6 Ways To Teach Your Kids All About Money

Kids are fast learners, and one of the best lessons that we can teach them is money management. However, money management is often hard for many adults to grasp, so how can we teach our kids about money in a way that is engaging?

First, we can realize that there are opportunities to teach children about money every single day. Whether we take them with us into the bank or let them push some buttons at the ATM, they can learn simply by doing. If you are looking for more ideas, check out the 6 below.

1. Talk About It All The Time

I don’t know why (because I’m not shy about it!) but money is a taboo topic. People don’t like talking about their budgets or their debt or what they paid for their house. While I am a private person and I don’t want my future kids to know my salary, I do think that it’s important to talk about money topics. Kids can learn about investing, interest rates, banks, checking accounts, and credit cards at a very young age. Having all of these topics open for discussion will make them comfortable with money. It will also put them way ahead of the curve when it comes time for them to grow their own nest egg.

2. Teach Them To Give

While it’s important to teach children how to save, it’s equally important to teach them how to give. Whether it’s splitting their allowance with a charity of their choice or having them drop change in a donation bucket, you can teach them how lucky they are and how the money they decide to donate can be used to help others.

3. Teach Them To Earn It

Instead of giving your kids an allowance just for being your kids, why not ask them to complete certain chores around the house? This will teach them that money doesn’t drop out the sky. You actually have to work hard in order to get it.

4. Teach Them To Organize It

When kids are young, many parents decide to have two or three piggy banks. You can have one for spending, one for saving, and if you want, one for giving too. That way, every time your child receives money, they can split it between their piggy banks. When they grow older, they can get their own checking and savings accounts.

5. Set An Example

Kids watch absolutely everything we do. I remember telling my mom to “just write a check for it.” However, I had no idea what writing a check meant at the time! Show your kids how you are paying for things. Explain to them different methods. Tell them that you are buying yourself a new dress because you worked hard, and you have money in your bank account because of it. You’d be surprised what they pick up! Kids are sponges!

6. Let Them Play Games

T.Rowe Price has a fun, interactive game called The Great Piggy Bank Adventures where you can “earn money and buy cool stuff.” Kids also learn about investing and saving up for goals through the game, so it’s a great resource!

source: everythingfinanceblog.com

Short on Money – Try These Drastic Savings Tips for the Month

When the budget is a little tight for the month, you may be wondering where in the world you can find extra money. These options can help you save money to meet your monthly budget. They are not fun, but if you are serious about making end’s meet, then these tips will help you survive.

Cut Back on What You Eat: I am not suggesting you starve yourself or your family, but instead to cut your grocery bill drastically. Our grocery budgets are easy to pull extra money from because we can be flexible with what we eat. Eat very simple and cheap food for a month to have more money for your budget. Please remember that highly processed foods or items on the dollar menu are neither simple nor cheap. They are actually more expensive. Instead, buy a few bags of beans, rice, and affordable produce. Skip on dairy and meat products if possible. Remember, it is only for a few weeks, and I suggest this step if you are in crucial need on money.

The best thing to do when you realize you are short on cash is to use anything and everything in the pantry. If you have baking essentials, then you have the ingredients for a lot of foods. Look up simple recipes to stretch your pantry staples into meals.

Cancel or Put Subscriptions on Hold: What I love about Hulu and Netflix is the option to put your subscription on hold. Yes, their monthly cost are small, such as $7.99 or $14.99 a month, but if you are in a pinch, every penny should be counted. Are there subscriptions that you can put on hold for a month or two to save some money?

If you are regularly short on money month after month, look further into your expenses to see what subscriptions and memberships can be cut out for good. Do you really need to pay that much for a gym membership or an online gaming program? Pick through all of your expenses with a fine toothcomb and ask yourself what you could do without for six months to get your budget back on track. Yes, cable or Internet or landlines are hard to get rid of, but if you are really hurting for money, see if you can cut it for six months (of course, this can vary depending on your service provider’s penalties).

Skip the Appointments: Usually if I need a little more money one month, I skip any unimportant appointments, such as getting my hair done, a check up at the doctor, or an adjustment with the chiropractor. In fact, I have gone almost a year without getting my hair done just to save a little bit of money. What appointments could you skip or post-phone until next month?

Stay Home and Be Boring: Again, this is another not very fun tip, but could be essential for those needing to find an extra $100-300 in their monthly budget. The best way to save money is to stay home and enjoy activities there. Obviously, you will still need to go to work and your children to school.

