Teaching Your Kids About DIY

We all know that the things that you learn from a young age stay with you for the rest of your life. Not only does teaching your kids about DIY give them some invaluable practical skills, it will also help them to save money in the future as they won’t have to hire expensive contractors every time there is a problem around the home.

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You may just be doing a couple of simple jobs around the house or you may be involved in a major project that requires a steel building from Armstrong Steel. Either way, it is a good idea to teach your kids the basics while ensuring that any tasks that they do take part in are completely safe. Here are a few ideas about what they can do.

Measure Twice, Cut Once

You will probably be well aware of the old adage measure twice, cut once, but accuracy is one of the most important lessons that you can teach your kids so that they don’t have to go back and do a job all over again, which is not financially sound. Teach your kids how to read a measuring tape and make sure that they know to always double check their results. Once they become more experienced, allow them to do the measuring all by themselves.

Drive Screws

Before letting your kids loose with power tools, you will want to make sure that they are mature enough to handle them and the whole process is completely safe. A good starting point is a powered screwdriver which doesn’t spin at the same rate as a drill and the bits aren’t as sharp so it is less dangerous. Make sure that you supervise them well and you can teach them the valuable skills of patience and coordination.

A Lick of Paint

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Painting is a great DIY task to teach your kids as it is one of the safest that you can allow them to get on with. To start off with, you can get them enthusiastic about it by heading down to your local paint store and allowing them to pick out the colours themselves. Afterwards, you can teach them all the basics involved in the process including preparing the paint, using different methods (brush, roller etc) and the cleaning up afterwards.

Organising the Toolbox

Though it may not seem as exciting as some of the other jobs that you can tackle, organising the toolbox with your kids gives you the opportunity to show them each individual tool and explain in detail about what they all do. In the future, this will make it much easier when you decide that it is time to teach them how to use them.

Remove Nails

You may think that hammering in nails is a little too dangerous right now, but you could teach your kids to remove nails instead using the other side of the claw hammer. Make sure that they aren’t buried in too deep as this is when things can become a little tricky.

Family Finance and Family Business: Start Teaching Your Kids to Manage Money Early

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Having a family business is hard on its own since you need to know how to handle family and business as two separate entities as well as how not to let one suffer because of the other. This type of business usually lasts for generations or that’s the plan at least, and there’s nothing more satisfying for a parent than to leave their legacy to their children. But before taking such a big step, parents should prepare their children for this future by teaching them about some facts and aspects of the family business as early as possible.

Running a family business is no different than managing any other business. And all businesses have some basics which need to be mastered, such as managing and budgets, resource allocations and knowing how everything fits together into a successful undertaking. With the intention of helping you achieve just that, we’ve singled out a few hints to help you prepare your children for walking in your shoes one day.

1.      Draft a business and budget plan

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Just like with everything else, having a good plan can help you clarify what comes ahead and how to handle it in time. Every successful business is built on sound planning and financial predictions, the same applies to your family business and its future. Whether you’re old school and decide to use a pen and paper, or technologically savvy and decide to conduct your budgeting electronically, it is very important that you start preparing for the day your children take over the helm. Also, if you’re in any doubt you can always contact a bank or financial advisor to help you crunch those numbers.

1.      Separate business and family, but not quite

It’s very important to be clear and honest with your children from the start about what you expect from them in the future. It is prudent to leave your business problems far away from family matters, although there are some things to which the same principles should apply – money. Teaching your children about the value of money and how to be responsible with it doesn’t need to be separate from teaching them how the financial side of running the business works.

What you do need to separate are the roles. At home you are a family, and at work you are co-workers, and by separating the professional from the personal you’ll be able to convey discipline and ethics without losing your footing on both sides.

2.      Start from the beginning

Every family business is a story which needs to be passed down from generation to generation. Your job as a storyteller is to tell it as simply and interestingly as possible so your successors understand what’s ahead of them and are willing to take their place when the time comes. The latter means you will have to explain to them the rules and responsibilities, structure, management, financial transactions and dealings, as well as the clientele, future plans and the market.

3.      Finances – the backbone of your business

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If you are the soul, then your finances are the backbone holding it all together. We’ve already mentioned that money and how to handle it responsibly shouldn’t be treated any differently than you do it inside your family. From an early age, your children should know that every penny counts and that it has to be earned and spent responsibly. You can let them work on some summer jobs for the family business, starting from the lowest position so they could connect the effort with the reward. Also, you can ask them to present you their ideas and financial plan on how to realise them and make them profitable.

4.      Representation is also important

There is one other aspect you should also include and that’s marketing. This one might be closer to your children’s interests than you may think since today’s advertising efforts are mostly digital and Internet-based.

