How to Teach Children About Money in 7 Easy Steps

  Money can be a touchy subject for kids and parents alike, but it's also a topic that needs to be discussed. We want our children to understand the value of money and how it works, but it can be tricky to discuss these concepts without sounding preachy. As a parent myself, I've found that making learning about money fun is one way to get my child interested in the topic without worrying about them feeling like we're pushing an agenda or being lectured at. Here are some fun ways that you can teach your child about money : Let kids invent their own games or create their own money. Let kids invent their own games or create their own money. This works especially well with older children who already have a grasp on financial concepts like spending, saving, budgeting and investing. Let them create their own games using whatever they want as currency — anything from marbles to candy to paper clips could work! If they want to make up actual rules for using this new currency (f

How to create a simple yet workable home budget

The best strategy to have some control over what your family spends is to create a home budget plan. A monthly budget plan can help you decide how to spend money based on the actual family income. By calculating the monthly income over monthly expenses incurred, you will get a clear idea of how much can be provided for family needs.

Budgeting becomes difficult and complicated when the total income is not adequate to meet the needs of the family. However, there are ways on how to manage finances wisely such as resisting the urge to buy on impulse – cut back on your spending, buy only what you and your family needs. Take advantage of availing discount codes, browse on promotional sites like Coupon Codes Raja that offers discount codes to buy your daily essentials like baby diapers, groceries, vitamins and supplements and more. You can save money by using coupons and voucher codes as you can purchase items and products at a lower cost compared to its actual market price. You can also cut down your bills by switching your TV, internet and phone subscriptions to an all-in-one service package. Furthermore, get extra savings on electricity by using LED lightings and solar panels.

You can keep your operating expenses on track through a well-planned budget. Remember that it is important to involve the family members for your budget to be operational. Here are pointers on how to create a simple yet workable home budget.
  • Know your monthly income; determine the total income available in a month by adding all income sources together.
  • List down and have a record of all the monthly expenses. Find out which expenses are fixed and which are flexible by making a list of monthly needs per category.

  1. Food – milk formula consumption for one month when there is a baby in the family, groceries and other foodstuffs.
  2. Utilities such as water, electric and telephone services, vehicle gas and debt payoff  which are paid monthly.
  3. Home -  Rent or mortgage payment, insurance, property taxes, home repair and furnishings.
  4. Education – this includes tuition fees, school supplies and daily school allowances of your children.
  5. Medical Care – family vitamins, health supplements and maintenance medicine for elder family members.
  6. Recreation and entertainment – this category is flexible as family needs relaxation after hard work and study.
  7. Other expenses - clothing, salary for helpers and more.
  8. Savings – money saved can grow in the form of investment aside from using it for family emergency situations. 
  • Sum up all the expenses, then create and base your budget on a system of priorities. Determine which among the monthly expenses needs to get rid of. However, do not forget to purposely set aside allowances for savings.

When income is properly budgeted time, energy, and utilities are also used well.  Moreover, you can free up even more money to put toward your other future financial objectives.

Photo credits:  Stuart Miles, FreeDigitalPhotos.Net 


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