The Immense Benefits Of Being More Money Conscious Around The Home

There are so many benefits of becoming more money conscious around the home. Sometimes, when we’re simply living our day to day lives, it can be easy to forget that most things we do cost money. Putting the heating on costs money. Running the water costs money. Cooking dinner costs money. Absolutely everything, whether necessary to live (like eating), or for fun (like watching TV) costs money. Being more money conscious around the home doesn’t mean becoming a Scrooge or developing a negative mindset. It simply means being smarter. Here are some of the immense benefits of living this way:

You’ll Be More Friendly To The Environment

Usually, the ways in which we become more money conscious around the home mean we are being more eco-friendly. This really does matter, and many people must start making eco-friendly changes so that we can work towards healthier, more sustainable environment. Don’t you want your grandchildren to grow up in a healthier environment? By doing things like changing your light bulbs to LED bulbs, turning down your thermostat, and being more conscious about turning the tap on, you’ll help the environment. Every little helps!

You’ll Have More Money To Spend On Cool Stuff

When you become more money conscious around the home, you find you have more money to spend on cool stuff. Of course you don’t want to go out and blow all of your cash on gadgets, but you will be able to afford more of the stuff you fancy. The infographic below can give you some great ideas!

Credit to Sunny.co.uk

Teaching By Example: 5 Ways To SHOW Kids Financial Responsibility

Children learn a lot from their parents and accumulate many habits based on how their mums and dads act. This is especially true with regards to financial outlooks, which is why it’s never too early to encourage positivity.

Talking the talk is one thing, but walking the walk is another altogether. Learn to practice what you preach by making improvements in your life, and you will see personal benefits. Moreover, your actions will carry a far greater impact on your kids. If that doesn’t sound like a recipe for success, what does?

 Teaching By Example: 5 Ways To SHOW Kids Financial Responsibility - calculator image

source

#1. Tighten Up Monthly Expenses

Wasting money is a terrible habit to learn, especially at a young age. Even if your kids grow up to be millionaires, knowing to appreciate the value of money is crucial. Show the importance of every penny, and it’ll have a telling impact on their futures. Get them involved in couponing and price comparison checks at an early age, and they’ll soon see how easy it is to save money. This will come as huge support throughout every stage of their lives.

#2. Avoid Unnecessary Interest

Of all financial waste, interest charges are the worst culprit. You cannot avoid taking on interest for mortgages and other major purchases. However, store cards and similar items can be very dangerous. Lead by example by always buying those luxury products, like new clothes, in cash. Follow this up by encouraging the kids to save their pocket money. If they ever decide that they want an advance, do it but with an interest rate included. They’ll soon realise that it leaves them worse off in the long run.

#3. Be Prepared For Problems

By now, you are well aware that life doesn’t always run smoothly. It has a nasty habit of serving up curveballs just when you don’t need them. As a responsible adult, insurance is just the start for road safety. Likewise, protecting the home with cameras makes a clear statement to the kids about the importance of security. Being aware of dangers shouldn’t make them scared. Instead, it’s a lesson that will serve them well when they reach a stage of independence.

Teaching By Example: 5 Ways To SHOW Kids Financial Responsibility - Piggy Bank image

 

source

#4. Get More From Work

Teaching kids to follow their dreams is crucial, especially in business. Doing a job that they love will make their adult years far greater, but it’s still imperative to consider financial influences. Employee financial wellbeing is an integral factor that has direct impacts on your money status. Taking this seriously will encourage kids to do the same in later life. Meanwhile, you should always show kids how to make job applications stand out from the crowd. Teach the lessons of taking pride and seeking entitlement, and you won’t go far wrong.

#5. Stop Throwing Assets Away

Financial waste doesn’t only come from spending too much. It can also surface from an inability to make assets work harder. Get kids into upcycling at an early age by repurposing old toys, and it could change their outlook for like. On a similar note, garage sales can underline the sentiments that one man’s junk is another’s treasure. In addition to setting the right example, those activities should boost your financial situations too. If that doesn’t inspire you to capitalise immediately, what will?

Revealed: The Financial Impact A Big Family Can Have On Your Home

Having a big family has a lot of pros and cons. The most obvious pro is that you’ve got a lovely large family with a lot of amazing children. It can be a lot of fun for everyone, particularly your children as they can all play with one another.

Unfortunately, a big family can be hard for your finances. Especially when we’re talking about the home you live in. The more people living in a home, the more negative the financial impact can be.

Below, we’ve got a few points that show you how a big family can impact your finances:

Revealed: The Financial Impact A Big Family Can Have On Your Home - family home image

(Pexels: http://bit.ly/2ljH6HE)

You Need A Big Home

If you’ve got four or more kids, it really narrows down your property search. You can no longer look at small family homes or apartments, you need something big and spacious. As a result, you’re probably looking at properties with multiple bedrooms at the higher end of the market. In turn, these cost loads of money, and you’ll probably have to get a large mortgage from a company like Enness Mortgages. You could potentially be paying double what someone with two kids pays for their home. If you want to live comfortably, you need a big home for your big family, so your hands are pretty much tied.

The alternative is to stay in your current home and try to increase its size through renovations. However, this still means you’ll be paying a lot of money. So, either way, your family is forced to spend a lot on your home when you have a big family.

Revealed: The Financial Impact A Big Family Can Have On Your Home - money rolls image

(Photo: http://bit.ly/2u6rAPX)

You Have Higher Monthly Costs

When you have a house, you get the benefit of not paying rent. But, this doesn’t mean there are no monthly costs to pay. You’ve still go to pay all of your utility bills, and the size of your family greatly affects this.

When you’ve got a big family, you have more people using energy, more people using water, and more people using the internet/TV/phone. As a result, your bills can go through the roof. Imagine having four kids all in their rooms with their lights on watching TV? Or, think about the morning routine where your entire family uses loads of hot water as you wash. Every month, you will be paying a fortune for various utilities because of your large family.

At this point, it looks like it’s all doom and gloom for your big family. Naturally, some of you may be put off having lots of kids after this! But, don’t worry, there are steps you can take to contain things and ensure your finances don’t take that much of a hit. If you search for houses that are maybe in slightly cheaper neighborhoods, you can still get a big house without overpaying for it. A lot of the time, the further away from a major city you look, the cheaper the houses are. Also, teach your kids about saving energy and make sure they turn things off when they’re not using them. Also, get energy saving appliances to help as well.

There’s no denying a big family will have a huge financial impact on your home, but it’s just one of those things you have to be conscious of and learn how to deal with so it doesn’t damage you too much.