teenagers http://www.wisebread.com/taxonomy/term/15898/all en-US How to Help Your Kid Build Their First Budget http://www.wisebread.com/how-to-help-your-kid-build-their-first-budget <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/how-to-help-your-kid-build-their-first-budget" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/iStock-185090450.jpg" alt="" title="" class="imagecache imagecache-250w" width="250" height="142" /></a> </div> </div> </div> <p>Teenagers need guidance to build their first budget. But with sporting events, extracurriculars, and homework to worry about, it can be easy for parents to let budgeting skills fall through the cracks. And if you were never taught how to budget by your own parents, you might not know how to teach your children this skill.</p> <p>Helping your teenage child create a budget does not have to be overwhelming or time consuming. The important thing is to be proactive and consistent as you teach your teen how to handle money in the real world.</p> <h2>Offer a Monthly Allowance<strong> </strong></h2> <p>Providing a monthly allowance will help your child recognize the importance of long-term money planning. If they blow the entire month's worth of allowance in the first weekend, they'll learn an important lesson in delaying gratification. The most important thing you can do is be consistent about paying the allowance each month, and refuse to bail your child out of a problem if they use up their money before the month is over.</p> <p>If your teenager also decides to take a job, consider that a supplement to their allowance, rather than a substitute. Just as you would hate to see your initiative at work penalized by a reduction in pay, your child would hate to see their allowance docked just because they're showing initiative in getting a job.</p> <h2>Require Them to Take Over Some Necessary Spending</h2> <p>Many parents allow their teens to use their allowance and salary as pocket money. While there's nothing wrong with letting your kid have fun money, a big part of budgeting is making sure you have enough money to cover fixed bills. You can help your teenager learn to do this by asking them to take over a necessary bill.</p> <p>For example, you could ask them to cover a portion of the family cell phone plan, or their portion of the automobile insurance. Learning to pay these bills on time will give your teen an important first taste of what it will be like to pay their own way as an adult.</p> <h2>Create Targeted Savings Accounts<strong> </strong></h2> <p>It's likely that your child has some big goals for the future, whether that's going to a private college or buying a car. You can show them that they can achieve these financial goals through targeted savings accounts.</p> <p>Many banks allow you to create several targeted accounts, each with its own nickname. You can help your teen set up a few of these targeted savings accounts and encourage them to transfer some of their allowance or salary into the accounts when they get paid. They'll learn the importance of paying themselves first, and that consistent savings adds up. (See also: <a href="http://www.wisebread.com/build-savings-faster-with-a-multiple-account-strategy?ref=seealso" target="_blank">Build Savings Faster With a Multiple Account Strategy</a>)</p> <h2>Help Them Track Their Spending</h2> <p>Financial tracking is a necessary part of creating a healthy budget. They should know where their money is going each month, and whether those expenses were worthwhile. If they discover they're spending a good portion of their allowance on going to the movies, introduce options to them, like discounted movie passes or skipping the popcorn, soda, and snacks while there. Remind them to spend their money consciously.</p> <h2>Have Regular Budget Meetings</h2> <p>Plan on checking in at least once every two or three months to see how their finances are faring. They should get into the habit of reviewing how they've spent their money and whether those expenditures align with their goals. This will set your teen up to regularly review their budget on their own, and one day have regular budget meetings with their spouse.</p> <h2>Teach Your Children Well</h2> <p>Budgeting is the cornerstone of financial health, but knowing how to budget is hardly intuitive. Spending can easily become automatic and savings be pushed to the back burner. By getting your teen used to reviewing their finances and planning for their future, you're creating a powerful habit that will guide them wisely for the rest of their lives.</p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/emily-guy-birken">Emily Guy Birken</a> of <a href="http://www.wisebread.com/how-to-help-your-kid-build-their-first-budget">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-1"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/10-fun-books-that-will-get-your-kids-excited-about-money">10 Fun Books That Will Get Your Kids Excited About Money</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/how-to-use-new-toys-to-teach-kids-about-money">How to Use New Toys to Teach Kids About Money</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/7-unexpected-ways-stay-at-home-parents-save-big">7 Unexpected Ways Stay-at-Home Parents Save Big</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/dont-start-a-family-before-reaching-these-5-money-goals">Don&#039;t Start a Family Before Reaching These 5 Money Goals</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/24-tips-for-having-a-baby-without-going-broke">24 Tips for Having a Baby Without Going Broke</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Budgeting Family allowances budget meetings family kids saving money savings accounts teenagers tracking spending Thu, 16 Feb 2017 11:00:09 +0000 Emily Guy Birken 1889843 at http://www.wisebread.com 10 Fun Books That Will Get Your Kids Excited About Money http://www.wisebread.com/10-fun-books-that-will-get-your-kids-excited-about-money <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/10-fun-books-that-will-get-your-kids-excited-about-money" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/iStock-597659170.jpg" alt="your kids will love these books about money" title="" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>Chances are, you want your child to be financially wise, but every time you start to talk about money management or smart spending, your kid conveniently tunes out. Fun books are the perfect way to get your children thinking about money.</p> <p>You don't necessarily need to force your kids to read heavy economic books. Instead, allow them to enjoy and be inspired by these books about saving, giving, and starting businesses.</p> <h2>1. <em>The Berenstain Bears' Dollars and Sense</em> by Stan and Jan Berenstain</h2> <p><a href="http://amzn.to/2i7aviQ" target="_blank">The Berenstain Bears' Dollars and Sense</a> helps teach kids about allowance management. The book has tear-out checks so that kids can practice writing their own. While most of the population uses <a href="http://www.wisebread.com/credit-cards-vs-debit-cards-a-comprehensive-comparison" target="_blank">debit cards and credit cards</a>, writing checks is still something that should be learned.</p> <h2>2.<em> The Berenstain Bears' Money Trouble</em> by Stan and Jan Berenstain</h2> <p><a href="http://amzn.to/2j1dwBl" target="_blank">The Berenstain Bears' Money Trouble</a> features the same lovable bears as they start several businesses to earn money. Starting a business isn't easy, even when it's just a lemonade stand. This book goes through those initial obstacles in a fun way.</p> <h2>3. <em>The Berenstain Bears' Piggy Bank Blessings</em> by Stan and Jan Berenstain</h2> <p><a href="http://amzn.to/2j1fFwW" target="_blank">The Berenstain Bears' Piggy Bank Blessings</a> has an overall religious tone, quoting verses, but the story follows the bears as they save money for a surprise birthday present for their mom. My four-year-old enjoys this one, and I enjoy that the book shows the main characters thinking of others.