This is a guest post from Brian Jenkins of BrainTrack

Teaching kids the importance of financial goals helps them become financially responsible adults. Establishing and achieving financial goals at an early age sets the stage for kids to save money for college and other of life’s major expenses. Financial goals can also help kids avoid the “instant gratification” lifestyle that usually leads to huge debt during the adult years. Achieving financial goals also gives kids a sense of accomplishment.

For young kids, saving up to purchase a desired toy is a realistic goal. Teenagers and tweens can start saving money for investments. A lot of kids enjoy saving money when they learn how compound interest works (Unfortunately, interest rates on savings accounts are currently very low).

Goals: Time Length

Financial goals for young children should be short in duration, perhaps only two weeks or so, and the goal should be easy to achieve. After they achieve their first objective they’ll be inspired to set and achieve another financial goal. As children get older the amount of time before a goal is realized should increase.

Set Limits

Provide your kids with a sufficient amount of money to learn about financial principles; however, don’t give them so much that they believe money is unlimited. Kids need to learn how to make decisions based on financial limits. They should learn to achieve their financial goals by living within a budget.

Money for the Financial Plan

Many parents use chores as a way to give children money. However, paying children to perform chores may unintentionally teach children that they have to be paid to help the family. This can diminish the importance of “helping other people for selfless reasons.” The “no pay for chores” strategy also promotes teamwork and responsibility. Parents can, however, provide an allowance for young children. When kids become old enough to get a job they’ll be excited to get paid to perform tasks.

Financial Objectives

One strategy consists of three financial objectives:

• Saving money to buy a desired item
• Reach a specific account balance
• Save money for a charity that helps underprivileged kids

Each week kids divide their allowance and place money into the three piggy banks. At the end of every month, count the money with your kids. They’ll be pleased to see how the money has grown. As kids get older the money should be moved to a real bank.

For long-term goals, such as paying for a special trip or buying an expensive item, parents can help kids determine their weekly savings requirements. Parents and children should both monitor the progress, and financial goals should be discussed from time to time. When they reach a goal, celebrate their success. The celebration helps demonstrate the importance of achieving financial objectives.

Parents Financial Goals

One way to show kids the importance of financial goals is to have financial objectives of your own and explain them to older kids. If parents live within a budget, their children are more likely to spend wisely when they become adults.

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Whether buying a house, car or piece of equipment, it is a thrill to make a large purchase. You want to make sure that what you are buying suits your needs. Here are ten things to ask yourself before the sale is made.

1. Do I Need It? There is a large difference between what you need and what you want. If your car has broken down on the side of the road, you probably need a different one. If you have safety concerns about the house that you are living in, you may need to move. Ask yourself if the item’s purchase will fulfill a need.

2. Have I Looked for Used Options? New cars depreciate dramatically when they are driven off the lot. There are businesses which specialize in used equipment, selling their wares for lower than the full price. When you buy quality used items, you are getting the same product for less money.

3. Have I Talked to Friends and Family About It? Friends and family have your best interests in mind. They can provide solutions and steer you toward options that may not have been previously considered. One of your friends or family members might have unique knowledge about your next buy.

4. Am I Being Pressured to Buy? There are very few large purchases which cannot be made tomorrow. Salesmen will play upon their customer’s emotions to overcome doubts. They might tell you that there’s another buyer for the product or claim that it is the last one in stock. Businesses make money by having one more of the item in stock.

5. Do I Know All the Costs Involved With It? There are often costs associated with the ownership of large ticket items. A car requires regular maintenance, gas and insurance. A house needs insurance, escrow and a repair fund. Be aware of the hidden costs of having the item.

6. Have I Read the Reviews? There are reviews available for nearly every product under the sun. Consumer Reports is a great place to start when searching for more information.

7. Do I Know What’s in the Contract? Nothing is official until the contract is signed. The contract is there to protect both you and the dealer. Read the contract thoroughly and ask questions if there is something that you do not understand.

8. Do I Have to Buy This on Credit? Is this purchase an emergency? If you are in dire need of this product, then make sure that you are purchasing it with the lowest interest rate possible. Make a repayment budget and stick to it.

9. Will This Ruin My Budget? Are you having to take from other categories in your budget to pay for this item? There are some who have not paid back the category that they borrowed from the last time. This situation is avoided if the purchase is not made.

