How Your Teen Driver Affects Your Budget

The post How Your Teen Driver Affects Your Budget appeared first on Penny Pinchin' Mom.

Ever wonder how a teen driver affects your budget?  Get ready to learn!!This is a sponsored post on behalf of Progressive Insurance. All tips and opinions are my own and were not influenced by any parties. As much as many of us don’t want for it to happen, there will come a day when your teenager … Read More about How Your Teen Driver Affects Your Budget

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These 10 Easy, Cheap Craft Projects Will Keep Kids Busy for Hours

For a lot of parents, the words “easy craft projects” are an oxymoron that conjures up visions of frustrated children needing help at every turn, complicated instructions, pieces that just won’t stay in place and finished products that look nothing like the example shown in the photo. After spending $15 on supplies, your kitchen table’s […]

This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.

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Value vs. Growth Stocks

The terms value and growth refer to both two categories of stocks and two investment “styles” or approaches of investing in stock. Generally speaking, value stocks are shares of companies that have fallen out of favor and are valued less than their actual worth. Growth stocks are shares of companies that demonstrate a strong potential […]

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The “Cashless” Cash Envelope System

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You have probably heard people talk about how to use a cash envelope budget to save money and help you get out of debt. But, what if you don’t want to use cash? Does that mean you can’t use envelopes? Nope. Not if you follow one of the cashless cash envelope methods available.If you follow … Read More about The “Cashless” Cash Envelope System

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10 Money Management Tips to Teach Your Kids About Finance

Knowing how to handle finances is one of the most basic and important life skills. When you understand how to handle your money, you can avoid falling into financial problems and risks. So teaching your children about money is a key step in preparing them for adulthood. Teach them values and terms, such as saving, and they will grow to possess good money habits even up to adulthood. Broaden your knowledge of finance and money matters and pass them to your kids by reading up. Read LoanStart blog for financial advice and learn the intricacies of financing and loans and how they can help benefit your current financial situation.

1. Integrate Money Into Daily Life

Get your children involved with money. For example, you can have a young child join you at the grocery store to help with shopping. Ask them to compare prices of similar items and discuss why the items may be different. For older children, you might allow your child to watch or participate when you pay bills. Explain the process to them. Let your child know how much money comes in each month and how much you spend on expenses. Show to them how expenses add up.

Involving your children in household finances will help build their financial knowledge at an early age.

2. Give Your Child an Allowance, But Consider the Frequency and Amount

There are several benefits to giving an allowance. For one thing, when your child has money of their own that they can spend at their discretion, they will be incentivized to learn how to handle it. Once the allowance is gone, your child will have to save up to buy necessary items. You can teach your child to be responsible for money management and living within their means by sticking to the rules. Disperse allowance on a regular schedule, and never extend "credit."

Some financial experts recommend giving out an allowance to be budgeted once a month rather than once a week. This gives the child a longer amount of time on how to manage a given amount of money. Also, the larger the amount of money, the more management skills are to be learned.

3. Model Good Financial Behavior

Your children look up to you, so your decisions with money will set an example. Are you late on your bills? Are you living beyond your means? Get your financial situation in order and be honest with your children. Let them know the reason behind your financial behavior so that you can discuss financial planning and management as a family.

4. Teach Your Children About Choices

Let them know the reason behind your financial behavior and embark on sound financial planning and management as a family.

Make sure your children know that there are more ways to use money beyond just spending it. Teach your child to save, invest, or donate to charity, and explain why these options are worth the effort, even if they do not offer the short-term satisfaction that comes with making a purchase.

5. Provide Extra Income Opportunities

Occasionally, you can offer your child an opportunity to make a small amount of extra income by having them do some chores around the house. This will teach them early on about the value of earning money. You can then help them decide what to do with the extra money they have earned.

6. Teach Your Child How to be a Wise Consumer

Before your child buys something new, discuss with them the alternative ways of spending money to emphasize the value of making choices. Teach them to compare shops and items for prices and quality. Show them how advertisers persuade people to buy their products. Encourage your kids to be savvy and critical of ads and commercials.

7. Teach Your Child a Healthy Attitude Towards Credit 

Teach your child how to handle credit. When you think they are old enough to understand what credit is, allow them to borrow an extra amount of money from you to make a major purchase. Talk to them and negotiate how much amount your child will pay you each week from their weekly allowance, and then collect the money and keep track of the remaining balance each week until the debt is repaid.

8. Involve Your Child in Family Financial Planning

Let your child see how you plan your budget, pay bills, how you shop carefully, and how you plan major expenditures and vacations. Explain to them that there are affordable choices, and allow the kids to participate in the decision-making process. You can set a family goal that everyone can work towards.

Explain to your kids that there are affordable choices, and allow them to participate in the decision-making process.

9. Avoid Impulse Buys

Children are prone to impulse buys when they find something cute or eye-catching. Instead of giving in and buying the item for them, let your child know that they can use their savings to pay for the item. However, encourage your child to wait at least a day before they purchase anything above a given benchmark–for example, 15 dollars. The item will still be there the next day and they will have properly decided with a level head if they still want the item.  

10. Get Them Saving for College

College is an important phase that can affect the future of your child. There’s no time like the present to have your teen saving for college. If they plan on working a summer job you can take a portion of that amount and put it on a college savings account. Your child will feel more responsible since their future is at stake with how much they save.

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5 Pretty Easy Ways to Save Money on a Vacation

The post 5 Pretty Easy Ways to Save Money on a Vacation appeared first on Penny Pinchin' Mom.

Do you have high hopes that there will be traveling your family’s future, but not quite sure how you can afford it?You’re not alone. While Americans will spend an average of 10% of their household income on vacationing this year, a full 74% take on debt for their trips. Each of these tips offers you … Read More about 5 Pretty Easy Ways to Save Money on a Vacation

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Understanding the Gold Silver Ratio

Understanding the Gold Silver Ratio

The gold-silver ratio is the price of the silver and gold relative to each other. Initially, the gold-silver price relationship was fixed at a certain ratio but over time it began to fluctuate as information traveled faster and external variables weighed on their value. It’s a measurement that’s been around for thousands of years. Understanding […]

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