</p> <p>See also: <a href="http://www.wisebread.com/8-best-sites-to-help-your-kids-learn-about-money?ref=seealso" target="_blank">8 Best Sites to Help Your Kids Learn About Money</a></p> <h2>4. <em>If You Made a Million</em> by David M. Schwartz</h2> <p>Kids throw around &quot;million&quot; without really knowing what it represents. <a href="http://amzn.to/2iw7QSV" target="_blank">If You Made a Million</a> helps children ages seven and older understand the complexity of big numbers in a fun way. While the book was published over two decades ago, it remains a classic, having won the ALA Notable Book and a Reading Rainbow Feature Selection.</p> <h2>5. <em>Prices! Prices! Prices!: Why They Go Up and Down</em> by David Adler</h2> <p>The well-loved author of the Cam Jansen series, David Adler, also happens to be a former math teacher. His book,<a href="http://amzn.to/2iAlvqd" target="_blank"> Prices! Prices! Prices!: Why They Go Up and Down</a> has such fun illustrations and tackles the concepts of supply and demand.</p> <h2>6. <em>Amelia Bedelia Means Business</em> by Herman Parish</h2> <p>Amelia Bedelia is a lovable and quirky character who takes everything literally. There have been many times I have laughed out loud while reading the original Amelia Bedelia series to my daughter, especially when she is told to &quot;dress the turkey&quot; and makes a little suit for the turkey dinner.</p> <p><a href="http://amzn.to/2iAnk6j" target="_blank">Amelia Bedelia Means Business</a> is not written by the original author, but the story still follows the same theme. This one follows a young Amelia Bedelia as she tries to make money, even getting in trouble with the local police.</p> <h2>7. <em>American Girl Library: A Smart Girl's Guide: Money</em> by Nancy Holyoke and Sarah Hunt</h2> <p>American Girl non-fiction titles are both engaging and useful for young girls. <a href="http://amzn.to/2hMVXnq" target="_blank">A Smart Girl's Guide: Money</a> is written in an engaging, magazine-type format. Topics covered are smart shopping tips, making money, and investing. The book includes fun graphics and easy-to-use quizzes.</p> <h2>8. <em>The</em> <em>Babysitter's Club Series</em> by Ann Martin</h2> <p>There might not be any set money lessons in the <a href="http://amzn.to/2iAhDW9" target="_blank">Babysitter's Club Series</a>, but I remember clearly that it helped spark an entrepreneurial spirit in me during my tween years. The idea that a group of teen girls start their own babysitting club had me planning and thinking about doing that myself. While I never started a babysitting club, I still have that entrepreneurial spirit that has allowed me to creatively earn money without a 9-to-5 position. The book series has been redone as a graphic novel, so it will appeal to today's generations.</p> <p>See also: <a href="http://www.wisebread.com/7-frugal-living-skills-you-should-be-teaching-your-children?ref=seealso" target="_blank">7 Frugal Living Skills You Should Be Teaching Your Children</a></p> <h2>9. <em>Rock, Brock, and the Savings Shock</em> by Sheila Bair</h2> <p><a href="http://amzn.to/2j1rmUr" target="_blank">Rock, Brock, and the Savings Shock</a> follows twins whose grandpa offers them a 10-week savings plan. Every dollar they save will be matched. One twin saves his money and has over $500 after 10 weeks, while the other twin spends the money foolishly. Tons of great money lessons in here.</p> <h2>10. <em>Isabel's Car Wash</em> by Sheila Bair</h2> <p>From the same author as the title above,<a href="http://amzn.to/2j1rvqX" target="_blank"> Isabel's Car Wash</a> is about a girl who wanted a doll that cost $10. She decides to start a car washing business, but first needs money for supplies. The book follows her adventure of starting a small business so that she can buy her doll.</p> <p>There are so many wonderful books out there that teach kids important money skills. Look for books that teach children the money basics in a fun way, and also look for books that features the main character acting as an entrepreneur.</p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/ashley-eneriz">Ashley Eneriz</a> of <a href="http://www.wisebread.com/10-fun-books-that-will-get-your-kids-excited-about-money">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-1"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/how-to-help-your-kid-build-their-first-budget">How to Help Your Kid Build Their First Budget</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/4-parenting-mistakes-to-avoid-when-teaching-kids-about-money">4 Parenting Mistakes to Avoid When Teaching Kids About Money</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/how-to-use-new-toys-to-teach-kids-about-money">How to Use New Toys to Teach Kids About Money</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/how-living-on-a-tight-budget-makes-you-happier">How Living on a Tight Budget Makes You Happier</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/24-tips-for-having-a-baby-without-going-broke">24 Tips for Having a Baby Without Going Broke</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Budgeting Entertainment Family budgeting family kids money parenting saving money Spending Money teenagers tweens Mon, 09 Jan 2017 11:00:09 +0000 Ashley Eneriz 1869549 at http://www.wisebread.com Best Money Tips: Low-Cost Business Ideas for Teens and Kids http://www.wisebread.com/best-money-tips-low-cost-business-ideas-for-teens-and-kids <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/best-money-tips-low-cost-business-ideas-for-teens-and-kids" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/kids_lemonade_stand_9934829.jpg" alt="Kids finding low-cost business ideas to make extra money" title="" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>Welcome to Wise Bread's <a href="http://www.wisebread.com/topic/best-money-tips">Best Money Tips</a> Roundup! Today we found articles on low-cost business ideas for teens and kids, how to get the best Black Friday deals online, and tips for homeowners who want to rent out a room.</p> <h2>Top 5 Articles</h2> <p><a href="http://moneypantry.com/low-cost-business-ideas-for-kids/">9 Low Cost Business Ideas for Teenagers &amp; Kids</a> &mdash; Social media comes naturally to most teens, and they can make a bit of money by helping local businesses manage their social media accounts. [Money Pantry]</p> <p><a href="http://www.csmonitor.com/Business/Saving-Money/2016/1025/How-to-snag-the-best-Black-Friday-deals-online-this-year">How to snag the best Black Friday deals online this year</a> &mdash; If you know you'll be shopping at certain online retailers, set up an account with them ahead of time. Speeding up the checkout process will help you get doorbusters before they run out. [The Monitor]</p> <p><a href="http://moneyqanda.com/enting-out-a-room/">4 Tips for Homeowners Renting Out a Room</a> &mdash; Renting a room in your home can be a great way to make extra money, but there are a few things you should consider before posting a listing. [Money Q&amp;A]</p> <p><a href="http://www.cheapism.com/blog/lifetime-warranty-products-14700/">25 Well-Made Products You'll Never Have to Buy Again</a> &mdash; Leather boots and shoes from Dr. Martens' For Life collection are guaranteed for life. The company will even repair or replace a worn out product! [Cheapism]</p> <p><a href="http://www.popsugar.com/smart-living/Homemade-Drain-Cleaner-30796532">This Homemade Drain Cleaner Will Banish Clogs For Good</a> &mdash; This homemade drain cleaner will have your sink or tub flowing freely in no time. [PopSugar Smart Living]</p> <h2>Other Essential Reading</h2> <p><a href="http://www.fool.com/retirement/2016/10/24/3-ways-to-withdraw-from-your-ira-before-retirement.aspx">3 Ways to Withdraw From Your IRA Before Retirement &mdash; Penalty-Free!</a> &mdash; You can use IRA funds without incurring the penalty to pay certain unreimbursed medical expenses. [The Motley Fool]</p> <p><a href="http://savvyscot.com/how-to-quit-your-job-on-good-terms/">How to Quit Your Job on Good Terms</a> &mdash; Don't quit when things are busy at your job &mdash; your co-workers would not appreciate having to scramble to take care of your responsibilities. If you can't wait for a slow time, give as much notice as you can so everyone can prepare for your exit. [The Savvy Scot]</p> <p><a href="https://christianpf.com/encouragement-for-difficult-times-keep-going/">5 Things To Do When You&rsquo;re Discouraged About Your Finances</a> &mdash; No matter how frustrated you feel, keep on saving and investing. [SeedTime]</p> <p><a href="http://yesiamcheap.com/maximizing-employee-benefits/">Are You Maximizing Your Employee Benefits?