For most families, income is fixed and outflow typically increases over time, as the needs of the family fluctuates and changes. Loading up on debt is also very typical for the majority of our families. If this sounds very much like a vicious circle, it is. Most families are caught up in it and constantly battle to get out.

Mostly, we think that we wisely spend our money on necessities like food and clothing, gas and household or family needs, but can rarely put a finger on where the money actually goes, let alone produce a budget!

Families have diverse reasons and motivations for budgeting. Briefly summarized, people budget for a couple of reasons:

• To gain control of their financial life, monthly bills and spending
• Be prepared and avoid surprises
• Save for a major purchase
• Opt out of a vicious circle of ever-spiraling debt or spend-now-pay-later thinking
• Expand their lifestyle(s)
• Retire early
• Eliminate money as a source of tension and topic for argument
• Rediscover that the best things in life are FREE!
• Becoming self-reliant and empowered to know that debt does not rule their lives anymore!

Every family situation is uniquely different and distinctive. There is no one-size-fits-all answer and solution for everyone.

Some of the tips might apply to your unique means and circumstance, and others may not have any significant impact or practical application at all.

Read the rest of this entry »

So you need a break and are on a tight budget…What do you do?  Here are some fun things to do that are low cost or free.  Have fun!

• Look at your town’s website or newspaper to find a list of events going on in the community, many of which are free. Read the rest of this entry »

Parents mostly complain that teenagers do not listen to them. The opposite is true when it comes to advice regarding ‘money matters’. Teens actually welcome their parent’s input about their finances.

In the past few years, teenagers have earned billions of dollars with part-time and summer jobs.

Some have spent most of what they earned, while others saved most or even all of it for a big purchase, or for their college education.

Kids these days are becoming more and more aware of their family’s source of income and financial status. They apply these money-spending principles when they venture out on their own.

Thus, it becomes more of a parent’s responsibility to start “training” their teenage kids to use their money wisely.

Here are some ways on how you, as a parent, can teach your teens to save those hard-earned bucks: Read the rest of this entry »