Teaching your children about money is very important. While this might not be the easiest thing to do, it is essential. Kids of any age are ready to start learning how to use money wisely. Learning and following some simple rules, you can teach by example and you can turn your children into money savvy adults. Read on for some simple things you can do to improve your own personal finances, and then teach your children how to do the same.
Improve your personal finance by checking out a salary wizard calculator and comparing the results to what you are currently making. If you find that you are not at the same level as others, consider asking for a raise. If you have been working at your place of employee for a year or more, than you are definitely likely to get what you deserve.
Set up a bank account that automatically takes a few dollars each month and saves it if you want to save quite a bit of money. This will help you pay yourself and start saving the money you need every month. You can also make use of this plan to save up for major purchases or expenses, such as vacations and weddings.
When working on personal finances, patience can help you save a lot. Many people buy just-released electronic devices without thinking about the cost. However, if you take a step back and wait for a bit, the price will likely drop. With the money you save, your budget will stretch further.
Take advantage of student or senior discounts wherever you can. Certain stores offer the discounts every day, while others limit them to specific days of the week or one day per month. It does take a little work to find out the details of the discounts, but if you can save on the things you would buy anyway it is worth the effort.
Some banks offer great rewards if you are able to refer a customer to their location and they open up an account at a branch. Try to take advantage of this opportunity, as you can add anywhere between 25-100 dollars just for recommending a friend or family member to the bank.
Get the family involved in purchases that may be outside the household budget. If it’s something that the whole family could find a use for, like a new TV, then the family may be able to be convinced to put their money together.
To really be in control of your personal finances, you must know what your daily and monthly expenses are. Write down a list of all of your bills, including any car payments, rent or mortgage, and even your projected grocery budget. This will tell you how much money you have to spend every month, and give you a good place to start when making a household budget.
Avoid paying a pro if you can do home improvement jobs yourself. There are a wide variety of resources available that will provide the specific steps you must take in order to complete the necessary home improvements.
A great personal finance tip that can help you save money is to be mindful of how much water you’re using in your household. Water can add up, especially if you’re using it carelessly. Make sure you fix any leaky faucets so that you aren’t wasting any water.
Pay down high interest rate credit card debt, loans, and other financially strapping bills with high interest. The longer you take to pay these bills off, the more you throw money down the toilet in interest. This makes it impossible to maximize your savings and investments. Pay down that high interest debt!
If your employer matches your 401k contributions, maximize your contributions to take advantage of this “free” retirement money. You do not pay taxes on the money you contribute until after you start drawing it as income, so you are actually reducing your tax load in the short term by investing more for the long term.
If you are trying to save money or need to tighten your budget, consider these tips to lower your monthly bills. Raise the deductible on your car insurance, downgrade your cell phone plan and cut out eating out. These three things may save you a couple of hundred dollars immediately.
Educating yourself is a lifelong process that pays off in the long run. A college graduate has a lifetime earning potential that is almost double that of a high school graduate or a dropout. A college education is a great investment that can double your wealth during your working years.
As you can see, it is never too early to teach your children about finances and budgeting. Children of all ages are ready to absorb the money information you are ready to teach and the sooner they learn it, they better off they will be. This information will be invaluable, as they enter and travel through adulthood.