Archive for the ‘Kids and Family’ Category
Budgeting for a New Baby
photo credit: mahalie
When you’re about to add a child to your family, the excitement and anxieties that surround the birth and the preparations for life with a new baby often outweigh the practical need of adjusting your budget. But a good example of keeping everything in perspective can be seen at a No Credit Needed post on the financial impact of a new baby.
As a case study, it’s something we could all learn from. NCN predicted how he would need to alter the family budget before the new arrival and looking back, he was mostly correct. If you’re about to expand your family, look at these budget areas for increases or decreases:
- Increase in the grocery bill - including diapers and having less time for shopping or checking for good deals
- Increase in the electricity bill - due to extra washing, more lights on in the middle of the night, and perhaps the mother being home more often instead of being at work
- Increase in medical expenses - but hopefully these are mostly just one-off expenses related to the birth
- Increase in clothing expenses - not just for the new baby but for the mother’s new after-the-birth figure
- Decrease in entertainment expenses - at least for a while, you’ll probably be spending a lot more time at home and less going out to eat or to see a movie
photo credit: mahalie
When you’re about to add a child to your family, the excitement and anxieties that surround the birth and the preparations for life with a new baby often outweigh the practical need of adjusting your budget. But a good example of keeping everything in perspective can be seen at a No Credit Needed post on the financial impact of a new baby.
As a case study, it’s something we could all learn from. NCN predicted how he would need to alter the family budget before the new arrival and looking back, he was mostly correct. If you’re about to expand your family, look at these budget areas for increases or decreases:
- Increase in the grocery bill - including diapers and having less time for shopping or checking for good deals
- Increase in the electricity bill - due to extra washing, more lights on in the middle of the night, and perhaps the mother being home more often instead of being at work
- Increase in medical expenses - but hopefully these are mostly just one-off expenses related to the birth
- Increase in clothing expenses - not just for the new baby but for the mother’s new after-the-birth figure
- Decrease in entertainment expenses - at least for a while, you’ll probably be spending a lot more time at home and less going out to eat or to see a movie
Teach Your Children the Value of a Dollar
photo credit: iChaz
We all want our children to be financially responsible and independent when they grow up, but many of us don’t know how to prepare them for such a task. School does little to teach money management, and children’s programming is also woefully deficient in this area, so it really is up to you. Not to worry though, follow these steps to help your kids learn the value of a dollar:
- Be a good example: You will be your child’s only ongoing example of money management, so start by being financially responsible. Save your receipts and balance your checkbook, and invite you child to “help” you. Don’t hesitate to explain what you’re doing, either.
- Start early: A child’s formative years really are the best time to teach, so help promote good saving and spending habits when they’re young. For example, encourage them to save up for special purchases, and help them hunt down the best deals once they’ve saved the dough.
- Be honest: If you’re child asks you questions about money, don’t respond with the typical, unhelpful, frustrated-parent “money doesn’t grow on trees” response. Instead, use these moments to teach where money really does come from, and help you children understand basic finances.
- Make allowances: Experts debate whether allowances for daily chores help or hurt personal finance lessons. A good compromise is to have set amounts for chores outside daily duties — like extra dish washing or car washing — which allow your child to make his own fortune.
- Make it interesting: Do anything you can do to interest your child in saving. Decorate a piggy bank, create a monthly savings-counting ritual, or even offer to match each dollar spent with $0.50-$1 of your own.
For more tips, see how to teach your children the value of money.
photo credit: iChaz
We all want our children to be financially responsible and independent when they grow up, but many of us don’t know how to prepare them for such a task. School does little to teach money management, and children’s programming is also woefully deficient in this area, so it really is up to you. Not to worry though, follow these steps to help your kids learn the value of a dollar:
- Be a good example: You will be your child’s only ongoing example of money management, so start by being financially responsible. Save your receipts and balance your checkbook, and invite you child to “help” you. Don’t hesitate to explain what you’re doing, either.
- Start early: A child’s formative years really are the best time to teach, so help promote good saving and spending habits when they’re young. For example, encourage them to save up for special purchases, and help them hunt down the best deals once they’ve saved the dough.
- Be honest: If you’re child asks you questions about money, don’t respond with the typical, unhelpful, frustrated-parent “money doesn’t grow on trees” response. Instead, use these moments to teach where money really does come from, and help you children understand basic finances.
- Make allowances: Experts debate whether allowances for daily chores help or hurt personal finance lessons. A good compromise is to have set amounts for chores outside daily duties — like extra dish washing or car washing — which allow your child to make his own fortune.