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Help them understand that by investing in the presentation of your family business and its brand, they can increase the profit and promote the image. It may seem easy and a money saver to do it by themselves, but entrusting the SEO company to promote your website and hiring design professionals to embellish your image will save them time and resources while providing excellent results. It will also be a good lesson for them to see how allocation of work can be beneficial for the business.

Finally

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Don’t be afraid to talk about money with your children. By teaching them about its value and significance you will inspire them with responsible habits and manner of handling it. Showing them how your family business works from the inside out and the important role financial background and forecasts have in its success will prepare them for ongoing and new activities when they take over.

Do More Than Insure

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Everyone knows that the roads can be a dangerous place. This is why it’s a legal requirement to have insurance on your car in most places. This sort of cover protects other drivers from your mistakes, giving them a chance to have their car fixed without relying on you to have the funds to do it. As the roads get more populated, though, they are getting even more riskier. The lengths that you can use to protect yourself are becoming more varied and reliant on tech. To help you out with this, this post will be going through some of the best ways to compliment your insurance, ensuring complete security on the road.

Nowadays, it’s becoming much more common for legal battles to come out of car accidents. When people get hurt, they will often try to claim compensation for any time they’ve had to spend out of work. Unfortunately, it’s impossible to test someone for whiplash. So, if you get into an accident, people will often claim to have this affliction without any evidence at all. Protecting yourself against this sort of behaviour is nice and easy, though. Video is the considered to be the greatest evidence you can have. It provides definitive proof as to whether or not you were at fault during an accident. Dash cams have become incredibly cheap in recent years, providing you with the chance to pick one up for nearly nothing at all. Just take a look at websites like Amazon and eBay to find the cheapest examples.

Of course, you can’t just rely on video to get you out of a jam. Instead, it’s best to go even further with this effort. Legal professionals come in loads of shapes and sizes, with some offering the best protection against theft or assault, and others being better at helping people with car accident claims. It’s important to choose the right person to help you at this stage. You can’t just choose any car accident lawyer and hope for the best; research has to be done. Use online reviews and testimonials from other clients to find out which of your local lawyers would be best to represent you. Some professionals will be happy to travel to serve their clients, so it’s worth looking quite broadly.

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Sometimes, the best way to protect yourself on the road is by learning how to drive defensively. Most normal driving courses don’t really teach you how to drive. Instead, they simply give you the basic knowledge you need to pass the test. Most people will pick up the rest of the skills they need in the first few years of driving, leaving it to their own instincts and habits to shape them. Unfortunately, this can lead to poor driving and struggling to get through difficult situations. To solve this, advanced driving courses can be taken, offering the chance to improve your driving and get better on the road. This is one of the best ways to protect yourself but will be most effective with your other lines of defence.

Hopefully, this post will help you to understand exactly what can be done when you’re trying to make driving more secure and safe for yourself. Along with helping you, these methods can also help the drivers around you. By making a conscious effort to improve your driving, you will have more success than you expect.

Is It Really “Win Win”? Teaching Your Children The Ethics Of Financial Compensation

Is It Really "Win Win"? Teaching Your Children The Ethics Of Financial Compensation - compensation sign image

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In a world full of ambulance chasing and people demanding something for nothing,  the topic of financial ethics is something that you will have to discuss with your children at some point. We see commercials about it on a daily basis and even during your children’s favorite shows. Whether it is claiming compensation for a car accident, mis-sold PPI, or an accident in work it’s these things that are communicating to our children that we are able to get something for almost nothing. So it’s important to differentiate between ambulance chasing and gaining compensation that is owed to someone as a result of an accident. But when you see stories about someone suing another person for what can be perceived as a minimal issue, where do you draw the line?

In our material-laden lives, it is very difficult to communicate to our children the importance of saving money, especially when it is that much harder to do now. It’s a lot more difficult to show your children what money can buy when you don’t have much of it. A small round of shopping can cost upwards of £50, which, for many people is the equivalent of a day’s wage. And as inflation inevitably rears its ugly head, and items become more expensive, the temptation to get some sort of compensation where you can is always there. At least 50% of the population of the UK do the lottery once a month, so that shows 50% of people are looking for a financial windfall to solve their problems. So if you have a means to claim compensation, it’s quite difficult to argue with when so many of us are so financially stark that we try and find ways to make as much money as we can, while we can.