10. Can I Pay for This Outright? Paying for a large purchase outright is one of the best feelings in the world. Some businesses offer cash discounts for items paid for up front. There is freedom in the knowledge that you do not have to make monthly payments.

Thoroughly research the items that you want. Planning and budgeting lead to fewer instances of buyer’s remorse. Good luck, and may you get the item that you’ve dreamed of.

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You can save on moving costs even when you hire the services of a moving company to assist you.

Initially, when you plan to move, make sure to weigh two possible options. You can either move on your own or you can hire a moving company instead. Acquiring the services of a mover may sound expensive but it doesn’t always break the budget. It may still come out less expensive if you are moving across the country. Whether you rent a moving truck or hire an agency, be sure to do what makes sense for your wallet. Here are some tips:

1. Lighten your cargo

Reduce your load to save money. The lighter the weight of your stuff, the less money is involved. Sort your things and sell or give away what you no longer need. You can have a garage sale to get rid of unimportant items. Books can be donated to charity centers.

2. Move during non-peak season

If you want to save money, schedule your move for a date that isn’t in the peak season. You can ask your moving company to provide you with information about their peak and off peak seasons. A mover will charge higher rates during their peak period.

3. Ask for a discount

When asking for a quote, ask if about discounts. Most companies offer discounts to stay competitive in the moving industry. Get at least three quotes so you can make comparisons and have full control over your choice. The majority of moving companies, such as the Sacramento moving company, will offer free estimates. Search the net to find a huge list of moving companies willing to provide price quotations without charging you a fee.

4. Adapt to the company’s schedule

If you agree to coordinate your time with the company’s moving schedule, then ask if they will consider granting you a pricing discount.

5. Beware of the hidden costs for various services

Ask about the fees that could be charged for various services such as:

• Accessorial charge – packing, unpacking, and additional charges for longer hauls.
• Expedited service charge – a fee applied to the transfer of your possessions at your designated time.
• Flight charge – fee for transporting your things by going up and down the stairs whether at the point of origin or at your new home. Availability of elevators for carrying your things would not imply additional costs.
• Line-haul charge – this is a fee for long distance trips obtained during a move.
• Long carry – another fee charged when you go beyond the distance limit, which is a specified gap from the back of the truck to your dwelling. Any more than that, an extra cost will be added on the moving rate.
• Shuttle service charge – is applied to the use of smaller vehicles transporting things to areas that are not accessible by large trailers.

Plan ahead for possible services you will need during your move to prevent any unexpected fees and charges.

6. Get your new home is ready

Make sure that your new home is ready for you to move into. Otherwise, you will incur an additional charge called storage in transit fee. This fee is charged for the temporary storage of your goods waiting to be unloaded.

7. Consider moving specialty items and bigger things yourself

Specialty stuff and bigger belongings would entail extra costs to move. If you plan to drive to your destination, rent a trailer and move these things by yourself.

8. Investigate specialty movers

Another option of moving specialty items is to hire a specialty mover. It may cost you less than paying additional fees for the added staff from your moving company.

9. Ask about appliances that need special packaging

Appliances and other valuable items may require some special form of packaging. Inquire from moving companies for the possible extra rates on the moving cost. Should they charge, you might as well as get help from relatives, friends or neighbors to help you out in packing.

10. Pack everything ahead of time

Be sure to pack your things before the moving truck arrives. Help from the mover’s staff for last minute packing involves additional costs.

Links to products or services may be affiliate links. See my disclosure policy on the site or on my About page.

This is a guest post by Vicki Thompson.

Teaching time management skills when life is relatively simple will make it naturally easier for your child when life gets a little more complicated. So how can you effectively teach your child the skill of managing his or her time?

By teaching your child how to tell time

Teach your child early on to tell time. If you want your child to learn how to manage time, then this is an obvious first step. Other than the advantage of being introduced early to numbers, your child will become more responsible and disciplined when he knows how to tell time and why it’s important. Use a clock with the hands rather than a digital clock. Choose a large one with attractive designs to make it more fun. For example, when your child asks for an ice cream cone or snack, tell him he can have one at four o’clock. Then show him the numbers where the hands should point at this time (You’ll also be teaching him patience). As he asks for more things, he’ll have the idea that activities are done at different times during the day.

