Tag Archives: personal finance

Stuff That Your Children Should Know About Money [01/11/2011]

When it comes to personal finance, it is never too early to teach your children the value of money. The younger they learn of its importance and effect, the more capable they are of making sound decisions.

Children should know that money is not something to ask from parents or relatives. They have to know that they should earn it by working, doing errands. You can also give bonus for doing good deeds like doing well in school, helping the neighbor or a good deed.

They should also know that they should allot money for the rainy days and they must understand that you would not give them money all the time. It might be too early to explain tax, but you can explain how to allot money into different categories like spending, savings, charity, or emergency fund.

Although your children should sound excited about these money information, you should also imply to them how important it is to donate to charities and give back. That way they do not revolve their world around money all the time.

If you can make your children understand the importance of being smart about their money, then that would make a big deal when they are growing up and they have to make all these choices for themselves. They may not save up as much but it would keep them from overspending.

Money Strategies Before The Year Ends

Now that the year is about to end, you can finally give yourself a good pat on the back for accomplishing your financial goals this year. But before you enjoy the holidays, there are some things you can work on your finance before the year ends.

Make a list of your benefits that you would not be able to pass to the next year, like vacation leave or special bonus leave. If you can convert unused leave to cash that would be good as well. You can also file for reimbursements, because some companies settle their financial obligations at the end of the year.

Organize all receipts and categorize them. Make sure all things are accurate and accounted for. Prepare documents you would be needing for next year like documents for filing taxes. Consider which areas can add to your tax deductibles.

Now is also the time to check whether you are in good standing with your financial goals. If you succeeded then you can make higher goals for next year. If you did not do so well then you might want to check why it is hard for you to do, or maybe where you overspend.

Although these steps are necessary you may have done some of it already which means you can just enjoy your holiday and relax. It is also the same reason why you should finish them off if you have not done them yet so that you can start the year just right.