Archive for the ‘finance’ tag
August 4th, 2014 at 10:10 am
By Kim Ross
Wouldn’t you like to stop worrying about your finances? Making a plan and getting organized will help you understand your financial situation and lower your stress. I am constantly amazed at how many people find a budget so difficult to manage. Even people with an endless income can use a budget to manage their money and keep track of their spending and saving.
Here are some ways to get organized in the money department:
Create a budget. List all the different categories that you may spend money on. I like to get more specific but others do well with general categories. Take control of your money and assign realistic amounts to each category. Pay attention to categories that you have some control over and can use coupons or specials savings on ~ Eating out, groceries, utilities, and clothing.
Set goals for your finances. Think about what you want to accomplish over the next year, 5 years, or even more. Set up ways to save for those goals. It is great to get the kids involved in these ideas too. Also think about retirement and what you want to accomplish savings wise.
Set up a way to keep track of your finances. This may be done online, through spreadsheets or apps, or with pen and paper in a finance journal. Find what way works best for you.
Search online for ways to save and organize. There are tons of coupons and saving strategies available on the Internet. Most companies have some sort of loyalty program, app, or newsletter signup where you can be alerted when there are savings available. When making a big purchase, do research online to find the best price possible. Buying pre-owned or used items such as furniture, cars, etc. can cut prices significantly. Create a “savings strategy” and stick to it. I.e. Every week you clip the newspaper coupons, do an online search and print, and organize your coupons in a booklet or folder so it’s readily available when you shop. Set up an email account just for savings, and have all your newsletters and coupon emails in one place.
Make sure your family is on board. Make sure everyone is part of this process. If you are the only one trying to save money, the other family members will still make trips out to eat, keep the lights on in unused rooms, and plan extravagant vacations. If you are all on task, more money will appear in your savings and all your financial dreams will come true!
How do you manage your money?
July 3rd, 2012 at 5:00 am
Teaching your kids the real value of money is an important part of parenting. But it’s a challenge. They think money grows on trees and that mom and dad have an endless supply of cash for all things cool and fun. And the diligence required to teach the fundamentals can be a challenge for busy moms and dads.
Enter Tykoon, a website and iOS mobile app combo that provides a task-and-reward financial management program that can help your kids, starting as young as 8, get an understanding of the power of earning money of their own that they can use to buy, save and/or give away to charity. Both you and your children use it to establish a series of tasks and chores that, when completed, are rewarded with cash or other compensation such as TV or computer time.
You begin by setting up your account and adding your children, with allowance details (optional) and a breakdown of the portion of their earning that will go towards savings, spending and giving. Your kids create a wishlist of items that they would like to buy when they’ve reached their goals.
Then you add all of the tasks that they are responsible for, their frequency, and value of completing each one.
As your child completes the assigned tasks, they earn their pay and it accumulates in their account. When they’ve reached their goals, they can then purchase their desired items, donate their designated portion to a charity and/or just let their money grow. They and you can monitor their ongoing progress and achieve badges to help keep the momentum going and recognize their achievements.
Their purchases can be completed using an Amazon.com driven interface with kid-friendly and parent-approved selections. Once they complete their end of the transaction, you have the final approval before any money is actually spent.
Learning financial responsibility is hugely important for kids. Tykoon is a great way to instill a respect for the process of working towards goals and reaping the rewards of that effort. And it’s also a wonderful tool for teaching the importance of giving. A choice of kid friendly charities are chosen directly from the website. There is even a social media component that lets your children share their progress with friends and family for support and encouragement.
I love that Tykoon provides a really smart way for kids to learn, earn, and give back. The website and app present a controlled environment that is easy to use and empowers them to become savvy about managing money. And that is a skill that pays dividends for a lifetime.