So, go see the nearest dealerto you, and see if you can upgrade your car, while trading in your clunker. Who knows? You could end up with an amazing deal if you take part in the cash for clunkers program.

Know The Promotions You Qualify For

MoneySmart — Tue, 28 Jul 2009 21:33:01 +0000

During times of economic recession there are so many promotions out there that we can take advantage of. In the area I live alone there is a kids-bowl-free event going on this summer. Instead of paying extra you should fit these promotions into your schedule so you can avoid these fees.

There are also many credit companies out there that want to charge you a fee for them to retrieve your credit report for you. That’s very kind of them but I have good news. By law you can get it for free once a year. So instead of paying them unnecessary fees go get it yourself.

On top of all of this there are coupons abounding that go unused. If we turn to coupons and sales we can save ourselves hundreds of dollars.

Where Do Our Values Lie?

MoneySmart — Tue, 21 Jul 2009 20:46:00 +0000

There was a study that was recently conducted which analyzed the correlation between education and leisure activity. They found that those with more education spend less time on leisure activity than those with less education.

This is so interesting because when you think about the American Dream people have long envisioned a world of lots of money and lots of leisure time. Well for the first time we are discovering that those with higher paying jobs are spending less time at leisure activities.

One thing that is important to realize is that those with less education have a higher unemployment rate, so some of this is out of their control.What was concerning though and definitely within everyone’s control was that those with less education spend less quality time with their children and exercising. This means that they have more leisure time yet spend less of it doing important things.

I just hope this is not a trend that is long lasting because I want to believe that we will once again be a people that values our family and progression and working for something.

A Valuable Lesson For The Kids

MoneySmart — Thu, 19 Mar 2009 16:12:06 +0000

If your family is trying to live the frugal lifestyle, you are probably always looking for tips on saving money. But when the kids are involved, it’s hard to skimp on the nicer things. Everyone wants what’s best for their kids, but have you ever stopped to think that maybe what’s best for the kids isn’t the nicest things in life? It is always nice to have nice things, but is it completely necessary? Will they be unhappy without nice things? The fact is, kids are teachable. If you teach them that they have to have the nicest things in life, they will always think that’s what they need. But if you teach them to live smart with their money, not only will they appreciate more the nicer things when they do come, but also will they learn how to save their money and be wise with what they have.

Make saving money fun for your kids. Use games and role playing to teach them about money and how it works. If you’re pretty sure they won’t like hand-me-downs, set up a little store where they can go shopping for these clothes. Set it up like you would see in a real store and give each child a few coins. Price the clothes for cheap and let them shop for what they want.

Think of fun little games like this to let their imagination run while they learn. It will save you the headache of whining and crying and will teach them great skills they will use all their lives.