</a> &mdash; Take advantage of workplace flexibility if your employee offers this benefit. Having flexible hours or being able to work from home one day a week can do wonders for your work-life balance and overall productivity. [Yes, I Am Cheap]</p> <p><a href="https://www.pickthebrain.com/blog/10-most-important-things-you-should-do-to-make-life-simple-enjoyable-and-successful/">10 Of The Most Important Things You Should Do To Make Life Simple And Happy</a> &mdash; Evaluate your daily and weekly commitments. Get rid of anything that you don't enjoy and isn't important. [Pick The Brain]</p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/amy-lu">Amy Lu</a> of <a href="http://www.wisebread.com/best-money-tips-low-cost-business-ideas-for-teens-and-kids">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-3"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/5-business-lessons-from-these-child-entrepreneurs">5 Business Lessons From These Child Entrepreneurs</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/how-to-help-your-kid-build-their-first-budget">How to Help Your Kid Build Their First Budget</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/10-fun-books-that-will-get-your-kids-excited-about-money">10 Fun Books That Will Get Your Kids Excited About Money</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/7-money-moves-to-make-as-soon-as-the-kids-move-out">7 Money Moves to Make as Soon as the Kids Move Out</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/5-lessons-that-teach-your-kid-to-be-their-own-boss">5 Lessons That Teach Your Kid to Be Their Own Boss</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Entrepreneurship best money tips kids teenagers Wed, 26 Oct 2016 10:00:09 +0000 Amy Lu 1820581 at http://www.wisebread.com 7 Money Moves to Make as Soon as the Kids Move Out http://www.wisebread.com/7-money-moves-to-make-as-soon-as-the-kids-move-out <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/7-money-moves-to-make-as-soon-as-the-kids-move-out" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/friends_carrying_boxes_27414930.jpg" alt="Parents making money moves after kids move out" title="" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>Have your kids recently flown the coop? Huzzah &mdash; it's time to celebrate, empty nester! Shed a few tears so you don't look completely insensitive, but then get down to business. You've put in 18 years (or, God help you, even more), and now it's time to concentrate on you and your future. Thus, here are six money moves you should make as soon as your little kids strike out on their own.</p> <h2>1. Cut Your Children Off as Financial Dependents</h2> <p>Cutting your kids off the financial gravy train doesn't mean you can't help them out when they're in a tight spot, but they're adults now and they need to start acting like it. Start handing over the bills to their cellphones, car insurance, and whatever other payments you're taking care of on their behalf.</p> <p>Similarly, this also is the time to start reversing the mindset that they can call Mom and Dad whenever they need money. If you've facilitated this kind of reliance in your children, it's time to help them learn to stand on their own.</p> <h2>2. Increase Contributions to Your Retirement Fund</h2> <p>Now that you've freed up a good chunk of your disposable income, you can start concentrating on yourself again &mdash; and right now that means retirement.</p> <p>&quot;Once you have an empty nest, it's time to make sure you're on track for your retirement,&quot; says retirement-savings expert Patty Cathey. &quot;I recommend putting away 15% of your salary into a 401K or IRA. If you can put more away &mdash; do it. You may have some ground to make up if you've been prioritizing you kids over retirement.&quot;</p> <p>CFP Scott Hanson, who owns a financial advising firm in California, offers an additional tip on how to play catch-up on <a href="http://www.wisebread.com/using-your-roth-ira-as-an-emergency-fund-ever-a-good-idea" target="_blank">your retirement savings</a>.</p> <p>&quot;You can contribute as much as $24,000 into a 401K plan if you are age 50 or older. Too few of us ever reach that milestone, but from my experience, those that have contributed the most to their employer's 401K or 403B are in the best financial position at retirement time.&quot;</p> <h2>3. Make Improvements to Increase the Value of Your Home</h2> <p>If your home has been neglected for a few years (or more) because you've been paying for your high schooler's academic, athletic, and artistic needs (and then exponentially more during college), now's the time to start directing some of that money back into your tangible investments. Fix what needs fixing and give the joint a cosmetic face-lift where necessary to increase its value. Just be careful that you're not making expensive improvements that won't pay off in the long run. Concentrate on what's key to buyers and leave the rest for them.</p> <h2>4. Develop a Strategy to Pay Off Your Home</h2> <p>If you're nearing retirement age, chances are you're well into paying off your mortgage, if not approaching total payoff. You'll put yourself in the best financial position if you can develop a strategy to eliminate that mortgage debt altogether.</p> <p>&quot;Calculate how much you should pay each month so that your home is paid off by the time you reach retirement age,&quot; Hanson advises. &quot;For example, if you are age 52 and want to retire at age 65, you'll want to adjust your payments so that your home is paid off in 13 years. There are many online calculators that can help you figure this out.&quot;</p> <h2>5. Offer Your Kid's Room to a Rent-Paying Boarder</h2> <p>You'll find help in paying off your mortgage faster or putting more money toward your retirement plan if you can monetize the extra space in your house. If your kid doesn't have any plans to return (or you've changed the locks so they can't &mdash; and high-five for that!), consider turning their bedroom into a short or long-term rental.</p> <p>There are pros and cons to both situations.</p> <p>On the short-term side, there's potential to make much more money per month if you live in a well-traveled area, and you have the pleasure of welcoming new guests on a regular basis (if you like that sort of thing), while avoiding the annoyance of a full-time tenant. If you prefer a more long-term situation, you can count on steady income, though it may net less than a short-term setup, and you won't have to continually greet new guests and clean up after them.</p> <p>Either way, my philosophy is that if your empty room isn't making you money, it's costing you money &mdash; and when you look at it that way, it's easy to discern which is the better solution for your savings goals.</p> <h2>6. Consider Downsizing to a Smaller Home</h2> <p>If you're not keen on renting your extra room(s) to short-term vacationers or a long-term tenant, consider downsizing altogether if you have more space than you really need. At this stage, there's no point in paying for a three or four-bedroom mortgage when you may be able to buy a new one-bedroom condo outright with the money you make from the sale of your existing home. Cutting your mortgage way down will help also you put the excess savings toward retirement.</p> <p>&quot;You'll not only save money on the mortgage, but you can save on utility bills, maintenance costs, and taxes,&quot; Cathey adds. &quot;Not to mention, you may be able to ease some of the home maintenance burdens, freeing up time spent on cleaning, lawn care, and shoveling.&quot;</p> <h2>7. Look at Other Areas in Your Life That You Can Downsize</h2> <p>Driving a gas guzzler? Look into an inexpensive, more fuel-efficient vehicle. Keeping services, memberships, and subscriptions that you don't really use? Cancel them. Energy costs eating up a good portion of your budget? Research ways to cut back and go a little greener. There are likely plenty of areas you can shave money off your bills here and there by reducing what you're using. The amount may seem insignificant singularly, but combined they'll add up fast.