How To Teach Your Children To Manage Their Money

It’s never too early to start teaching your children about how to manage their money. Keeping track of your spending and managing your finances is something that everyone struggles with from time to time. We all know that a direct payday loan lender can be necessary to help you get by until the next pay day, but teaching your children how to budget is a skill for life and will hopefully keep them out of debt in the future.

Teach Them The Value Of Money

Most children don’t grasp that money needs to be spent carefully and isn’t just used for buying the things they want. The easiest way to show children the value of money is to talk about it when you are food shopping. Ask them to help you to choose the items you put in your trolley and explain whether they’ve chosen the best value item. Point out deals and cheaper alternatives, this will teach them to shop by value and shows them how expensive some items can be!

A Savings Jar

Children who instantly get everything they ask for don’t learn the true value of money. Teaching them that they must wait and save up before they can buy something they want is an important money management lesson. Although a savings account can be useful for older children, a savings jar is a good way to visibly demonstrate to children that the pocket money they save is building up over time. This makes the purchase more satisfying and teaches children the importance of savings and being patient.

Give Them An Allowance

Some parents may disagree with giving their children money. But giving children a small monthly, or weekly, allowance is a good way to teach them some basic budgeting skills. If they know that their allowance is the only money they will have to spend that month, they will soon learn that they can’t have the latest new toy or game every week.  If your children still impulsively spend their money as soon as they get it, try challenging them to wait a few weeks.

If an allowance isn’t something you are comfortable with then offer them the chance to earn their pocket money by completing basic house hold chores. This shows them that hard work can be worthwhile, setting them up for the future.

Keeping Track

Try to encourage your children to keep track of their spending in a notebook. Try to put a fun spin on it by making it a game or giving them an old purse to keep their recipients in. This will help you to explain that some of the things your children are buying- typically things like sweets or the latest fad- are using up a big chunk of their allowance. Alternatively, show them how you manage the family budget. Explain that you have to work so you can afford to buy all the things on the list, so they understand that money doesn’t just get given to you by the bank!

How to Make Money Fast with Affiliate Marketing

binary optionThere are hundreds, or perhaps thousands, of books, blogs, and workshops out there that promise to tell you how to make fast money on the Internet. Some of these are obvious scams, while others are legitimate business ideas that can and have helped people live life outside of the 9:00 to 5:00 box.

What is Affiliate Marketing?

For John Crestani, the answer to making fast money was affiliate marketing. Affiliate marketing could also be called “being a paid middleman”. Basically, you direct traffic to a business’ services or products, and for every lead or purchase that you directly generated, you get a commission. You are acting as a matchmaking service, hooking up consumers and businesses. At age 28, John Crestani used affiliate marketing to help himself go from a day job that he’d checked out of, to a life spent traveling and adventuring around the world.

Affiliate marketing is one of the easiest Internet-based businesses to start up, but the key is how to make money. Fast money is relative; you may not see one million dollars in your first month, but most expert resources agree that you can easily begin making $30-$100 per day within your first month. Here are a few important tips for setting up your lucrative affiliate business:

How to Make Money – Fast!

  1. Focus on a few quality products, to start. Trying to promote too many services or products means that you won’t be able to really focus your efforts on connecting the right consumers with the right business. To make fast money, you need to do more than just have a lot of links– you need to promote your products properly.
  1. Speaking of proper promotion–do your research. It’s a good idea to have an understanding of who buys your product, where they hang out online, and what it is they need from the product. If you aren’t sure where to start researching, and you have an active website, try conducting a survey of your readers.
  1. When you’re learning how to make money fast, you may often hear that you should “stick with what works.” However, this type of business is highly competitive. Due in part to the way that search engine algorithms are constantly changing, and the way that consumers are constantly finding new ways to interact with ever-evolving social media, making fast money with an affiliate business requires that you stay up to date on techniques and marketing trends.
  1. Choose to promote products that actually benefit consumers. The best way to make an affiliate business work is to consider yourself a helper, not a salesman. Promoting a product that you actually know to be helpful to people, or one that solves a problem that people have, is the best way to keep your own motivation and energy levels high. When you approach your sales as a service to help consumers, rather than a way to sell a product, you’ll be able to generate more leads, much faster.
  1. Learn how to make money fast by automating as much as you can. One of John Crestani’s revelations as a young businessman was that, in order to enjoy the kind of life he wanted to lead, he needed to get his business working without him. While he created campaigns for his products, he recorded himself, and then passed his methods on to team members so that his business could continue to grow with identical results, even when he wasn’t there.

When it comes to learning how to make money fast with an affiliate business, the road won’t be instant; however, marketing is one of the fastest and easiest ways to get your business off the ground and making profits.

“Finances are so complicated”

How many people have you heard excuse their lackluster personal finances because managing their cash flow seems like too much work. I’m afraid I know a handful of people that are so intimidated by their finances, they choose to ignore them completely. Guess what?! Managing your money is really, really, really simple. Even more simple than this maze…

There are really only three things that can be done with money.

1) Spend it

2) Save/Invest it

4) Steal it

4) Give it

For the love of all that is holy, don’t try and make personal finance more complicated than it should be. Your goal should be to have less than 100% of your money in the “spend” category. Ya got issues if you are spending 103% of your income every month, sadly this is more common than we all realize.

To keep this post short I’m gonna post up the percentage of my income that gets allocatted to each category every month….

Spending: 60%

Save/Invest: 30%

Donate: 10%

So that is the breakdown of my numbers. Keep in mind it is an average, some months my spending was 35% of my monthly income, and other times it was 140%, so it’s important to try to think over the course of a year or so.

Now it’s your turn sucka, why don’t you post up a quick snapshot of your “Spend, Save, Give” percentages. Try to be honest and accurate. There really is no “perfect” breakdown as each of us is unique and has our own perceptions of what is important to us.

p.s. don’t do drugs (yeah, I know that has nothing to do with finances, but I just thought you mind need a friendly reminder :))