- Make it interesting: Do anything you can do to interest your child in saving. Decorate a piggy bank, create a monthly savings-counting ritual, or even offer to match each dollar spent with $0.50-$1 of your own.
For more tips, see how to teach your children the value of money.
The Pros and Cons of Joint and Separate Accounts for Couples
photo credit: Claire L. Evans
For people who are about to get married or set up house with their partner, financial arrangements are one of those unromantic topics that do need to be talked about. One of the biggest decisions is whether you’ll set up a joint account or separate accounts, and the Financial Planning guys at About.com recently had some thoughts on the pros and cons of both sides of this decision. (more…)
photo credit: Claire L. Evans
For people who are about to get married or set up house with their partner, financial arrangements are one of those unromantic topics that do need to be talked about. One of the biggest decisions is whether you’ll set up a joint account or separate accounts, and the Financial Planning guys at About.com recently had some thoughts on the pros and cons of both sides of this decision. (more…)
Summer Camps Affected by Economy, Crude Oil Prices
credit: independentman
For many children, the year’s memories are highlighted by the weeks spent at summer camp: splashing in a pool, riding horses, eating with hundreds of their friends. Unfortunately for many of these children, summer camps around the nation are changing, responding to a slowing economy and rising fuel prices. (more…)
credit: independentman
For many children, the year’s memories are highlighted by the weeks spent at summer camp: splashing in a pool, riding horses, eating with hundreds of their friends. Unfortunately for many of these children, summer camps around the nation are changing, responding to a slowing economy and rising fuel prices. (more…)
Companies Supporting Adoptive Parents
credit: Gustty
When you think of adoption, you probably don’t immediately think of company support and benefits, but that may be changing. In 2007, 45 percent of the top 1,000 major U.S. companies offered their employees financial aid for adoption, a huge increase from 1990’s 10 percent. (more…)
credit: Gustty
When you think of adoption, you probably don’t immediately think of company support and benefits, but that may be changing. In 2007, 45 percent of the top 1,000 major U.S. companies offered their employees financial aid for adoption, a huge increase from 1990’s 10 percent. (more…)
Starting the Saving Habit Young
credit: Megapixel Eyes
It’s never too soon to start teaching your children about money. While you probably can’t explain a bank loan or a home mortgage to a six-year-old, you can get them into the habit of saving money by helping them to create a saving habit.
Much more important than the amount of money here is that your child grows up understanding the discipline of saving money regularly. Start by opening a bank account for your young child and let them see the balance - you might want to start their saving off on the right foot with $20 or $50.
Once the bank account is in place, give your child a small amount of pocket money that must be saved in the bank. Even if this is only a dollar or two per week, it is important that your child can see the effects of regularly saving money. Take them to the bank once a month or so to deposit the money - most banks have special children’s accounts where this can be done, even with small amounts, without incurring transaction fees. After all, the bank wants to get your child’s business so that they grow up with that bank’s name as the one they’re most likely to use. As the balance grows, encourage your child to be excited by the result, and they might just develop a savings habit that will benefit them throughout their lives.
credit: Megapixel Eyes
It’s never too soon to start teaching your children about money. While you probably can’t explain a bank loan or a home mortgage to a six-year-old, you can get them into the habit of saving money by helping them to create a saving habit.
Much more important than the amount of money here is that your child grows up understanding the discipline of saving money regularly. Start by opening a bank account for your young child and let them see the balance - you might want to start their saving off on the right foot with $20 or $50.
Once the bank account is in place, give your child a small amount of pocket money that must be saved in the bank. Even if this is only a dollar or two per week, it is important that your child can see the effects of regularly saving money. Take them to the bank once a month or so to deposit the money - most banks have special children’s accounts where this can be done, even with small amounts, without incurring transaction fees. After all, the bank wants to get your child’s business so that they grow up with that bank’s name as the one they’re most likely to use. As the balance grows, encourage your child to be excited by the result, and they might just develop a savings habit that will benefit them throughout their lives.
Does your child need life insurance?
Life insurance can be a superb investment for a parent or breadwinner, but lately, we’ve been bombarded with offers to insure children. If you have a young child, you may consider taking the plunge and beginning a life insurance plan for him, but experts say that kids do not need life insurance.
(more…)
Life insurance can be a superb investment for a parent or breadwinner, but lately, we’ve been bombarded with offers to insure children. If you have a young child, you may consider taking the plunge and beginning a life insurance plan for him, but experts say that kids do not need life insurance.
(more…)