</p> <p><em>Did you kids recently move out? What have you done to put more money back in your pocket instead of theirs? Let's discuss in the comments below.</em></p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/mikey-rox">Mikey Rox</a> of <a href="http://www.wisebread.com/7-money-moves-to-make-as-soon-as-the-kids-move-out">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-1"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/dont-start-a-family-before-reaching-these-5-money-goals">Don&#039;t Start a Family Before Reaching These 5 Money Goals</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/7-smart-money-moves-for-empty-nesters">7 Smart Money Moves for Empty Nesters</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/are-you-ruining-your-retirement-by-spoiling-your-kids">Are You Ruining Your Retirement by Spoiling Your Kids?</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/how-to-help-your-kid-build-their-first-budget">How to Help Your Kid Build Their First Budget</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/how-much-should-your-kids-know-about-your-finances">How Much Should Your Kids Know About Your Finances?</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Personal Finance Family dependents empty nesters home kids moving out retirement teenagers young adults Thu, 07 Jul 2016 10:30:06 +0000 Mikey Rox 1745836 at http://www.wisebread.com 8 Money Lessons I Learned Selling Office Supplies http://www.wisebread.com/8-money-lessons-i-learned-selling-office-supplies <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/8-money-lessons-i-learned-selling-office-supplies" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/woman_working_food_service_21858355.jpg" alt="Woman sharing money lessons she learned selling office supplies" title="" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>My first real job came when I was 16 years old and landed a position at one of those large <a href="http://www.wisebread.com/best-credit-cards-for-office-supply-purchases?utm_source=wisebread&amp;utm_medium=internal&amp;utm_campaign=article">office supply stores</a>.</p> <p>As jobs for high schoolers go, it was not a bad one. I earned some money to get through the summer, kept myself busy, learned a lot about varieties of printer ink, and made some friends in the process. I also took away some solid money lessons that have proven helpful over the years.</p> <p>So as we enter summer, let me offer these financial bits that I <a href="http://www.wisebread.com/6-money-lessons-i-learned-working-as-a-corn-detasseler" target="_blank">learned from my first job</a>.</p> <h2>1. Work Isn't So Bad</h2> <p>Everyone fantasizes about not having to work. But by having a job at the office supply store, I realized that being employed isn't a bad thing. A job gives you income, which is a pretty important thing to have if you want do stuff. And working at a job allows you to learn and enhance key skills like communication, reliability, and even mathematics. A job, to put it simply, can give you a foundation for life.</p> <h2>2. Investing Is Better Than Spending</h2> <p>I can tell you for sure that the cash from my first paychecks did not go into a Roth IRA, or even a savings account with a decent interest rate. No, it went to movies, trips to Burger King, Stone Temple Pilot CDs, and baseball tickets. If I had enough money leftover for gas in my car, I was happy.</p> <p>I had fun as a teenager, but if I had saved more of my earnings and invested them, the total stash would have grown tremendously, and I'd have a lot more money in the bank now. Even just $1,000 invested in an index fund in 1996 would be worth about $4,000 now. If I had somehow managed to save $5,000, I'd have about $20,000 today.</p> <h2>3. The Government Get Its Cut</h2> <p>My first job meant my very first paycheck, which meant I got a glance at the amount of money Uncle Sam takes away. And it certainly seemed like a lot! By looking at my first check, I came to understand that you can only plan your spending based on take-home pay, not your gross wages. Later on in my work life, this understanding of the tax man led me to learn about 401K, Roth IRA plans, and other tax-advantaged ways to invest.</p> <h2>4. You Can Always Haggle</h2> <p>Everything for sale has a price, but that doesn't necessarily mean that's what you have to pay. There's very little downside to asking if you can pay less for an item if you believe it's overpriced. Often, stores will have price-match guarantees that aren't advertised. And you can always ask a manager to adjust a price if you think you have a good reason. When I worked at the office supply store, we had a small refrigerator for sale that had a damaged handle. It otherwise worked fine, but the manager agreed to cut the price in <em>half </em>simply because the customer asked.</p> <h2>5. Never Stop Learning</h2> <p>When I worked at the office supply store, we had many high-schoolers and college students on staff, but also a number of middle-aged and older employees who had been there a long time. Seeing these older workers made me realize that I did not want to find myself employed as a stockboy at an office supply store for the rest of my life. It was important for me to continue with school and develop a wide range of skills that would give me career options and the chance to earn more money over time.</p> <h2>6. Salespeople Want You to Part With Your Money</h2> <p>Though my primary job at the office supply store was to help with customer service, I also helped with sales of office furniture. I was encouraged to convince customers to buy our brand of chairs, desks, and shelves.</p> <p>Keep in mind, my job was not to ensure people ended up with the best product. It was to get them to <em>believe</em> our product was the best, whether that was true or not. I became a master in the art of spewing baloney, and it somehow worked a lot of the time. I earned a bonus each time a customer bought a product I helped sell.</p> <p>Remember this: A salesperson does not work for you and does not have your best interests in mind.</p> <h2>7. Everything Goes on Sale at Some Point</h2> <p>I worked long enough at the store to know that just about every product was discounted at one point or another. It wasn't always easy to predict when items would go on sale, but I learned that if you waited long enough, a lower price would come around. And certain items went on sale at certain times a year. There were usually deep discounts, for example, on many items at back-to-school time. And the holidays usually meant big <a href="http://www.wisebread.com/surprising-ways-to-save-even-more-on-black-friday?utm_source=wisebread&amp;utm_medium=internal&amp;utm_campagin=article">Black Friday sales</a> and other promotions.</p> <p>I learned that the most patient shoppers were the ones most often rewarded with bargains.</p> <h2>8. Americans Love Their Credit Cards</h2> <p>As a teenager, I didn't have a credit card. And my parents were rather frugal people who used cash whenever possible. So it came as a surprise to me when, as a cashier, I would see most customers using credit cards, even for small purchases.</p> <p>It's possible that many of these customers were only using cards to collect reward points or cash back, but I can't help but think they were racking up considerable amounts of debt.</p> <p>We're up to about $1 trillion in credit card debt as a nation, and I can't help but think a portion of that is the result of people using cards for small purchases when they could have used cash.</p> <p><em>What was your first job? What did it teach you about money?