Teaching Your Kids To Save Money

You might think that your kids are too young to learn about money. They must enjoy playing as kids. They must also be dependent on you when it comes to their financial needs. Although this is true, you have to understand that it won’t be true for long.

Kids grow up really fast. Before you know it, they are off to college and your kids will make their own financial decisions. You don’t want them to keep running back to you when they are already adults just because they are buried in debts.

This is true especially if you have also gone through the same problem in the past. You must have learned things the hard way. You should let your kids know that they don’t have to suffer the same fate. By being more financially responsible, they can escape debt problems and be more financially empowered.

To begin with, you need to show them the value of saving money. Teach them to make priorities when buying stuff. They have to understand the meaning of prices. Why would they choose one over another? What would they sacrifice if they buy a toy over food?

You need to give them actual situations for them to decide on. This will force them to think and make the right choices. As they grow older, they can use what they have learned as they face more difficult challenges. You will not always be there for them. While you can, you have to make sure that you let them understand the value of money.

Below is an infographic that will teach you the best ways to let your kids realize why being financially responsible is important. Hopefully, you can show to them the right ways to save money that they will carry with them for the rest of their lives.

9 Ways To Teach Kids To Manage Money

Buying A New Property? Not So Fast

There are a few things that you’ll need to consider before you head onto the property market in search of a new home for your family. If you don’t think about these issues now, you might run into problems further down the road. Let’s look at some of the problems that you might have to deal with.

Raising The Cash

Do you have enough money to buy the home you want? You can usually buy a home with roughly five percent of the asking value. But you should really aim for roughly twenty-five percent of the asking value to put down as a deposit. This will give you access to some of the best mortgage deals on the market. That will ultimately cut the cost of buying your home in the long term.

Paying The Repayments

Next, you need to think about the cost of the repayments. Don’t forget, these can end up being a lot more than what the house was worth. Particularly, if you have to deal with nasty levels of interest. That’s why you need to check your mortgage deal carefully before you buy. A lot of people run into financial issues because they didn’t understand how much they would owe for the home.

Checking The Home

You do need to perform an extensive check on the home before you even think about buying. There can be a lot of issues, particularly with a home that isn’t brand new. The following infographic has all the problem areas that you might need to watch out for.

 


Infographic Designed By SPI Property Inspections