• Only enjoy activities that are in walking distance so that you can save money on gas.
• Forget the TV and the computers. Instead, play board games or catch up on reading and crafts.
• Make showers quick and shower children instead of giving them a bath (unless you have multiple children that take a bath at once).
• Wash only the clothing you need on a quick wash and in cold water.
• Keep lights off during the day, and at night, the family should be in one room sharing the light.

Like I said, these tips are not a fun way of life. Many of the tips sound like I am an advocate for an Amish lifestyle. It is just important to cut back on life’s little luxuries when we are in a financial crunch. Cutting back for a month can help us realize what is really important and what we should really spend our money on.

source: everythingfinanceblog.com

Bed & Breakfasts – An Affordable Alternative to Hotels

When my husband and I recently toured around New England for a two-week business/personal trip, I started my search on Hotels.com because they offer rewards to return customers.

But because we were visiting during prime leaf-peeping season, we were going to be hit with high-season hotel rates. Ouch.

It’s kind of depressing comparing low-season rates with high-season rates, and two weeks is a fairly long time to have to shell out top dollar. Did we have other options? I decided to broaden the search.

Bed & Breakfasts – An Alternative to Hotels

I had initially ruled out Bed & Breakfasts. In my previous experience, they were too pricey and you had to share a bathroom.

But as I was clicking around tripadvisor.com, I noticed the “B&B and Inns” tab and decided to go ahead and take a look, anyway.

After filtering for the highest-rated inns in the areas we were looking at staying, I dug a bit deeper and found a few options that were good possibilities. Overall, quite a few were rated highly and many people raved about their experiences.

Costs – How does it compare?

As I mentioned above, I was worried the prices would be beyond our already tight budget. And it was true, many of the B&Bs were priced outside our range.

But in every city I managed to find a highly-rated inn or B&B that was less expensive than a hotel, plus we’d be getting breakfast. And in one case, I even found a B&B that was almost a third the cost of nearby hotels.
So far it was looking pretty good.

Amenities – Free High-speed Internet & Private Bath

Because it was a combined business and personal trip, it was important that Internet was easily accessible and that it was free.

All the Bed & Breakfasts and Inns we stayed at provided free wireless Internet access and, in most cases, it was actually much easier and quicker to get up and running than when we stayed at hotels.

Another huge perk – or necessity for some travelers – is that many B&Bs now offer private baths in all of their rooms. No more trudging down the hall and sharing a bathroom.

Breakfast – Start the Day off Right

I think one of the biggest perks of staying in a B&B is the breakfast.

I love that breakfast is included in the price of your stay, and so many times the breakfasts are
quite gourmet. None of that egg-like substitute stuff or questionable-looking bacon. We’re
talking pumpkin pancakes, vegetable frittatas, pecan French toast and more. YUM.

Options – For more Choices, Book Early

Now it’s the same thing with hotels, but it applies even more so with B&Bs. If you want the most options, you’re better off booking as early as possible.

B&Bs have far fewer rooms and each have their own character (like king vs. queen vs. double beds) and amenities (like attached bath with tub or shower). If you absolutely want that king-sized bed or big soaking tub, make your reservations early.

Deals – Last-Minute Bargains are a Possibility

Sometimes, though, it pays to be a procrastinator.

On some websites I did see different discounts being offered just to fill up the rooms. So if your plans have you scrambling at the last minute, you may still be in luck and find a good deal.

Perks – Cookies and Cheese and Wine, Oh My!

I really appreciate it when hosts pay attention to the little things.

Most of our hosts provided snacks both when we arrived and every afternoon during our stays. The treats ranged from freshly-baked cookies, to decadent chocolate cake to wine and cheese.

They also provided complimentary beverages like tea, coffee, soft drinks and bottled water. How nice is that?

Potential Drawbacks

There are, of course, some possible disadvantages to staying in a B&B.

Most of the B&Bs served breakfast only during certain times, and many didn’t serve until 8:30am, which means a later start to your day.

While some B&Bs have only small, two-person tables, most only have large family-style tables for breakfast so you’ll likely be “forced” to mingle with other guests. But this is actually a plus if you enjoy chatting with and meeting people from all over the world.

Also, during peak season there’s usually a minimum stay required, and that can be anywhere from 2-4 nights depending on the B&B.

Closing Thoughts

Not all cities are going to have as many B&Bs as the New England area does, but it definitely pays to open up your accommodations search to alternative lodging like Bed & Breakfasts.

Often the price is comparable, you get more personalized service and you get fed a homemade meal. All these things make for a much richer experience in my book.

source: everythingfinanceblog.com