</em></p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/tim-lemke">Tim Lemke</a> of <a href="http://www.wisebread.com/8-money-lessons-i-learned-selling-office-supplies">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-1"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/6-money-lessons-i-learned-working-as-a-corn-detasseler">6 Money Lessons I Learned Working as a Corn Detasseler</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/21-things-that-young-adults-absolutely-need-to-know-about-money">21 Things That Young Adults Absolutely Need to Know About Money</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/5-things-people-who-are-good-with-money-never-say">5 Things People Who Are Good With Money Never Say</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/8-money-moves-to-make-the-moment-you-get-a-promotion">8 Money Moves to Make the Moment You Get a Promotion</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/8-personal-finance-tips-for-introverts">8 Personal Finance Tips for Introverts</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Personal Finance Career and Income investing life skills money lessons saving summer jobs teenagers working Wed, 08 Jun 2016 09:30:23 +0000 Tim Lemke 1725703 at http://www.wisebread.com 10 Ways to Keep Your Kid's Prom From Ruining Your Budget http://www.wisebread.com/10-ways-to-keep-your-kids-prom-from-ruining-your-budget <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/10-ways-to-keep-your-kids-prom-from-ruining-your-budget" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/girls_prom_dresses_000036547446.jpg" alt="Girls learning how to keep prom from ruining their parents&#039; budget" title="" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>You knew this day was coming, moms and dads, and you've dreaded prom at least since the beginning of the school year, perhaps even longer. But this penultimate high school milestone for your kid doesn't have to clean out your bank account. By being proactive about your purchases, using your resources, and applying a bit of savvy spending, you can send you junior or senior off to the last(ish) dance in style. Here are a few ways to save on the big night.</p> <h2>1. Create a Budget With Your Kid</h2> <p>Prom spending can get out of hand quickly if you're not vigilant in putting your foot down. Your kids will push you to buy whatever they can get out of you because they want the best. They also know that your emotions are vulnerable as they head toward graduation, which makes you and your wallet a prime target for swindling. According to a Visa Inc. survey published by Fortune last year, the average American family will spend $919 on prom, one-third of which is the elaborate &quot;promposal,&quot; which has become the requisite method of inviting a date. One guy skydived out of a plane to pop the question, and I recently saw a teen ask his date with a huge sign at a Dodgers game. Kids these days.</p> <p>Nonetheless, the key to keeping costs down is to create a realistic budget. Make prom an opportunity to teach your children about budgeting and money management.</p> <p>Saving expert Andrea Woroch suggests having your son or daughter create a spreadsheet of all the expenses related to the event, and ask them to research prices so estimates are accurate.</p> <p>&quot;Once they see how much the dance will cost, talk to them about which expenses are most important and which ones can be economized,&quot; she says.</p> <h2>2. Share the Cost of Some Expenses</h2> <p>I believe wholeheartedly in teaching kids the importance of work ethic at an early age. You don't have to sentence them to 40 hours at the shoe factory at age 10, but by age 16 they should at least have a part-time job to pitch in for gas, weekend recreation activities, and some additional things they really want/can't live without &mdash; like pricey prom purchases.</p> <p>&quot;Though we want to give our kids the very best in life, going into debt to do so is not smart, nor does it set a good example,&quot; Woroch says. &quot;Suggest to your kids that they share the cost for prom and contribute money toward the dress or suit, dinner, transportation, flowers and more. Encourage them to chat with their friends about sharing costs too, so everyone's expenses can be reduced.&quot;</p> <p>Plus, it's easier than ever for kids to earn extra cash these days.</p> <p>They can take on extra jobs around the neighborhood or sell unwanted clothes on consignment. In fact, Macy's is <a href="http://www1.macys.com/recommerce/refresh?cm_re=2016.03.08-_-HOMEPAGE_INCLUDE_1-_-CATEGORY%20--%205125%20--%20:Thred%20up%20Clean%20out%20your%20closet">partnering with consigner thredUP</a> to help consumers trade gently used clothing in exchange for a Macy's gift card. If you have old gadgets lying around, suggest they sell them for cash through sites like Gazelle, Nextworth, or Glyde.</p> <p>Bonus &mdash; it'll help cut some of their clutter before they abandon it for you to deal with when they leave for college. Totally gonna happen.</p> <h2>3. Scour Savings and Compare Prices</h2> <p>If you practice good personal finance in your day-to-day dealings, the same principles should be applied to prom shopping. Look for deals and compare prices before you commit to anything.</p> <p>&quot;If your teen falls in love with a certain dress, tux, or limo, suggest they check the price of that item or service in multiple places,&quot; financial expert and SAFE-Money Alliance founder Mark Goldstein recommends. &quot;This is always a great habit to teach. Remember, prom is a great way to get their attention and teach them skills they will use the rest of their lives.&quot;</p> <p>Skills like how to use coupons and discounts to shave off a significant amount of money from purchases will come in handy now and later.</p> <p>&quot;Point them toward such money-saving tools as discount gift cards and daily deals, and suggest they haggle for the best price on transportation or tuxedo rentals,&quot; Woroch says. &quot;Some of these strategies are easier than others, but all offer tools for use beyond prom night.&quot;</p> <h2>4. Consider Dress-Buying Alternatives</h2> <p>Purchasing a dress is typically a big expense, especially since the garment will only be worn once. Instead of buying, scan sites like <a href="https://www.renttherunway.com/">Rent the Runway</a> for designer gowns at a fraction of retail prices. Often times, celebrity-worthy dresses can be rented for less than $100. You also can suggest shopping consignment stores and sites like Poshmark, Tradesy, or even <a href="https://bridesmaidtrade.com/">Bridesmaid Trade</a>, which offers thousands of formal dress styles for a discount.</p> <p><a href="http://www.offerupnow.com/">OfferUp</a> is another great local resource that makes prom dress shopping on a budget a pinch. Users/parents take a picture of the item they want to sell, set a price and category, then post. From there, you can easily chat with sellers through the app to settle on price. Plus, at the end of the night, you won't have to hang your dress up in your closet to sit there for a few years &mdash; you can easily post it right back on the app and sell it to another girl in your neighborhood looking to pinch pennies on prom.</p> <h2>5. Spring for a Forever Tux Instead of a Rental</h2> <p>There are plenty of differences between boys and girls, one of which is that most girls wouldn't be caught dead in their prom dress twice while guys will wear the same tux over and over for the rest of their life (or until their waistline starts to reject it). What I'm getting at here is that it may be more economical to spring for a tux that your son will own outright &mdash; saving him a good chunk of change down the line on a would-be rental when life calls for formalwear.</p> <p>&quot;The average cost of a groom's tuxedo &mdash; or your teenage son's prom apparel &mdash; is $197, according to the Bridal Association of America. Tuxedo rentals cost anywhere from $50 to $100, and if your son attends all three proms in high school (plus a host of other formal events), it's better to invest in a nice suit than pay exorbitant rental fees each time he needs one,&quot; says Woroch.</p> <h2>6. Skip the Real Flowers</h2> <p>Real flowers are so passé &mdash; and downright costly. There are several alternatives to flowers (that you also can cherish as a keepsake well after the event), like boutonnieres and corsages make from paper, ribbon, fabric, and even feathers. I personally own a fabric flower boutonnieres, and I enjoy when I get to wear it very much. Check out this awesome tutorial for some exquisite <a href="https://liagriffith.com/paper-flower-diy-corsage-and-boutonniere-tutorial/">DIY paper corsages and boutonnieres</a>.