So, communicating to your children about the topic of compensation is where we can get into a moral gray area. The best thing to do is to define clear boundaries about when people should claim compensation. This is all dependent on your own personal views of course, but the definition of compensation would be financial help in the event of an incident causing physical or psychological harm to someone which has a detrimental impact on their life. So if you had a car accident that was caused by someone else and you were unable to work, then surely it’s within your rights to claim compensation for this? You would claim compensation for the amount of money that you feel you were owed because it had an impact on your life. The issue would be if you contacted the insurance company and they tried to minimize your claim in one way or another, and getting an attorney to stop the insurance company trying to minimize your claim is a route that you may need to go down if you have this issue because you may be in a delicate financial situation, such as needing to pay medical bills.

The important thing to teach your children about financial compensation is if they feel they deserve this. It can be a very sticky area depending on their own moral compass. If you’re teaching your child the importance of financial responsibility yet you are seen trying to take someone to the cleaners for every penny they have, it’s setting a confusing example about the value of money. Ultimately the best way to strike a balance between the topic of financial compensation and the value of money and is to put it within a work context.

If you can communicate to your children about the value of hard work and compensation is viewed as something that can help you when you are unable to work this might be the best approach if you are facing an impending decision on claiming for something in your family. You don’t want your child to feel that they are owed things without working for them, and until they are old enough to decide properly whether they are deserving of something without working for it, you are much better to instill this value of working for money when they are young.

Compensation is such a sticky area to get into because everybody has their own opinions on if they are owed something or not. But if you can start off on the right foot and communicate the fact that money is something that is earned and using compensation as a replacement in lieu of not being able to work this should help to reduce the ambulance chasing tendencies that we see a lot in the Western world.

Invisible Money – How to teach kids about money in a cashless society

Think for a moment about how many of your day to day transactions are made with actual notes and coins. In a world without cash, what are the implications for teaching children about money?

The Global Issue of Invisible Money

In 2014, the US Parents, Kids and Money Survey suggested 73% of parents agree that because of digital transactions, kids think of money differently than they did when they were growing up. An Australian survey revealed that over one in three (35%) children simply don’t know how digital purchases are paid for. Whilst in the UK consumers recently passed an important milestone on the path to a cashless society, with cash now used for less than half of all payments. These statistics highlight the influence digital technologies can have on how children understand money.

Not seeing physical money exchanged for purchases makes it harder for kids to get their heads around what things cost and how money works. They might not easily see the link between the ‘invisible money’ of online payments or contactless purchases with real money eventually coming in and out of their own bank account.

invisible money how to teach kids about money in a cashless society

Where Money Comes From

It’s not difficult to see how in an age where we can slot a plastic card into a ‘hole in the wall’ and obtain physical currency, or where you can ‘tap and go’ to pay, how our children might not fully understand where the money used to pay for things comes from. One method of explaining this is to describe to your kids the purchase path or the flow of money; from earning it, to depositing into the bank and ultimately the final purchase and receipt.

Making the point of using cash occasionally, rather than electronic funds can also help to provide younger children with a visual representation of how currency works. Once they understand physical money you could slowly introduce them to the idea of online and credit purchases.

 

Pocket Money and Chores

Many parents recognise the value of using pocket money, or an allowance, to teach children about budgeting. Giving your children pocket money in return for jobs around the house can help them understand the connection between time spent doing work and money. A weekly pocket money allowance can also help to develop your kids’ budgeting skills. If you give them a weekly sum which includes both an element for daily routine activities plus some personal discretionary money, it can teach them to prioritise between needs and wants and make choices around spending and saving.

Understanding the True Cost

Mobile phones and tablets make it easier for your children to spend money online sometimes without even knowing it. Another example of invisible money is where many games and apps are now ‘freemium’ – meaning that whilst the app was initially free to download, it will proceed to ask users to purchase special features or content for a fee. If making app purchases is not prevented by a password prompt, then a couple of accidental taps in a game could cause your children to make real-money purchases.

Figures show that 61% of kids are buying apps or making in-app purchases every month, it’s important therefore as parents to establish some ground rules to ensure your child is conscious and aware of the money he or she may spend and its consequences. One useful tip is to ask for the money from your child before they make the purchase to establish the connection that it is still real money.

Setting up a bank account.

Once they are old enough and especially when your child has a job or gets an allowance, having a bank account and watching the balance grow (or shrink) is important. By downloading the bank’s app they can easily monitor and track his or her spending. Another important habit for later in life.

If you can’t beat them join them

The ease and convenience of cashless transactions puts us on an irresistible march towards a cashless society perhaps in your child’s lifetime. Get them prepared early by giving them a prepaid card with a weekly or monthly allowance. These cards can be monitored online and teach the principle that money, whether invisible or not, can only be spent once.