Check out the 5 financial tips for the 3rd week of January 2012.

Tip no 1 – When you’re married, try to work together to end debt.

You pledge to share everything with your spouse after taking the wedding vows. This means that you can share both your happiness and problems with your spouse. Don’t hesitate to talk about your financial troubles with your spouse. Tell your spouse about how much you owe to your creditors. Your spouse can suggest some effective ways to solve the problem. Read the rest of this entry »

Here are the 5 financial tips for the first week of December 2011:

Tip no 1 – Do Christmas shopping year-round.

Generally, people go to the super market for shopping Christmas gifts at the fag end of the year. However, there are loads of advantages of doing your Christmas shopping throughout the year. Firstly, you get ample time to grab the cheapest deals. You don’t have to endure the stress of purchasing bulk gifts at the last minute. It will not create a sudden pressure on your budget as you spend a small amount every month to do your Christmas shopping. You can buy good gifts for your friends and family according to your budget, much ahead of time. Read the rest of this entry »

Summer vacations are over. Children are all set to go back to their schools and studying. Parents are ready to hit the stores for purchasing the school clothes and bags. It is one of the biggest consumer events of the year wherein families spend as much as $603 on school items.

Have a look at the article to know about the 5 tips that may help you cut down the school expenses this year.

Tips to cut down the school costs this year

Here are the 5 interesting tips to help you cut down the school costs this year:

1. Glance through your kid’s wardrobe: Your children may ask you to buy new school uniform for them. But this does not mean that you should rush to the shops the very next day. Have a look at the wardrobe of your kids. Find out whether or not they really need new uniforms. Buy only those items which they really need.

For example, you can purchase a shirt for your son and a skirt for your daughter. You don’t necessarily have to purchase 2 pair of uniforms for your kids.

2. Go to the shop alone: Research shows that parents tend to purchase more items when they go for shopping along with their children. Children often create a scene in the shop to make the parents purchase their favorite items. So, it is better to go to the shop alone. Write down the items you need to purchase in a piece of paper. Buy only those items in the shop.

3. Create a budget: Tell your children clearly about the amount you’ll spend on shopping. For example, you can set aside around $250 for shopping. Encourage them to finish their shopping within $150 and keep the remaining $100 with them. This will motivate them to spend less.

If your kid has earned some money during the summer vacation, then you can ask him/her to purchase the school books, bags, clothes, lab equipments, etc. This will make your kid spend money cautiously.

4. Purchase second hand books: Books and copies are quite expensive nowadays. You can purchase second-hand or used books at a low price. You can also ask your kid to issue books from the school library. He can just take photo-copies of the important chapters and return the book to the library.

5. Buy durable products: Parents often have the tendency to purchase cheap products for saving money. But one thing they tend to forget is that the cheap products don’t last for a long time. They will have to purchase the same products very soon.

Instead of purchasing cheap products with trendy stickers and logos, parents should buy durable goods. It is advisable to buy goods that will last minimum 2-3 years. This will help them to save money in the long run.

Finally, purchase goods in bulk so as to get heavy discounts. The retailers will give you heavy discounts for purchasing products in bulk. This will enable you save more and spend less.

Check out the 5 financial tips for the first week of August 2011

Tip no 1 – Gifting 3 piggy banks to your child to teach the concept of spending-saving-donating

Piggy banking can help you teach money management skills to your kids at a young age. You can gift 3 piggy banks to your daughter. The 3 three piggy banks will be for 3 different purposes. In first piggy bank, you should ask your daughter to deposit money strictly for spending purpose. This means she can use all the money stored in this piggy bank for purchasing her favorite items. In the second piggybank, she can deposit money for saving purpose. This means that she won’t be able to spend this money from the piggybank. Finally, in the last piggybank she can store the money which she intends to donate somebody.

Tip no 2 – Practice thriftiness before preaching

You should first manage your finances properly before telling others to do so. You can’t possibly tell others to live a frugal life when you have the habit of spending money recklessly. They will not take your advice seriously.

For instance, you teach your children to avoid impulse shopping. But if they see that you go to the department store and purchase what ever you like there, then your children will listen to your advice. The kids will also ask you purchase the items they like in the shop. So, the bottom line is practice thriftiness before preaching it to your friends, family or relatives.

Tip no 3 – A penny saved is a penny earned.

This is one of the most popular financial proverbs of Benjamin Franklin. This basically means that you must try to save a penny instead of spending it. For instance, if you have saved around $100 in a month, then it implies that you have earned the money. The core of the matter is, you have gained $100 in that particular month.

From next time, you should try to not waste money on drinks and partying. Rather you should try to take active steps to save money. This saved/earned money can be used to fund a wonderful vacation at an exotic place.

Tip no 4 – Contribute to a retirement plan

Contribution to a retirement plan is important when you want to secure your golden years of your life. The available funds in your retirement accounts will help you lead a comfortable life after retirement. You can shift to a good house, go for a vacation, and meet your daily expenses without being at the mercy of your children. You can lead an independent life post retirement.

Check out the retirement plans offered in the country. Choose the one that will suit your financial needs. If required, you can consult a financial planner regarding this issue. Deposit some amount on your retirement account each month.

Tip no 5 – Get multiple insurance policies with the same insurer to earn a discount

If you are planning to purchase multiple insurance policies for your family, then it is better to take them from a single insurer. This is because the insurer will offer you a heavy discount when you purchase multiple insurance policies (home, life, travel, auto, funeral, health, etc.) from him.

Only a handful of people buy multiple insurance policies at one time. So, when you buy several policies from the same insurer, he gets a bulk of money suddenly. He is getting a substantial amount of money from a single consumer. This implies that he won’t have to spend extra money on advertisements or brokers to get some new clients.