Rising expenses have taken a big toll on family life. In today’s life even though both parents are working, the rising prices have led to heavy medical expenses, education expenses. All this is creating a lot of stress not only for the family but for the kids as well. If anyone wants to go for higher studies and is not having enough money to sustain it is a big disappointment. So considering the changing times and trends, it is a smart idea to think about future and plan your finances. But how do you do it.
Here are a few tips that can save us from the big burden of finding finances at the end moment.
Start by Making Small Steps:
1) Let the kids take control of their own money – Teaching kids at an early age, money management skills, is an added advantage because they learn to value money. They learn to prioritize between needs and wants.
2) When the importance of education is established, kids automatically learn the importance of planning for future. When one is aware what they need to do in future a lot of planning and goal setting also sets in. The seriousness of what a child wants to become, can itself become a stepping stone for future goals.
3) Discipline yourself and kids to put in small amounts in bank to in a savings account. The sooner you plan, the higher will be the amount. Every penny saved is a penny earned. Stop spending on stuff that is unimportant or which is of no use. Keep a home piggy bank.
4) Relying on the last moment for admissions can prove too expensive. So, opt for courses that help students for pre – preparations for college. This can help avoid large expenses when taking end moment admissions. Take advantage of colleges offering scholarships. Colleges offer scholarships in sports, academics or for an all-rounder. So if you are a master in any one of these avail benefits.
5) Invest in mutual funds, smart investments lead to larger saving amounts.
6) Did you know that letting others advertise on your car can help you earn at least $200 a month.
7) If you own a house, do not let it lie idle. Instead rent it or may be mortgage it for better price.
8) Apply for any job that could help you earn. Try making money online. Also as we grow older, we become more demanding and status conscious. To maintain that we end up spending more, just to show off. Here is the catch! Become a realist and practical. Choose to self-help. Do your own cooking instead of choosing hotels, look for stuff on sale instead of new arrivals, opt for low-cost hobbies such as reading, running.
In this way you will automatically discipline yourself to spend less and increase the scope for saving more.