“Insurance – Is it worth it?” is a paid collaborative post with HSBC. With the cost of living crisis, many families are looking to cut costs and many are asking if they should cancel insurance policies. Before you even contemplate it, you really need to understand what each policy covers and how and also if it is a legal requirement. Please remember that I am not a financial adviser just a regular mum, so please take professional advice.
The lower the family income, the more critical the question of creating savings is. A financial cushion will save you temporary work problems, salary delays, and unexpected expenses. Small loans can save for a certain time, but they also must be returned, so the issue becomes even more urgent. How to save, form a financial cushion, but, at the same time, not give up your quality of life? Financial company Payday Depot is ready to answer this question.
If you ask any successful entrepreneur about the key to starting a successful business, the most common answer you will hear is investing in the right opportunity at the right time. There are some businesses that have started out as an accident or emerged from something that just luckily managed to gain momentum later on. However, this is a very small percentage of businesses, and most of these enterprises have a limited life. As soon as things start to change or as soon as the product/service starts to lose demand, these businesses have little that they can do to keep things going. There is more to a successful business than meets more »
Taxes can be daunting for anyone but when you are running your own business it is even more important to keep things in check because you could end up putting your livelihood at risk. Not only can you end up incurring financial penalties, but you can get yourself in some legal trouble if you do not pay the right taxes at the right time. An important tax for small business owners to be aware of is VAT or value-added tax. I am not yet at the stage where I have to pay tax but I do earn money being a blogger (find out how).
Any person can look his best without having to spend thousands on clothing. It all comes down to the strategy you have when it comes to clothes shopping. It is a general misconception that you have to earn a lot in order to look impeccable. On top of that, you don’t have to wear designer clothes to look classy and polished. Still, you can incorporate some new habits. Before we talk about that, note that your expectations should be realistic when your budget is limited. It’s true – you can stay fashionable on a budget, but it’s not as easy as it would be if you had a higher sum of more »
I was asked if I would like to be part of a group called the Institute of Inertia. What? I hear you ask. The Institute of Inertia is a network of experts and academics (and me) working together to understand why we often don’t take quick and easy steps to make our finances healthier. The long-term aim is to help us all save wasted time and money.
I have recently blogged about 8 ways to encourage children to be frugal over at A Thrifty Mum, which has got me on the whole money management with children bandwagon. I find that using practical examples really helps the boys understand money and finances, but one of the things that I find really hard is how to encourage the boys to save for savings sake. After a chat on The Mad House facebook page I realised that I was possibly asking too much from them to save for savings sake. However, I did get some great ideas of ways to encourage your children to save rather than splurge.
Give children a goal to save towards, something that really sparks their interest and motivates them. Create a chart to help them tick off the pounds/pennies until they reach their target – Ramblings of a suburban mummy
Teach children the different denominations of money and what they add up to. This helps her understand what spending each coin means – Verily, Victoria Vocalises….
Work out how much they need to save each week to buy a special something before a certain date, and then they can see that they have some money left, but they also get buy their big item. It’s just small scale practice for when they’re adults wanting a car, house or holiday – The Brick Castle
Pay “interest” on what he’s saved that month. So if they save all month he can get something bigger – Snaffles Mummy
Make it visually – Using a glass jar or even a money box that counts the money (like Cass from the Frugal Family) makes saving money much more tangible for younger children. Or even have a savings chart with stars and stickers.
Set regular savings goals – Incentivise saving by offering added rewards at regular agree set points. This is why the Pigs from Natwest really worked back in the 80’s
Pay interest – pay your child monthly interest on savings they have. not only does this encourage them to keep it saved for longer, but it teaches them about money management
Set a goal – Are they saving for a specific item? if so make them a chart. Encourage them to find inventive ways to earn money to help them achieve their purchase faster
Insist that a percentage of their pocket money goes into a long term savings account.
Discuss the reasons that people save. By setting an example you are giving them the best lesson ever. My boys are both very maths oriented and we discussed how a Sippdeal SIPP pension works and why it is important to be able to look after yourself when you no longer have the ability to earn money.
We also set aside so much money each month for fun family activities, showing that you do not need immediate gratification and that by planning, saving and managing our money we can all have fun.
Open a bank account with them and actively use it. Make sure it is a book account, so they have to go in to a branch to pay in and take out their money. This way they have to plan spending within banks timescales and again learn that spending is not about instant gratification.
Save smaller denominations to demonstrate how every penny counts. The boys both have a large vodka bottle that they fill with pennies and once a year they exchange it for holiday spending money. It really adds up and Mini is always on the lookout for peoples dropped coins when we are out and about.
Teach your children that buying an experience (ie a trip to a theme park) brings much more happiness than a products (such as an ice cream). Saving for the experience may take longer or be harder, but it makes memories and makes the experiences so much better
Whilst chatting to people about saving and teaching children about money I came across some really great blog posts about it and they are too good not to share, Perle Noire wrote a super post on how she teaches her family about saving, Cat from Yellow days, uses money as a maths tool and makes learning really fun, Becky from Baby Budgeting and Family Budgeting is really worth following for her fab money saving tips too.
I would like to invite you to a great Twitter Party being hosted by me and the amazing Penny Golightly, on 28th November between 7.30pm and 8.30pm, all about shopping habits and family treats.
We would love to hear about how you stick to a budget, choose appropriate family rewards, spend your money wisely and if your shopping habits have changed recently compared to previous years.
I know how hard it can be to budget well in the current financial climate and talk a lot about saving money on my other blog A Thrifty Mum. But we really want to hear from you and I hope that together we can share some brilliant top tips that will help us all. Even though I often write about family money saving I still have a lot to learn and I love getting new tips and ideas.
And as if sharing your knowledge and learning new ways of saving money wasn’t enough to tempt you to join in, there’s even going to be prizes!
The party’s being sponsored by Barclaycard and their Freedom Rewards credit card. This new reward card is potentially very useful for organised spenders who pay their balance off every month, as you earn points on everything you spend, that you can then redeem in a range of high street stores (check out www.barclaycard.co.uk/freedomrewards)!
I’d love you to spread the word for us a little – more people joining in with #savvyspender means more money saving tips for us all.
See you there