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[H855]How To Be Money Smart

by Dana Bradley, Dan

Money is a necessity in order to survive in this world. Without money, people wouldn't be able to live. They would be unable to buy food to cook, buy a stove to cook it on, or even a pot to cook it in. This is why everyone likes to save money. It doesn't matter how much or how little money they make. Even if a person makes millions a year, they still want to save as much as possible too, if they are smart. Money can be spent quickly, so everyone has to shop frugally and save intelligently. There are many ways to achieve this, too.

If a person decides to start a savings account, yet has a modest income, they shouldn't become discouraged, because it is possible for them to build quite a nest egg. All it takes is a little bit of discipline. Each time a person gets paid, they need to take a specified amount of money out of their pay and immediately put it in the bank. This can even be achieved by having the money automatically transferred from a checking to savings account on a regular basis. This makes it easier to resist using the money for other things besides saving. If a person sticks to this plan, they will have a substantial amount of money saved up before they know it. They can then go out and buy that costly item that they thought they could never afford, or keep it for retirement, college fund for children, etc.

In order to save money while shopping, consumers need to check their local sales papers, which retailers usually send by mail each week or so. If sales papers aren't available, then going to the retailer's website is the next thing to do. Usually it will display which items are currently on sale on the site.

This awesome new website offers valuable money-saving coupons in just about every category possible. Handbags, perfumes, books, music, videos, etc. are just a few of the items that have coupons available for them. The great site is very easy to navigate, and there are many coupons available in each category. So, if you want to save money on your last-minute Christmas shopping, please visit this website as soon as possible, and you won't regret it.

Play games that involve the use of money. Games like Monopoly that force players to make financial decisions are a great way for kids to learn to use real money. Decisions made by kids like negotiating prices and determining when it is best to buy or sell a property make children think about both the future and the present effects this will have on their cash reserves.

It's easy to forget about money matters when the parents are footing the bill for everything. A five dollar magazine didn't seem so expensive then. But when they have to pay for it themselves, more thought goes into the process. They'll think about whether they really need that magazine or not.

Don't let your kids get hooked on name brand clothing at an early age. It's okay to have a few name brand items, but they are not the only clothes that will fit their bodies. Take them shopping when you go to Wal-Mart, Target, or a consignment shop. As they choose what to wear, advise them to peruse all of the racks to compare all the prices instead of picking the most expensive clothing.

Take your kids to the grocery store with you. Let them help you make out the grocery list and clip the coupons. As you bargain shop, tell the kids what you are doing. You don't have to go into great detail; just give them an overview of the process.

Practice what you preach. Children learn by observing adults, and you will be giving your kids a very bad example to follow if you make impulsive purchases every time you have some extra cash. Control your spending and stick to your budget so that your children learn to do the same.

Get a piggy bank. Coins are money too and children can learn to save up all their loose change in a piggy bank. Kids can pick out a coin bank that they like and start saving their money.

You'll be surprised how quickly the coins will collect. I find coins on the floor and in the couch cushions all the time. Every three months or so, take a trip to the coin machine in the grocery store and find out how much you have saved. The kids can put a portion of their money away for savings and keep the rest to use as they wish.

Learning how to use money is a trial and error kind of process. The money that you give to your kids or that they earn is their money. As a parent, you can advise them how to act, but they must deal with the good choices and the consequences of poor ones. Lessons learned will speak more than scolding.

Article Source : Pg. 149

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Both Dana Bradley & William Blake are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.

Dana Bradley has sinced written about articles on various topics from Social Issues, Video Games and Recreation and Sports. Dana Bradley writes about ,