Teaching Your Teen Good Money Management

An allowance is okay, but just until they get a job. Never make the allowance enough to get the things they want most. Make them learn to save their money up to buy those things. Once they do have even a part-time job, no more allowance. They will respect the money they earn a lot more than the money you give them.

Okay, you want your teenager to be more responsible with money.

Do you remember when you were a teenager?

Did you act responsibly with your money?

What were some of the things your parents did to teach you about handling your money better?

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In this article we will discuss some of the ways you can teach your teen to be responsible when it comes to both money and credit. We will discuss several options in regards to credit and cash management for teenagers.

Many of us, even as adults, don’t really know a lot about money management. This article may also help you as an adult manage your money and credit better. First let’s discuss goal setting. Why do you need to manage your money? What are you trying to accomplish?

The first thing you can introduce your teen to and maybe even yourself to do, is tracking where your money goes. How many times have you asked, “Where did I spend all that money?” If you have ever asked that then tracking your money can give you great insight into managing your budget better.

There are workbooks you can buy or you can use a simple notebook. Have your teen do this with you so you can both learn together. If you make it a family experience, your teen is more likely to pay attention and participate, because they will get to see how you manage your money too. It has the extra benefit of making you manage your money better to set a good example.

In this new workbook you and your teen write down every expense. Every time you or they spend money on ANYTHING, it gets written down. Not in a category, what was actually paid for with the money. You will be able to review this later when building categories like, “Items I could have done without.”

When you review your workbooks together, trade them. Each of you can mark what expenses the other probably should not have paid out and how much money you could each have saved if you didn’t make those extra expenditures.

It isn’t a bad idea for you to make a couple of mistakes on purpose so your teen gains confidence that they can handle their money and identify what expenditures were not necessary. You need to understand that the spending habits your teenager acquires in their teens will stay with them for the rest of their life.

An allowance is okay, but just until they get a job. Never make the allowance enough to get the things they want most. Make them learn to save their money up to buy those things. Once they do have even a part-time job, no more allowance. They will respect the money they earn a lot more than the money you give them.

When your teenager is around 16 and has a job, help them open their own checking account. Teach them how to balance their checkbook. If you have been doing the workbook with them, this should be easy. You can help them get a prepaid credit card or teach them how to use the debit card that comes with their new checking account responsibly.

Again, if you two have been doing your workbook and marking down everything you spend money on, managing a debit card will be easy. Also by continuing to do the workbook, you will both learn how to save more money because you will be more aware of where your money gets wasted.

We all want to help our teens and we want to buy them nice things, but as parents we also need to teach them responsibility. Nowhere is that more important than teaching them to be responsible with money and credit.

Buy them the necessities, but make them pay for the extras. That applies to clothing, school supplies, or anything else, especially where your teenager decides they want the better, more expensive version of the items in question. Let them pay for the extras and they will appreciate their money much more or will learn to do without the most expensive item.

If you help them with the purchase of a car, offer to match them dollar for dollar toward the car. If you do plan to buy the car for them, make them responsible for the payment of the insurance, gas, and other extras. That will also have the added benefit of teaching them to respect and take care of their automobile.

I hope this article has given you some ideas about how to teach your teen how to handle credit and money. Just to repeat one thing, remember that what you teach your teen about money and credit now will determine how successful they will be later in life. So take the time to teach them.

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Can Any Tom Dick And Harry Start A Home Business

First,

my apologies

to whoever is offended by the title of this article on home business.

Okay

back to the question.

Can every Tom, Dick and Harry start a home business?



I know you may have a different view from mine.

First,

my apologies

to whoever is offended by the title of this article on home business.

Okay

back to the question.

Can every Tom, Dick and Harry start a home business?

I know you may have a different view from mine.

But let me first tell you that just like a candle lights up a room, this article was written with the intention of providing some light on home business. So my answer is that “YES” every one can start a home business.It does not matter where you are from or your level of education.

Every Tom, Dick and Harry can start a home business.

BUT, not every Tom, Dick and Harry will maintain and grow a home business.

This is where many people fail.

What do you need to maintain a home business?

You will need to have qualities for home business oriented people.

Below are some of these qualities that will help you to maintain and grow your home business:

1- Home business people are careful about money.They always know how much money they have.  They know the value and cost of things so they can recognize a real bargain. That is why they can maintain their home business.

