Simply Junior

Sometimes parents are nervous about letting their kids in on the financial picture-but it might be one of the best decisions you make for you and your family. Kids already always know what’s going on, anyway, so you might as well ‘fess up in the money department. And you might be surprised what your kids come up with, to help the family out.

Save a little bit each month

One thing you and your kids can both start is to commit to saving at least a small amount of money each month. Do you give your kids an allowance? Then, you could start there. Depending on how old your kids are, you can have them divvy up their allowance into jars-mad money, saving towards a special purchase, savings to go into the bank, and so on-or if they’re old enough, actually tracking their spending and receipts in a log of some kind. Whatever you choose to do, long-term savings that your kids don’t touch should be part of the plan. A general guide is 10%.

Save together for something special

If you’re planning a family trip, save as a family. Have a jar or envelope where anyone can make a contribution at any time. When you or your kids contribute, mark your contribution on the envelope. Whoever contributes the most (make sure it’s proportionate now!) gets extra say on some outing, or gets to choose where you eat, or something else you can do as a family.

Keep it upfront to keep it going

Another trick is to keep the logbook, or the jars, in plain sight where the kids can check on them whenever they want. Don’t make money a dark secret to be squirreled away, hidden, or something to be ashamed of. Now that doesn’t mean they need to show your family management plan to the neighbors! But make money management as natural as making dinner, or doing homework-something you can talk about, discuss, and plan together. Then, take a page from your kids savings plan. Do the same thing for yourself.

Now you try

Write down what you spend each month, and on what. Reduce every expense that you can-like groceries, mad money, other discretionary spending-by 10 per cent. Sock that money away, just like your kids are doing. You might even have a competition with your kids. See who can find the best way to save. Have a tip jar where the loser has to put in $1.00 and the winner gets to take it out every week, or every month, whatever your finances can afford, and do whatever they want with the winnings. If you make saving money fun, your kids will be glad to do it. They’ll learn a really valuable lesson, too. And so will you.

Saving fuel is something that all drivers are (or should be) doing at the moment as we look to save money and help the environment. The environment may not be the top of the list of reasons why we should do this but by saving fuel we are saving money and at the same time, doing our bit for the environment. There are some useful tips for drivers to take into consideration, in order to cut down on their fuel consumption.

One thing that some drivers are not aware of is that it is beneficial to buy your fuel in the morning or evening. This is because petrol is denser when the temperature is cooler (typically in the morning or late evening). Doing so will help you save money because the pump calculates the volume of fuel you are putting into your car and not the density. This may mean getting up slightly earlier in the morning but it is surely worth it in order to save some money and beat the rush hour traffic.

Make sure you get every last drop from the pump. The station works out how much to charge you from how long you press down the nozzle. However, what some do not realise is that even after you have let go and you do not wish to spend any more on fuel, there is still a small flow of petrol left. Therefore, make sure you wait a few seconds and then give the nozzle a shake to ensure you get all the fuel out and get your moneys worth.

Keeping a fuel log is a good idea too as it allows you to see how much you are spending each time you visit the pumps. All you need is a little notepad to note down how much your fuel is topped up by and the cost. By doing this you can keep an eye on your spending and if you notice your mileage is decreasing then there may be a problem with your car. This can be a bit time consuming if you are in a rush but it will help you keep an eye on your fuel costs.

Are you compulsive shopper, who just has zero control on your desire to add all the items to your cart, then, following top ten money saving methods will definitely help you to acquire better control over your thoughts and to stop spending money senselessly.

1. Analyze the needs:

From day-to-day grocery supplies, to garments, or fashion accessories – ask a simple question to you. ‘Do I at all need that?’ Think as if, you are the treasurer of your society or office club, and, every single dollar spent be based on reasoning and justification. If yes, then go for it. Otherwise, you are going to be trapped every time you enter a departmental store because of the mesmerizing display boards and magical salesmanship.

2. Prepare a list:

Before entering into shopping websites or departmental stores, prepare a list of items and estimates. Chances of missing the most important stuff will reduce besides sticking to your own list will always ensure better control over spending money. While preparing list, check our own inventory. Exclude the items that you already own.

3. Estimate expenses

Check your list and calculate estimated expenses. If you are a credit shopper, check your credit limit and existing E.M.I. If it reaches your maximum affordable limit, you must not tax it up any further. For family essentials, avoid entering into new E.M.I agreement until you have brought down the ongoing burdens within legitimate limit. You should better use DEBIT card instead.

4. You do not need it right now

Other than family essentials and medicines, you must not need anything at that moment. Nothing else is essential. Defer your spending until you feel comfortable with your credit balance.

5. Exigency fund

Always maintain an exigency reserve fund. There are occasions, when we all have nothing to do but to pull out our credit card to meet up crying needs. For example – gift purchases, health and medicinal expenses, or, quintessential grocery supplies running out of stock! Your exigency fund will definitely serve the purpose.

6. Avoid shopping with other spendaholics

There are people, who spend money recklessly while shopping. Not only that such person will influence how you shop. You might end up accumulating stuff that would soon find a place in your stack yard. Avoid their company. Make it a taboo. Better attach with a frugal shopper, who knows the art of deal hunting.

7. Watch your mind

Chances are that when you are bored, or, depressed, you spend more than you actually need. Watch your mind. Shopping is a beautiful therapy for most of us. And if you sub-consciously use this to rejuvenate yourself, consider spending as little as required to achieve your primary goal.

8. Watch the stores

Smart shoppers are very selective and careful in selecting the right store. A store with good customer service and offering the lowest price point should be the preferred destination. Look for coupons, which will always help you in spending less than you would normally do.

9. Feel great

Feel great when you find something at a cheaper rate, share your stories with your friends. Do not feel low for being stigmatized as a frugal shopper. In this hard economic time, your skill is likely to be appreciated by everyone.

10. Apply mind

Consumer driven world will never let you apply the best power that resides within yourself – your mind. Apply it when spending money. Analyze the needs, prepare a list and estimate, check your credit balance, look for online deals and coupons, and leave something to buy during your next shopping trip.