</p> <p>If real flowers are a must for your kid, Woroch recommends keeping it simple to keep costs lower.</p> <p>&quot;Carnations and alstroemeria are cheapest (up to $20) while Calla lilies will cost upwards of $55. Roses and orchids are moderately priced and can typically be used singularly to save costs,&quot; she says.</p> <h2>7. Shop Online (Smartly)</h2> <p>While this is an obvious tactic that offers the potential to save you a bundle, it's wise to make educated decisions regarding purchases, especially dresses. If something seems too good to be true, it probably is. Don't let the deep discounts sway you if you don't feel good about the purchase.</p> <p>&quot;Deals on attire and accessories can be found online, but the parents and prom goers should be wary of dress scams,&quot; Woroch warns. &quot;Some websites with overseas inventories offer beautiful-looking gowns for very cheap prices, and the garments rarely meet expectations. Quality, fit, color, and style can be drastically different than advertised, so it's better to work with trusted sites and brands.&quot;</p> <p>As an alternative, look for prom coupons for big savings from places like Kohl's, Macy's, Lord &amp; Taylor, and other reputable brands known for slashing prices.</p> <h2>8. Schedule an Updo at a Beauty School</h2> <p>Part of the prom experience is getting your hair and makeup professionally done. Seek out salon or cosmetology schools in your area and ask about services from students. For example, an updo at Phagans School of Hair Design in Portland, Ore., will cost only $22, while a blow dry style with shampoo and conditioner runs only $8. If you go this route, make sure you reserve a time well in advance; you won't be the only parent with this bright idea.</p> <h2>9. Play Amateur Photographer</h2> <p>In today's camera-at-the-ready society, your smartphone can capture all the memories you'll need with brilliant clarity and color. Plus, they're instant &mdash; you can edit and share immediately so your friends and family can experience the day with you. If you want to frame a few, upload your favorites to the online photo shops at CVS, Walgreens, or Rite-Aid, and pick up your prints in about an hour.</p> <h2>10. Host the Pre- or Post-Prom Party With Other Parents</h2> <p>I'll be honest, when I was a kid I didn't want my parents involved in much of the prom experience. I wanted to go out and have fun with my friends &mdash; without parental supervision &mdash; ASAP. But, if you have one of the &quot;good&quot; kids, Woroch's last tip might work well for you.</p> <p>&quot;Cut back the pricey pre-prom restaurant meal by hosting a formal dinner for your kids and their friends,&quot; she says. &quot;Head to a warehouse club to save on bulk ingredients if the party consists of a big group. While a house full of high school students at odd hours of the night may not sound very appealing, hosting the after party will help everyone save money. Connect with parents to split food costs and possibly a DJ to make the at-home party more appealing to your teens.&quot;</p> <p><em>Is your child going to prom this year? How will you save on expenses? I'd love to hear from you in the comments below.</em></p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/mikey-rox">Mikey Rox</a> of <a href="http://www.wisebread.com/10-ways-to-keep-your-kids-prom-from-ruining-your-budget">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-1"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/10-fun-books-that-will-get-your-kids-excited-about-money">10 Fun Books That Will Get Your Kids Excited About Money</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/17-creative-no-mess-activities-for-kids-stuck-at-home">17 Creative, No-Mess Activities for Kids Stuck at Home</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/how-to-help-your-kid-build-their-first-budget">How to Help Your Kid Build Their First Budget</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/best-kids-eat-free-restaurants">Best Kids Eat Free Restaurants</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/8-reasons-frugal-families-love-boardgame-night">8 Reasons Frugal Families Love Boardgame Night</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Entertainment Family formal clothes high school juniors kids prom teenagers Mon, 02 May 2016 09:30:25 +0000 Mikey Rox 1698661 at http://www.wisebread.com 8 Financial To-Do's for College Freshmen http://www.wisebread.com/8-financial-to-dos-for-college-freshmen <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/8-financial-to-dos-for-college-freshmen" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/college-5269958-small_0.jpg" alt="college" title="college" class="imagecache imagecache-250w" width="250" height="141" /></a> </div> </div> </div> <p>College freshmen are often leaving home for the first time and will therefore need to be responsible for their own personal finances, without direct help from mom and dad. Ideally kids and teens should be learning financial lessons as they grow up, so the transition to college isn't overwhelming.</p> <p>Students headed off to college will need to learn to manage their money as well as build their knowledge about personal finance. Not only will they need to stay on financial track during their school years, they will need to be prepared for the &quot;real world&quot; in just a few years' time.</p> <p>Here are the eight financial to-do's every college freshman needs to do.</p> <h2>1. Go Away Frugally</h2> <p>It can be very exciting to shop for your new dorm room or apartment, but if you don't really know what to expect, you can blow a lot of cash you can be using for other things. Shop for the <a target="_blank" href="http://www.amazon.com/b/?_encoding=UTF8&amp;camp=1789&amp;creative=390957&amp;linkCode=ur2&amp;node=7012660011&amp;pf_rd_i=6361272011&amp;pf_rd_m=ATVPDKIKX0DER&amp;pf_rd_p=1576420362&amp;pf_rd_r=1Q6A82AYJHGSP5ZNAVBF&amp;pf_rd_s=center-1&amp;pf_rd_t=101&amp;tag=wisbre03-20">basic essentials</a> you know you need, but wait to see what college life is really like before spending all your (or your parents') money. Find used items that typically have big price tags like small refrigerators and furniture when you get to school, so you don't have to spend a lot of money on transportation. (See also: <a href="http://www.wisebread.com/best-money-tips-12-things-college-students-dont-need">Best Money Tips: 12 Things College Students Don't Need</a>)</p> <h2>2. Create a College Budget</h2> <p>Budgeting is a simple concept but one that many people do not put into practice. A college budget will give you a clear picture of the amount of money you have to spend each month, whether it be your savings, your parents' allowance, or cash you earn from a new job. The &quot;income&quot; you have should be reduced by the set expenses you have for meals, <a target="_blank" href="http://www.amazon.com/New-Used-Textbooks-Books/b/?_encoding=UTF8&amp;camp=1789&amp;creative=390957&amp;linkCode=ur2&amp;node=465600&amp;pf_rd_i=6361272011&amp;pf_rd_m=ATVPDKIKX0DER&amp;pf_rd_p=1589671742&amp;pf_rd_r=1Q6A82AYJHGSP5ZNAVBF&amp;pf_rd_s=center-stage-1&amp;pf_rd_t=101&amp;tag=wisbre03-20">books</a>, rent, and the essentials. If you pay your own way, you'll need to include that, too. Money that is left over should be budgeted further for your entertainment. If you spend without a thought of priorities, you'll likely find you come up short for cash every month. (See also: <a href="http://www.wisebread.com/the-college-freshman-budget">The College Freshman Budget</a>)</p> <h2>3. Save With a Purpose</h2> <p>Some college freshmen will be walking a thin line between financially comfortable and completely broke depending on their circumstances.</p> <p>If you are earning money from an on-campus job, it is important to put a portion of that into a savings account no matter how difficult it may be. By putting a portion of your paycheck into a savings account, you can earmark money for emergencies, airline tickets home, or for other things you'd like to do or buy. Figure out how much you need to save each month to achieve your goal. If airline tickets cost $300 and you plan on going home in three months, make sure at least $100 goes into savings each month.