By teaching your child how to set priorities

There are always more things to do than there is enough time to do them, even for a child. By teaching your child how to set priorities, he’ll know how to divide his time among his different activities; he’ll learn where to spend more time, and where to spend less. Teach time management to your child by using the reward principle. If he finishes his home work first, he will have the remaining time before bedtime entirely for television. But if he wants television first, he would have to watch only until a certain time, regardless if he’s watching a favorite show. You might find your child having a dilemma between doing two school projects. Ask him which one he finds more difficult and advise him to do that one first. This way, he won’t dread doing the second project because he’ll know it’ll be easier. Always make your child see the advantages of wise choices; hopefully he’ll carry this skill until the time he starts making decisions for himself.

By showing your child that managing time means fun

You should never leave this part out. If you allow sufficient time for playing, entertainment, and doing the things your child enjoys, you will ensure he knows you mean well and that you’re not simply making his childhood miserable. This is true for all the other things you want to teach your child; if you want your child to really accept the lessons you’re teaching him, it is always imperative that you let him see the fun part of it. Also, this is important for your child to learn how to balance responsibility and relaxation, which will ultimately make him the well-rounded individual that you want him to be.

As a parent, consulting a time management e-book might help in further honing your kid’s time management skills.

Photo by kyz

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This guest post was written by Go Banking Rates, bringing you informative personal finance content and helpful tools, as well as the best interest rates on financial services nationwide. Follow them on Twitter at @GoBankingRates and on Facebook at /GoBRates. If you would like to guest post here at The Wisdom Journal, please use my guest post submission form.

Photo by jnewland

We’ve all heard variations of the saying before: “money doesn’t make you happy.” That could be true, but money does make you comfortable. The pleasures of financial stability, steady income and a packed bank account versus the stresses of debt, bad credit and financial pressure are vastly different. We can only avoid such a predicament if we’re smart with our finances, make good decisions and budget appropriately.

When it comes to financial follies, is there a time when they’re acceptable? When is the panic tolerable? When you’re shaking under the discomfort of debt, is it sometimes worth it? We believe there are two such occasions when over-spending is justified.

#1: I Now Pronounce You Broke?

Big celebrations may be some of the most memorable events in your life. They can also be some of the most expensive.

How about a wedding? Weddings can typically cost tens of thousands of dollars. Traditionally, the bride’s father foots the bill, but that’s not always the case.

So let’s say you and your fiancé are preparing for the big day. It is supposed to be a once in a lifetime occasion and chances are the bride hasn’t been dreaming about a chapel on the Vegas strip or tying the knot in a courthouse.

Let’s look at a short list of expenditures: You’ve got the “save the dates,” invitations, wedding dress, tux, rehearsal dinner, cake, church, reception hall, decorations, flowers, limo, music, the catering and the drinks… Oh, and thank you notes. Nice ones.

It seems something like a wedding could result in some debt. So, do you go for a full sit-down dinner and an open bar or hors d’oeuvres and cash bar?

Then, of course, the wedding is followed by a honeymoon.

Justification: You can’t put a price on love! You might as well go big for the wedding because who wants a rocky start? Plus, as newlyweds, you’ll hopefully be spending the next few months only wanting to spend time with each other, anyway. Staying in will give you an opportunity to save some money and pay off the credit card bills.

#2: The Unforgettable Experience

No matter how much cash you put down, you can’t buy life experiences. Memorable times don’t necessarily have to be expensive, but getting to the destination where memories are formed can be a potential threat to the bank account. If you can genuinely fill in the blank to the following statement, it’s simply too important to skip:

“If I miss ______, I’ll never forgive myself.”

Depending on the stage of life you may be in, the answer can vary across the board from as trivial as your favorite team’s championship game to the far away funeral of a loved one. Can you think of an event that has taken place in your life that you can’t imagine not having been there for? The ones your friends and family refer to constantly? The ones that frequently cross your mind? More memorable moments will happen again. It’s up to you to prioritize, but sometimes life’s events are too important to fret over the finances.

Justification: You truly can’t buy back time. One great experience can be satisfaction enough to stay in and save up for the next one. If you don’t involve yourself, you’ll be missing out on a lot more than your extra cash.

Should You Go for It?

Go Banking Rates is not recommending you default on your credit cards by buying extravagant luxuries. Just ask yourself if it’s something that ultimately will have more of an impact on your life than your bank account. If you know your cash flow will recover, go for it if you’ll never get that opportunity again.

Palm trees photo (view from the hammock) by jnewland

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