Budgeting Activities for the Youth

It is very important for individuals to know how to handle finances. Being thrifty is a good trait and very few youth possess it. Parents are the very first teachers of the children and so they must set good examples. As parents, you can give your kids budgeting activities so they will learn to handle finances at an early age.

A vey simple task or activity is to allow your kids to budget their allowance. You can start by giving them weekly allowances and then after some time, give them their monthly allowance. Once they have the money, they will be in charge of all their expenses. Don’t give them extra money especially if they spent their allowances unwisely. Let it be a lesson for them so that they will learn from their mistakes.

Another thing, parents should also encourage their teens to join youth groups in your area. That way, they can participate in the various activities of the group. In fact, some activities of the youth group can teach the members on how to spend money wisely.

Youth groups usually organize special occasions and the group is often divided into several committees. One committee will be in charge of handling the finances for the occasion. This is already a way of training the youth on how to appropriately distribute the available funds so that everything will go smoothly.

Out of town activities are also conducted. This activity will also improve the budgeting skills of your kid. Of course, as a parent you will give your kid allowance for the trip. If your kid is responsible enough, he/she will spend the money only on the necessary expenses. Thrifty kids will often go home with money in their pockets, and not empty-handed.

It seems that everything you do involves spending money. You have to pay the electric bill, the water bill, telephone bill, buy some groceries, pay the rent, and many others. If an individual knows how to handle these things, everything will be settled down to the last monthly bill, and will even have money left for savings. You as parents will surely be happy to see your kids grow to be responsible individuals.

Budgeting is very important and when your kids grow up, they will need it badly. If they fail to budget their money, then they will always end up borrowing money. Things might even go very badly because the credit standing may be affected. So while your kids are still young, teach them how to effectively budget their money. Your kids will surely thank you when they grow older.

Help your kid find a youth group and show him/her your full support. Encourage them to participate in the budgeting activities to enhance their skills. Give them enough freedom to take care of their expenses while they are still young. That way, the kids will be more independent and wise. They will learn the value of money and the importance of savings.

As soon as your kid reaches the teenage years, teach him/her to be a responsible individual who knows how to handle money. And of course, let your kid join a local youth group so that he/she will belong to a peer group that can help him/her become a better person. You will soon notice that your teen is growing up too fast.

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Spend Wisely to Save Money

Have you ever noticed that the things you buy every week at the grocery and hardware stores go up a few cents between shopping trips? Not by much…just by a little each week but they continue to creep up and up.

All it takes for the price to jump up by a lot is a little hiccup in the world wide market, note the price of gasoline as it relates to world affairs.

There is a way that we can keep these price increases from impacting our personal finances so much and that is by buying in quantity and finding the best possible prices for the things we use and will continue to use everyday… things that will keep just as well on the shelves in our homes as it does on the shelves at the grocery store or hardware store.

For instance, dog food and cat food costs about 10% less when bought by the case than it does when bought at the single can price and if you wait for close out prices you save a lot more than that.

Set aside some space in your home and make a list of things that you use regularly which will not spoil. Any grain or grain products will need to be stored in airtight containers that rats can’t get into so keep that in mind.

Then set out to find the best prices you can get on quantity purchases of such things as bathroom items and dry and canned food.

You will be surprised at how much you can save by buying a twenty pound bag of rice as opposed to a one pound bag but don’t forget that it must be kept in a rat proof container.

You can buy some clothing items such as men’s socks and underwear because those styles don’t change, avoid buying children’s and women’s clothing, those styles change and sizes change too drastically.

Try to acquire and keep a two year supply of these items and you can save hundreds of dollars.

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Avoiding Impulse Spending

Answer these questions truthfully:

1.) Does your spouse or partner complain that you spend too much money?

2.) Are you surprised each month when your credit card bill arrives at how much more you charged than you thought you had?

3.) Do you have more shoes and clothes in your closet than you could ever possibly wear?

4.) Do you own every new gadget before it has time to collect dust on a retailer’s shelf?

5.) Do you buy things you didn’t know you wanted until you saw them on display in a store?

If you answered “yes” to any two of the above questions, you are an impulse spender and indulge yourself in retail therapy.

This is not a good thing. It will prevent you from saving for the important things like a house, a new car, a vacation or retirement. You must set some financial goals and resist spending money on items that really don’t matter in the long run.

Impulse spending will not only put a strain on your finances but your relationships, as well. To overcome the problem, the first thing to do is learn to separate your needs from your wants.

Advertisers blitz us hawking their products at us 24/7. The trick is to give yourself a cooling-off period before you buy anything that you have not planned for.

When you go shopping, make a list and take only enough cash to pay for what you have planned to buy. Leave your credit cards at home.

If you see something you think you really need, give yourself two weeks to decide if it is really something you need or something you can easily do without. By following this simple solution, you will mend your financial fences and your relationships.

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