Tag Archives: fiscal responsibility

Starting Children on the Path to Financial Health

The foundation for lifelong financial health begins in childhood. Children absorb lessons from parents and other adults around them about how money is regarded, spent, given and saved. They carry these lessons throughout their lives and use them, consciously or unconsciously, in the management of their own financial affairs. Help your children get on firm financial footing by using some of the following tips. 1.As soon as children are old enough give them a glimpse of the inner workings of your family’s finances. Many children mistakenly believe that parents have access to unlimited supplies of money; it simply comes from … Continue reading →

Setting Financial Priorities

Retirement planning and college savings plans are not either or situations. A wise person will be working on both systems at the same time. The key is to live below your means. The problem many people have with savings for the kid’s college and their own retirement is that they spend everything they earn and live from paycheck to paycheck. This trap that most Americans are in is compounded by our ability to make time payments on so many things, and the use of credit cards. If you were to take a look at the most successful men in America … Continue reading →

Saving Early Beats Saving Often

Here’s a little demonstration I like to bore my children with from time to time. It has to do with the importance of saving early. Here’s how it goes: Jane and John are both savers. Jane starts at age 20 and invests $1000 a year for 10 years and then stops contributing and lets her savings grow for the next 25 years. John waits to start saving at age 30 but invests $1000 a year for 25 years. Both earn the same, 6% rate of interest. Who ends up with more at the end? Since I’ve already told you that … Continue reading →

Paying Bills on Time Can Save You Money

Paying bills on time saves you money in at least two ways. First, when you pay by the due date you avoid late fees, which can significantly ramp up your costs. Next, paying on time helps you avoid credit blemishes which in turn tarnish your credit history and lower your credit score. Poor credit scores attract the least favorable interest rates and fees on loans and credit cards. If you have a poor credit score you will likely pay several thousand dollars more in interest and fees than would another borrower with a stronger credit score. Resist the temptation to … Continue reading →

Payday Loans for Times When Cash is Short

Payday loans are there to help a person make ends meet. The reason is simple. Many people simply have too much of the month left, or the week, when the paycheck is gone. For these people payday loans are a way of borrowing and stretching the budget a bit. With a payday loan a consumer will form a relationship with a payday loan company. This will involve filling out an application form and providing bank account information. Payday loans are paid back to the lender using a check, which is post dated, so the checking account information is needed. It … Continue reading →

Never Too Late to Start Saving

It can be tempting to abandon the idea of building significant savings if you have been slow getting started. Don’t be discouraged, take heart. Regardless of your age or financial health, it’s never too late to start saving. One of the easiest ways to start saving is to enroll in an automatic deduction program. Many employers and even banks offer this benefit. Additionally, many offer professional advisors that can help you choose the highest yield savings vehicle for your tolerance level. When the money is deducted automatically the temptation to spend it in other places is removed. Although many of … Continue reading →

Make a Plan to Get Out of Debt

Being in debt can feel like a terrible burden, particularly if bill collectors are calling. It can begin to seem that the debt will never be retired or that we are working only to pay bills. If you are in debt there are some things that you can do to ease your load and eventually, become debt free. 1.Understand what caused your debt. In some cases the cause of debt is unavoidable. Perhaps it is the result of a catastrophic illness, accident or divorce. These events may come on suddenly leaving little time for planning. Other times it is simply … Continue reading →