Welcome to the June 17, 2009 edition of carnival of Personal Finance Goals. We have pruned our list of submissions to bring you what we believe are the best from this editions articles. [Read more...]
June 17, 2009 1 Comment
May 17, 2009 Leave a Comment
Teaching Kids to Save, Start Early
Teaching kids to save is a process that should start early. It takes children a while to understand the concept of how to use money and the purpose of saving it. It is smart to introduce the concept of saving to your child when he is around five years of age (or thereabouts). Make his allowance connected to helping around the house, doing chores, etc. In that way he understands the value of money and that it must be earned.
Doing this helps your child as he grows to understand that he sometimes must choose between instant gratification, such as buying a chocolate bar, or saving his allowance to buy something bigger, such as a toy he has his eye on.
As your child ages you can tell him a little about the household budget and explain about how money must go to pay bills while other money is for spending on household needs and yet other money must be saved for future considerations.
Only you and your child can decide when it is the best time for him to open a savings account at the bank. Bear in mind that your child may make mistakes with his money but you are there to assist him and guide him in terms of making smart financial choices.
Other Suggestions
When it comes to teaching kids to save, what other advice is worth knowing? Here are some suggestions that can help you in teaching your children about personal finance:
-As previously mentioned, don’t just give an allowance to your child; make work in the home a prerequisite. This shows your child the value of earning money. Tell your child how much he can earn and what he needs to do to earn it. Also let his know what items he is allowed to spend his allowance on and if he wants a little extra what he needs to do to earn that.
-Teach your children that budgeting is important and that they cannot simply have everything they want.
-Help your kids to separate the needs in life from the wants. Let them know that sometimes when money is tight, the wants such as money for entertainment or new clothes, must be put aside for the absolute necessities.
May 17, 2009 Leave a Comment
Unemployed, Reinventing Yourself For A New Start
Out of work? Whether you saw the lay off coming or whether it caught you by surprise, if you are unemployed, reinventing yourself is always an option.
What does it mean to reinvent yourself you wonder? Here is where you need to put your creative imagination and your ingenuity to work. Now that you are out of your comfort zone what do you want to do? Think about your long-term goals and zero in on your priorities. It is now time to re-evaluate where you want to take your future and then begin to take steps to get on the right path.
Look closely at what your passions in life are- past and present. The same goes for your strengths. What really propels you to get out of bed in the morning? What puts a smile on your face? Figure out if that “what” in your life can be something that can be turned into an occupational pursuit for you.
Once you know what direction you want to go in for your reinvention, seek out others who are already doing the job that you want. Find out what their experiences are. Do they enjoy the work? What do you need to do in order to break into the field? Financially can you afford to keep yourself afloat why you put the reinvention process into play?
Figure out why you want to head in a different direction. It helps to sit down and write out your own personal mission statement. Just as companies can have them, so can you. This will help you to remain clear on your purpose, especially in the days to come.
It is essential that you carefully review your past work experiences as well as your personal experiences and figure out what skills and/or talents of yours can be transferred into the new profession that you wish to go into it. Figure out how what you have to offer that can help in this new employment area. You must know what you bring to the new occupation but you also must be able to explain what you can offer as well.
Once you begin searching for a new job in your new reinvented field, make sure you remember how important networking is. Get in touch with those you know and spread the word about how you are in the process of reinventing yourself. See what others have to offer you in terms of advice, leads, etc. If you are unemployed then reinventing yourself can be a step in the right direction for you!
