When you’re a parent, you can often feel solely responsible for making sure that you raise happy, healthy, and well-turned-out children. In a lot of ways you are. But, the pressure can often feel a bit too much. Some of the best ways that you can be sure that your kids are going to turn out okay, is to practice what you preach. If you want your children to be responsible, it will help if you’re able to set a good example for them. When it comes to finances, there are many tips to help your money last longer and a number of ways to help people understand the benefits of good money management. It’s never too early to start learning, as we all need money for pretty much everything in life. This couldn’t be more relevant to the financial world. As parents, we can only hope that our kids will always be alright for money.
Even if your children are still really small, teaching them good habits when it comes to money can often start really young. It’s important that they know the value for a dollar, what it takes to earn your own money, and how valuable it is. It’s all too easy to show kids that money can be spent as quickly as it’s made. So, you might want to think about the ways you can share good practices with them. Also, if you want to make sure that your finances are up to scratch, save more money to be able to spend with your family, or just feel like you’ve got it together, these tips can work for you too.
With the amount of credit that seems to be readily available at the moment, it’s more important than ever that we’re all about to take responsibility for how we spend our money. Not only is it vital that you can spend within your means, but it’s also a good lesson to share with your kids to spend consciously. With the swipe of a card, anything can become ours – so it makes frivolous spending a lot easier.
You also need to consider your monthly expenses too. While some monthly bills like your life insurance policy are needed, others are just unnecessary expenditures. For example, if you’ve got Netflix, you probably don’t need to be paying for Hulu too. On top of this, you should look at reducing even the necessary bills. You can go on discountlifecover.co.uk to compare life insurance quotes and see if there is a cheaper policy to the one you have at the moment. If you want to make sure that you’re spending responsibly and consciously, here’s a few ideas to apply;
Even if you feel like you make enough money to spend it on whatever you like, coupons, voucher codes, and discounts, from somewhere like CouponSherpa.com, can be really useful. If you really want to teach your children the value of a dollar, it’s important to teach them what it means to be frugal. Coupons can come in handy here as you’re able to save a lot of money on things that you’d usually buy, meaning you have to be more conscious about what you’re buying.
Cut Up Your Cards
If you do find that you swipe your card all too often and rarely think about the purchases that you’re making, stop. Just because cards are convenient, it doesn’t mean that you have to own them. Instead, use cash. When you spend cash, you can often feel as if your purchases are somehow more real, so you often think twice before you spend it.
Save For Big Purchases
When you do have credit cards, you can be tempted to make big purchases on a whim and pay them off over time. However, this can cost you more money in interest in the long run. So, why not think about saving up for those big purchases first. When you save, you can often feel more exciting to make the purchase, and it can feel more special, as it took you a long time to save for it.
Saving definitely always seems like one of the things that we know we should be doing, but can’t always seem to find the time for. But, if you’re serious about taking control of your financial life, and being able to set a good example for your kids, being able to save is important. Not only can it mean that you get to pull money together for something big, but you will feel more financially secure and have backup funds should you ever need them.
So, do you have a backup fund if you need it? Say your car were to break down, or your boiler stopped heating up water – what would you do? It’s a scary thought to have, but it can happen. And if you don’t have any savings, there’s nothing you can do to get yourself out of the situation. But, if you start to put a little bit of money away each month, or as much as you can afford, you can relax a little knowing that you have money sitting waiting should you need it.
You may be trying to work on your financial life to show your kids how it should be done, but are you thinking about their future too? Although you want them to be good with money, so that they too can be financially secure, you might want to put away a bit of money for them too. Whether it’s for their education or to buy a home, start saving now so that you can get a healthy chunk together in time.
Before you know it, it will be time for you retire. One of the best ways to show that you’re responsible with your money is to make sure that you have your retirement fund sorted. Your fund could depend on whether you’re eligible for spousal benefits, (learn how Social Security spousal benefits are calculated here) so that you are able to work out how much money you will have in your retirement. Depending on how much you earn, it will determine how much money you will receive in these types of benefits. There is just so much that you need to think about when you are nearing the age of retirement, so making sure you’re prepared is paramount. Whether you’re looking at getting a pension or saving for your retirement in another way, look into this now so that you know you have something ready and waiting when you need it.
Although most areas of your spending are classes as our personal finances, you should also think about the ways you operate your own financial accounts and affairs. Even if you’re teaching good spending and saving habits to your kids, it’s important that you keep on top of them with your own money, to benefit your kids in the future and to make sure that you stay financially secure for the rest of your life.
Protect Your Details
It’s likely that you do most, if not all, of your banking online. With instant access to all of your accounts, it’s definitely quick and easy to use. But, as with anything online, there’s also a worry that you could be at risk of fraud. So, you need to make sure that you know how to keep your financial details safe online.
Be Aware Of Rates & Charges
Then, you might also want to think about the rates and charges that come with each of your accounts. Whether you know it or not, you may be secretly paying fees for different accounts. In order to make sure that you’re maximizing your money, you should look at the fine print for each of your accounts. That way, you can be aware of any fees that you’re paying, and make sure that you’re benefitting from the best available rates.
Think Before You Spend
Next, you’re going to want to make sure that you think before you spend. Although this is closely related you spending consciously, you’re going to want to try and get yourself into the habit of making necessary and responsible purchases, and not being frivolous when it isn’t needed. After all, you wouldn’t waste food, so why waste money?
Although your children may not understand much about investing when they are young, if you are investing your money wisely, it will rub off on them eventually. It’s important to share financial priorities with your kids. If you want them to grow up and be financially responsible, it’s important that they see how you are responsible with your investments, to set a good example. Some of these investments could include things like;
One of the best investments you can make in life is your home, for two different reasons. Firstly, it’s the place that you live and share with your children. Not only are you able to provide them with a safe place to grow up in, but you’re also creating a lot of memories too – and what could be more of an investment than that? And secondly, when you’re house proud, and you take care of your home, you may even be able to make a good profit when it comes to selling up, making it a good financial investment.
Not everyone will be used to investing in the stock market, but it can be a good way to get a good return on your investments if you know what you’re doing. Or, sometimes, you can hire a professional to take care of your investments for you. Even when you’re new to investing, you can still make some money on the stock market. Take a look at Transfs online trading guide as well as beginner online trading platforms. There are lots of handy website and blog posts that can educate you on how everything works.
Everyone wants to be able to save money when it comes to their car. But, at the same time, you want to make sure that you’ve made a good investment and don’t lose too much money when it comes around to selling it. If you look after your car, keep on top of its services and ensure that you drive it well, you should be able to keep a lot of money in the car.