</p> <h2>4. Understand Credit Cards First</h2> <p>Many financial disasters start in college when kids spend recklessly on credit without any idea of the consequences. New credit card regulations may not permit college students to get a credit card until they are 21, unless a parent co-signs the agreement. If you do have access to a credit card, don't spend a cent until you know what the process involves. Using a credit card does not mean you are getting stuff without paying. The reality is that the stuff you buy impulsively can end up costing you (and your parents) three times more than the purchase price and can set you on a downward spiral very early in your financial life. Ask your parents or another trusted adult for a basic lesson in credit cards or do your own research about how credit cards work. Keep the plastic in your wallet but for emergency use only.</p> <h2>5. Assume Responsibility for Your Own Finances</h2> <p>Some students will have parents to take care of all money issues throughout their college career. This could actually have negative effects after graduation. It is wiser for college kids to start getting a handle on financial responsibilities early in life. Be sure you know what your expenses are each month and learn how to manage your financial responsibilities to ensure your bills get paid on time. If you share an apartment, make sure you have the money to cover rent, utilities, and groceries every month before you go out to restaurants or splurge on unnecessary extras. (See also: <a href="http://www.wisebread.com/degrees-of-frugality-7-tips-for-the-college-bound">Degrees of Frugality: 7 Tips for the College-Bound</a>)</p> <h2>6. Research Available Free and Cheap Resources</h2> <p>If you attend a big college, you may not be fully aware of what is offered to you for free on campus. To be able to save money, consider using the free Internet in campus buildings, rent textbooks for your classes, and use the free gym facilities to stay in shape. Take advantage of the on-campus resources before you spend money elsewhere. (See also: <a href="http://www.wisebread.com/my-number-one-tip-for-college-students">My Number One Tip for College Students</a>)</p> <h2>7. Figure Out Your Means, and Live Within Them</h2> <p>Because college freshmen come from a variety of financial situations, it can be easy to befriend people with different financial means than you have. You may have a rich roommate with parents that always say &quot;yes,&quot; and it can be tempting to try to live a similar lifestyle, even though you are paying your own way. Understand now the importance of living within your means. Follow the guidelines of your budget so you can save money and prevent major financial mistakes.</p> <h2>8. Keep Your Personal Business Personal</h2> <p>Never, ever share your personal information with anyone. This includes your Social Security number, your credit card, your online passwords, your ATM card, or any other personal bit of information. Never let your friends borrow your credit card for any reason. Be cautious with roommate situations, and financial commitments and information. There are people you may encounter that aren't interested in maintaining their own financial lives, so they'll happily steal yours. Get a <a target="_blank" href="http://www.amazon.com/gp/product/B005K6JQXQ/ref=as_li_ss_tl?ie=UTF8&amp;camp=1789&amp;creative=390957&amp;creativeASIN=B005K6JQXQ&amp;linkCode=as2&amp;tag=wisbre03-20">lockbox</a> and hide the key.</p> <p><em>What frugal lessons do you wish you had learned earlier?</em></p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/tisha-tolar">Tisha Tolar</a> of <a href="http://www.wisebread.com/8-financial-to-dos-for-college-freshmen">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-3"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/4-ways-to-make-the-most-of-your-student-loan-grace-period">4 Ways to Make the Most of Your Student Loan Grace Period</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/how-to-find-the-savings-strategy-that-works-for-you">How to Find the Savings Strategy That Works For You</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/9-online-forums-thatll-help-you-reach-your-financial-goals">9 Online Forums That&#039;ll Help You Reach Your Financial Goals</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/are-you-putting-off-these-9-adult-money-moves">Are You Putting Off These 9 Adult Money Moves?</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/47-simple-ways-to-waste-money">47 Simple Ways To Waste Money</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Personal Finance Education & Training budgeting college finance teenagers Tue, 20 Aug 2013 10:00:31 +0000 Tisha Tolar 981372 at http://www.wisebread.com Timeless Money Lessons From Teens http://www.wisebread.com/timeless-money-lessons-from-teens <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/timeless-money-lessons-from-teens" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/girls at prom.jpg" alt="teenage girls having fun at low-budget prom" title="teenage girls having fun at low-budget prom" class="imagecache imagecache-250w" width="250" height="166" /></a> </div> </div> </div> <p>As a mom, I want to teach my kids everything they need to know about money and life, preferably before they leave my home (the oldest will be going to college in the fall, and time is running out). As a writer for Wise Bread, I see how I fall short compared to many readers who, based on their comments, have parents who taught them to flawlessly distinguish needs from wants or have ingrained the full value of a dollar in their children by requiring hard work inside and outside of the house on a daily basis.&nbsp;</p> <p>Fortunately, kids and teens can learn from imperfect parents. Plus, they can teach their moms and dads financial lessons the grown-ups had never considered or remind them of timeless financial truths. Here are some things that teens have to say about spending, making, and saving money. (See also: <a href="http://www.wisebread.com/10-tips-from-a-financially-savvy-teen">10 Tips From a Financially&nbsp;Savvy&nbsp;Teen</a>)</p> <h3>Being Fashionable Means Having Your Own Style</h3> <p>High school student Syretha Shirley of Las Vegas tells me that relying on designer labels and name brands to define your style puts you on the path to being a conformist, which is counterproductive to being truly fashionable. In some cases, insecurity can influence people to copy the cookie-cutter style statements offered by leading brands. Don&rsquo;t count on your shoes (no matter how expensive) to boost your self-image, she says. Have the confidence to express your style through distinct choices. &nbsp;</p> <p><strong>How to Develop Your Own Style</strong></p> <p>Define your signature style, set a budget, and shop at discount stores like <a href="http://www.wisebread.com/making-the-most-of-shopping-at-marshalls">Marshalls</a>&nbsp;or <a href="http://www.wisebread.com/to-buy-or-not-to-buy-criteria-for-thrift-store-clothes-shopping">thrift shops</a>. Pull together disparate items to create your own look. To have fun and build a stylish wardrobe, take shopping trips with a friend and work together to uncover fashionable finds.</p> <p>If you don&rsquo;t have the time or taste to develop a distinct stand-out style, adopt a simple, tasteful one or a <a href="http://www.wisebread.com/mens-fashion-3-classic-items-for-nearly-any-occasion?wbref=readmore">classic look</a> that&rsquo;s easy to create and maintain.</p> <h3>Making Money Can Build Your Savings and Your Self-Esteem</h3> <p>Jack James of San Jose, California, a 13-year-old and <a href="http://www.amazon.com/Your-Parents-Raise-Millionaire-Kid/dp/1614482489">book author</a>, tells me that he was surprised to find that running his own business boosted his self-esteem, which was damaged by bullying at school. During the two years that he was homeschooled to get back on track academically (Jack has dyslexia) and become stronger in his sense of self, <a href="http://www.howtoraiseamillionaire.com/about/">his mom</a> suggested that he start a business. He resisted at first, but her <a href="http://www.wisebread.com/15-alternatives-to-nagging">nagging</a> convinced him to consider how he could earn money.