Increasing Your Savings on a Low-Income Salary

A low-income salary can create challenges when it comes to reaching your financial goals. You may want to take a vacation, buy a new car, or just put some cash away for a rainy day, but how can you do that with a limited income? Although you may struggle to add to your savings, there […]

The post Increasing Your Savings on a Low-Income Salary appeared first on Credit Absolute.

Accredited Asset Management Specialist (AAMS)

New financial advisors need something to help them stand out. Consequently, the AAMS does just that. Designed for newcomers to the financial advice business, the AAMS trains advisors to identify investment opportunities as well as help clients with other financial … Continue reading →

The post Accredited Asset Management Specialist (AAMS) appeared first on SmartAsset Blog.

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.

Mint Money Audit 6-Month Check-In: How Did Michelle Allocate Her Windfall?

In March I offered some financial advice to Michelle, a Mint user who was struggling with debt, a lack of retirement savings and a bit of family financial drama amongst her siblings. Michelle was anticipating a cash bonus from her…

Full Story

The post Mint Money Audit 6-Month Check-In: How Did Michelle Allocate Her Windfall? appeared first on MintLife Blog.

5 Reasons You Need To Hire A Financial Consultant

If you’re a busy individual and have no time for the day-to-day management of your money, you may need to consult a financial consultant. Beyond being busy, however, there are major turning points in your life where working with a financial consultant is absolutely necessary. For instance, if you’re approaching retirement, you’ll have to figure …

The post 5 Reasons You Need To Hire A Financial Consultant appeared first on GrowthRapidly.

Fiduciary Bonds: Definition, Types, Costs

A fiduciary bond, otherwise known as a probate bond, is a protective court bond that ensures a fiduciary will honor the expectations placed on them according to the law. The fiduciary bond upholds the interests and protection of the estate … Continue reading →

The post Fiduciary Bonds: Definition, Types, Costs appeared first on SmartAsset Blog.

Financial Advice Keeping You Broke & In Debt

The post Financial Advice Keeping You Broke & In Debt appeared first on Penny Pinchin' Mom.

Financial advice is great – when it is the right type of advice.  There are tips and strategies that can make you money.  However, there is also a lot of advice that will do nothing but keep you broke and in debt.  These are things you don’t want to listen to. I remember when I … Read More about Financial Advice Keeping You Broke & In Debt

The post Financial Advice Keeping You Broke & In Debt appeared first on Penny Pinchin' Mom.

How Removing Your Name from a Shared Credit Card Affects Your Credit Score

Credit cards exceptional financial instruments. They allow you to buy without any cash and earn rewards while at it. Another interesting feature is the option of adding another person as an authorized user to your card. However, credit card usage does have a huge impact on your creditworthiness. So, does removing your name from a […]

The post How Removing Your Name from a Shared Credit Card Affects Your Credit Score appeared first on Credit Absolute.