5 Budget-Busting Mistakes You Should Avoid

5 Budget-Busting Mistakes You Should Avoid

As you probably know, sticking to a strict household budget can definitely help you financially speaking. However, there are some costly mistakes and traps that can quickly break your budget—no matter how great your intentions may be. These are some mistakes you definitely want to avoid:

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5 Common Excuses For Not Saving Money

5 Common Excuses For Not Saving MoneyIt’s incredibly easy to come up with excuses for not doing certain things. Saving money is no exception. It can be very easy to come up with excuse after excuse to put off saving up for emergencies, possible job loss, paying off debt, or other monetary goals or scenarios. Here are some of the most common excuses used for not saving money:

1) I don’t make enough money.

It’s completely possible to save even just a little each month, no matter how small your salary may be. Before hitting the malls or paying the bills, tuck away a small amount for your savings account. Even saving $10 or $15 per paycheck is enough to get the ball rolling. Try setting up an automatic transfer to make parting with your hard-earned cash a little easier.

2) I want to enjoy my money now.

There’s absolutely nothing wrong with wanting to enjoy your money today—but don’t do this at the expense of your future. Not everyone is able to enjoy job security and good health until they are old and gray. Remember that you need to save for tomorrow, too.

3) I need to pay off my debt first.

Yes, it’s important to pay off your debt as soon as possible. However, keep in mind that you will always have bills to pay. In fact, a savings account will help you avoid digging yourself deeper in debt later on. Set aside even a small amount of money for your savings, whether or not you are debt-free.

4) I’ll save when I’m older.

You can never be too young to start saving. Sadly, many young people feel that they still have plenty of time to build up their savings account and that they should enjoy themselves now. They really should feel the other way around! Set aside a little money now while you have no mortgage or household expenses to think of. You’ll definitely thank yourself later.

5) I’ll wait until my salary is higher.

It’s true that some people actually do follow through with saving when their salaries are higher. However, not everyone succeeds with this mentality. You may earn more money later on, but your expenses will get bigger, too. A better mindset is to start setting aside money now, then increase your amount of savings when your pay increase comes through.

If you find yourself constantly mentioning or thinking these excuses, it’s time to change your attitude about money. We must realize that not saving up can cause us a great deal of financial distress later on. Regularly put money in a savings fund and you’ll rest easy knowing that you’re ready for the future.

Photo Credit: iClipart

 

Help Your Kids Manage Their Money With Tykoon!

Teaching your kids financial skills and responsibility is one of the greatest gifts that you can give them since they’ll carry those habits with them throughout their lives.  For example, teaching children how to save and how to be charitable when they are young, will help them to be better stewards of their money and supporters of their community when they are older.

I was recently introduced to the Tykoon website that gives kids the tools they need to develop stronger financial values.  Parents setup accounts for their kids then add tasks or chores for the kids to do in return for privileges, an allowance or other monetary rewards.  The system tracks real money and inspires kids to take pride in their hard work as they see the rewards grow.

Our kids are expected to help out with certain chores around the house like cleaning their rooms and clearing their plates after dinner in return for TV time, getting to play on the Internet and other privileges.  If they want things that aren’t included in our regular budget then they are encouraged to do extra chores in return for cash that they can save up to buy the things they want.  Things work differently in different families and I absolutely love that the Tykoon app allows you to create goals and chores for your kids based on your family’s financial values.

With five young kids it is often difficult for us to keep track of whose turn it is to do what but the Tykoon website makes it very easy to see who has been keeping up with their chores and who hasn’t.  I really like the printable calendar style chore chart and I think it’s fabulous that the kids each get their own login so they track their own progress and manage personal wishlists of the things they’re saving up to buy for themselves.

It’s super easy to sign up, you can use your Facebook login if you want faster access, and they even have an iPhone app – since my kids rarely let me touch my phone anyway, that’s just perfect!  Another really cool feature is that you can invite your friends and family and if five of them sign up for at least a month you get a $25 Amazon gift card.  It’s up to you if you want to share that with the kids or not!

Disclosure – I participated in this campaign on behalf of Mom Central Consulting for Tykoon. I received a promotional item as a thank-you for participating. All thoughts and opinions are my own.