</p> <p>A few years ago, he began bringing in garbage, recycling, and yard waste carts in a business that continues today. Many of his neighbors are his customers, giving him the opportunity to develop friendships while also providing a service. He deposits his earnings in a savings account, which has grown to a healthy $1,000.</p> <p>The side benefit from the business is the self confidence that Jack gained from generating income. Unlike bullying peers (and the adults who witness but don&rsquo;t advocate for those who are being bullied), the money doesn&rsquo;t unfairly judge or condemn but has the capacity to reward effort independent of learning abilities and disabilities.</p> <p><strong>How to Earn Some Money</strong></p> <p>Both teens and adults can do lots of things to earn money through&nbsp;<a href="http://www.wisebread.com/10-awesome-money-making-hobbies">money-making hobbies</a> and <a href="http://www.wisebread.com/12-side-jobs-for-stay-at-home-moms-and-dads">side jobs</a>, such as playing an instrument or tutoring.</p> <p>Teens can make a side income doing traditional teenage jobs (like babysitting or cutting grass) and helping adults that are willing to pay them for services (like painting or moving stuff).</p> <p>At any age, finding a way to make money that makes use of your natural talents is ideal not only for earning income but also to prepare you for a career or help you in your present job. My youngest son began <a href="http://www.wisebread.com/craigslist-vs-ebay-where-to-sell-10-common-items?wbref=readmore">selling his old stuff online</a> a few years ago and learned how to present merchandise, respond to inquiries, price goods, and fill orders. He is interested in a career in technology and having some of these experiences gives him firsthand knowledge of user interfaces, financial systems (he has his own PayPal account), and more.</p> <h3>Don't Worry, Just Save</h3> <p>Money problems are a source of worry, stress, and suffering. Syretha has watched as family members overspent on their wants, became unable to take care of their needs, and, in some cases, made mistakes in attempting to get money quickly with life-changing consequences.</p> <p><strong>How to Avoid Worry Over Money</strong></p> <p>Realize that you really will need money later, despite how distant those needs seem now. Save to avoid extreme stress and financial crises, which can lead to poor decision making and cause problems that affect long-term career possibilities, personal freedoms, family relationships, and more.</p> <p>Match your lifestyle to your financial wherewithal, and make sure to set aside money for future needs. Don&rsquo;t put purchases for day-to-day needs on your credit card. Use your credit card for true emergencies, not fashion wants or other types of non-essentials.</p> <h3>Put Yourself First</h3> <p>Place your values and goals above social opinion instead of trying to please or impress other people. Trying to be popular can often sidetrack your efforts so that you are unable to spend time investing in yourself and achieving your goals.</p> <p>Investing in herself is a priority for Syretha. Much of her time is spent improving herself, her financial position, and her community. Currently, in addition to high school and side jobs (babysitting and braiding hair), she is being mentored, writing a book of poetry, participating in a teen empowerment group focusing on personal development and community service for young women, and attending a Boys &amp; Girls Club where she took a <a href="http://moneymattersmakeitcount.com/Pages/default.aspx">Money Matters</a> course on financial literacy.</p> <p>When <a href="http://www.bgca.org/Pages/index.aspx">Boys &amp; Girls Clubs of America</a> partnered with the <a href="http://www.aboutschwab.com/about/overview/charles_schwab_foundation/">Charles Schwab Foundation</a> to sponsor the <a href="http://www.bgca.org/newsevents/TheScoop/Pages/M4_MoneyMatters_2012.aspx">Money Matters&nbsp;Music Mogul contest</a>, both her mentor and mom encouraged her to enter. She wrote an original song that won first place and was made into a music video by hip-hop producer Kevin &quot;Khao&quot; Cates.&nbsp;</p> <p><iframe width="560" height="315" frameborder="0" allowfullscreen="" src="http://www.youtube.com/embed/f8LgUv8VGag"></iframe></p> <p><a href="http://www.youtube.com/watch?v=f8LgUv8VGag">Watch video</a></p> <p>Putting yourself first doesn&rsquo;t mean not caring about others but having the freedom to focus on what is important to you. For example, one of the reasons that Syretha is so happy to win the contest is the opportunity to spread the word about being money smart to other teens.&nbsp;</p> <p><strong>How to Put Yourself First</strong></p> <p>Use money and time in ways that are fulfilling in the present and helpful for the future. What specific actions you take may differ from your friends but might include:</p> <ol> <li>Earning a college degree</li> <li>Learning something new or bettering current skills</li> <li>Writing a book or authoring a blog</li> </ol> <p>These are all ways to use your talents and money for long-term benefit, rather using money to satisfy immediate and short-lived desires.</p> <h3>Don&rsquo;t Confuse Stuff and Status With What&rsquo;s Important</h3> <p>Recently, my oldest son taught me a lesson about money and values. Like many parents, I have always thought that teaching kids to be unmaterialistic is best accomplished by sending them on service projects or mission trips in which they serve impoverished families. The reasoning is that teens will realize how rich they are in comparison to less fortunate others. Then they will be grateful and frugal. For example, my teenage sons have spent at least one week performing home repairs for near-penniless people referred by the Department of Social Services.&nbsp;</p> <p>But seeing the poor live with little doesn't necessarily translate into feeling rich with less stuff.</p> <p>My epiphany came during spring break, after my oldest returned from a community-wide, church-sponsored event called the 30-hour famine. He seemed elated, having enjoyed hanging out with friends, meeting new people, and teaming with a few other kids to win the organizer's version of the &quot;Amazing Race.&quot; Listening to his experiences made me realize that being happy with less is not the goal of financial wisdom (though this ability is helpful); instead, it's valuing what's really important, like friendships, community camaraderie, and yourself, independent of the stuff you've accumulated and the status that stuff may confer.</p> <p><strong>How to Know What's Important</strong></p> <p>Spend time on the activities you enjoy, the things that will make you a better person, and the people you like to be around. Use your priorities to motivate you to do more with fewer resources, not to be stingy but to express your style like Syretha says.</p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/julie-rains">Julie Rains</a> of <a href="http://www.wisebread.com/timeless-money-lessons-from-teens">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-2"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/could-the-last-person-to-leave-america-please-turn-out-the-light">Could the last person to leave America please turn out the light.</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/3-simple-ways-to-split-bills-with-your-spouse">3 Simple Ways to Split Bills With Your Spouse</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/chinese-money-habits-how-my-culture-influences-my-attitudes-toward-money">Chinese Money Habits - How My Culture Influences My Attitudes Toward Money</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/dissecting-gift-guilt-when-does-receiving-a-gift-make-you-feel-bad">Dissecting &quot;Gift Guilt&quot; - When Does Receiving a Gift Make You Feel Bad?</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/sensible-ways-to-raise-cash-for-a-wedding">Sensible Ways to Raise Cash for a Wedding</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Personal Finance Career Building Lifestyle fashion investing in yourself teenagers Mon, 14 May 2012 10:36:07 +0000 Julie Rains 928112 at http://www.wisebread.com