money saving tips

Tue, 20 Apr 2010 21:31:00 GMT

Clip Coupons
   Always clip coupons and use them at the grocery store. This sometimes time consuming process is a necessary evil to saving money on food costs. The coupons are especially valuable if you use them in conjunction with a sale on a particular product. Sometimes, you can even catch items for free. Take a few extra minutes to clip coupons and you will find your costs beginning to drop over time.

Set Up a Budget
   Set up a budget. Many young parents are not on a budget yet, and this can be the difference between living week to week and having a nice little pad on your savings account. Setting up a budget allows you to see what you spend your money on, and where you can trim the spending. This will save you a ton of money in the long run. Sit down and set up that budget right away!

Check Out Free Options
   Look to free options when you take the family out for the day. Rather than going to the family theme park, take them to the city park instead. The fun that you can share throwing a frisbee, or even playing some softball, can be much more fun anyway. The theme parks are always overpriced, crowded and usually they offer no actual exercise. Do your family a favor and save money and get them fit at the same time. Go visit your local city park!

Go for Generic Brands
   Go generic with your purchasing power. Generally when it comes to food, medicine, and daily usage items, the generic brand is no different than the name brand. In some cases, the generic brands are even better. Do not worry so much about paying the extra money for a name. It is not worth it and it can save you a ton of cash over the course of a year

Teach Your Child to Save Money

Tue, 20 Apr 2010 21:19:00 GMT

Money gives people -- both young and old -- decision-making opportunities. Educating, motivating, and empowering children to become regular savers and investors will enable them to keep more of the money they earn and do more with the money they spend. Everyday spending decisions can have a far more negative impact on children's financial futures than any investment decisions they may ever make. Here are 9 simple ways to help educate children about personal finance and managing money:

1. As soon as children can count, introduce them to money.
Take an active role in providing them with information. Observation and repetition are two important ways children learn.

2. Communicate with children as they grow about your values concerning money

How to save it, how to make it grow, and most importantly, how to spend it wisely.

3. Help children learn the differences between needs, wants, and wishes.

This will prepare them for making good spending decisions in the future.

4. Setting goals is fundamental to learning the value of money and saving.

Young or old, people rarely reach goals they haven't set. Nearly every toy or other item children ask their parents to buy them can become the object of a goal-setting session. Such goal-setting helps children learn to become responsible for themselves.

5. Introduce children to the value of saving versus spending.

Explain and demonstrate the concept of earning interest income on savings. Consider paying interest on money children save at home; children can help calculate the interest and see how fast money accumulates through the power of compound interest. Later on, they also will realize that the quickest way to a good credit rating is a history of regular, successful savings. Some parents even offer to match what children save on their own.

6. When giving children an allowance, give them the money in denominations that encourage saving.

If the amount is $5, give them 5-1-dollar bills and encourage that at least one dollar be set aside in savings. (Saving $5 a week at 6 percent interest compounded quarterly will total about $266 after a year, $1,503 after 5 years, and $3,527 after 10 years!)

7. Take children to a credit union or bank to open their own savings accounts.

Beginning the regular savings habit early is one of the keys to savings success. Remember, don't refuse them when they want to withdraw a portion of their savings for a purchase--This may discourage them from saving at all. You can also introduce children to U.S. savings bonds. Bonds are still a good value, costing one-half their face value and earning interest that in some instances will be tax-free if used for a college education. Perhaps more importantly, when given as a gift, bonds will not be spent immediately, reinforcing saving and goal-setting lessons.

8. Use regular shopping trips as opportunities to teach children the value of money.

Going to the grocery store is often a child's first spending experience. About a third of our take-home pay is spent on grocery and household items. Spending smarter at the grocery store (using coupons, shopping sales, comparing unit prices) can save more than $1,800 a year for a family of four. To help young people understand this lesson, demonstrate how to plan economical meals, avoid waste, and use leftovers efficiently. When you take children to other kinds of stores, explain how to plan purchases in advance and make unit-price comparisons. Show them how to check for value, quality, repairability, warranty, and other consumer concerns. Spending money can be fun and very productive when spending is well-planned. Unplanned spending, as a rule, usually results in 20-30 percent of our money being wasted because we obtain poor value with our purchases.

9. Allow young people to make spending decisions.

Whether good or poor, they will learn from their spending choices. You can then initiate an open discussion of spending pros and cons before more spending takes place. Encourage them to use common sense when buying. This means doing research before making major purchases, waiting for the right time to buy, and using the "spending-by-choice" technique. This technique involves selecting at least three other things the money could be spent on setting aside money for one of the items, and then making a choice of which item to purchase.

http://life.familyeducation.com/money-and-kids/parenting/36332.html

Mom's Resource: Money Saving Tips: Kids In School

money saving tips

Teach Your Child to Save Money