2-Most home business entrepreneurs earned money when they were teenagers

The Fine Art Of Juggling Business And Motherhood For Mom Entrepreneurs

It is not easy to juggle business and motherhood. I do not claim to be an expert. After Jackie was born, I spent several years in the corporate world not realizing there were other opportunities for me. While I worked full-time, my constant concern was that I was missing everything while my child was in daycare for 11 hours a day.

Like every entrepreneurial mom, two of the top priorities in my life are my family and my business.

My Story. I have always been a driven person. I knew what I needed to do to earn my next promotion. I took every class and seminar that I could find to help me get ahead. When I was in my early 20’s, all my colleagues were men in their 40’s. If I had kept going, I would certainly have reached upper level management.

My desire and drive for status in the corporate world came to a screeching halt on a day in late 1993–the day I became Jackie’s Mom. That day, as all Moms understand, my priorities dramatically shifted. Life was no longer “all about me”. I wanted to spend as much time with her as I could. Suddenly work and school were unimportant. I began looking for opportunities to work from home or for good part-time jobs.

It is not easy to juggle business and motherhood. I do not claim to be an expert. After Jackie was born, I spent several years in the corporate world not realizing there were other opportunities for me. While I worked full-time, my constant concern was that I was missing everything while my child was in daycare for 11 hours a day. Because I know children are only little “for a short time”, a cloud of overwhelming sadness was constantly hanging over me. In my efforts to overcome this concern, I was fortunate along the way to find several excellent part-time jobs, and I even job-shared for a year. I have actually only worked full-time for half of my daughter’s 12 years. Yet it still never occurred to me that I could leave the security of a corporate job to have my own business.

Thankfully, the entrepreneurial bug bit me in late 2002. I now have my own business, and I love every minute of it. I am much happier and I am able to set my schedule around my children’s important activities and, on occasion work with them beside me. I recently sat at breakfast with Jackie and asked her when she has been happiest with my work schedule. She too was happiest when I was able to take her to school and pick her up myself and attend all her important activities.

My husband, Terry is about to begin working in my business full-time, too. While we are looking forward to being together more and working together to help build our business, this will be a major life change for us. Our son Cole (age three) is currently in daycare for three part-time days each week. Last week we discussed some of the adjustments we will need to make with Terry being home more. We made the commitment to juggle taking care of Cole and working in the business the remaining two days a week for the next two years until he starts kindergarten. We know it is best for Cole, that this time is a special time to be with him, and he is worth it.

Continue reading “The Fine Art Of Juggling Business And Motherhood For Mom Entrepreneurs”

A Parent’s Guide To Social Networking

This is the excerpt for a featured post.

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“It’s 10 p.m. Do you know where your children are?” Remember that phrase from your own childhood? It’s still a valid question, but now, it comes with a twist: “Do you know where your kids are-and who they’re talking to online?”

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Social networking sites are the hippest “meet market” around, especially among tweens, teens, and 20-somethings. These sites allow and encourage people to exchange information about themselves in profiles and journals, and use message boards, chat rooms, e-mail and instant messaging to communicate with the world at large. Unfortunately, while social networking sites can increase a person’s circle of friends, they also can increase exposure to people who have less than friendly intentions.

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The Federal Trade Commission, the nation’s consumer protection agency,

offers tips for helping your kids use these sites safely:

• Keep the computer in an open area, like the kitchen or family room, where you can keep an eye on where your kids are going online and what they’re doing.

• Use the Internet with your kids. Be open to learning about the technology so you can keep up with them. Look into their favorite sites so you can set sensible guidelines.

• Talk to your kids about their online habits. If they use social networking sites, tell them why it’s important to keep their name, Social Security number, address, phone number, age and family financial information to themselves. Your children should be cautious about sharing other identifying information, too.

• Your kids should post only information that you and they are comfortable with everyone seeing and knowing. The Internet is the world’s biggest billboard: Just about anyone could see their page, including their teachers, the police, a college admissions officer, or a potential employer. In addition, once information is online, it’s there forever.

• Warn your kids about the dangers of flirting with strangers online. Because some people lie online about who they really are, no one ever really knows who they’re dealing with. Tell your children to trust their gut: If they feel threatened or uncomfortable by someone or something online, they need to tell you and then report it to the police and your Internet service provider. You could end up preventing someone else from becoming a victim.

• If you’re concerned that your child is engaging in risky online behavior, you can search the blog sites they visit to see what information they’re posting. Try searching by their name, nickname, school, hobbies, or area where you live.