Just about every client will ask me at some point – what do other people spend on (fill in the blank)? We are all curious about what other people spend on things. We like to be able to benchmark ourselves. Over the next few months I thought I would share with you some real life budgets, along with my thoughts as a financial coach.
I recently had the privilege to run a couple of webinars on ‘the principles of money management’ for a group of young parents. At the end of each of these sessions we had a wonderful period of question and answers that went for longer than the formal presentation itself did. There were a couple of recurring themes in the questions being asked so I thought it would be worthwhile sharing the answers I gave to these questions via a series of blogs.
We have looked at activities and techniques useful for teaching primary aged children healthy money habits, including: How to Teach Your Children How to Manage their Money and How to Teach the Middle School Child About Money. I would now like to turn my attention to teenagers when it comes to teaching children about money.
In the previous blog post in the series, How to Teach Your Children How to Manage Their Money, I discussed some strategies for introducing your child to the world of money. This article will build on those time-proven principles and look at how parents can equip their children to make wise decisions about managing money and spending.
For the past month I have been saying to the kids each morning, “I wonder what we were doing this time last year?” For the McGilvray family, this time last year marked the last day of a magical white Christmas holiday in the UK and Europe. The holiday had been years in the planning and a well-earned reward for finally having our home loan paid off!
Like most blokes, I have something of a phobia when it comes to shopping. Don’t get me wrong, I like buying stuff, I just hate going to the shops! Oftentimes that same sentiment around Christmas leads people to the quick and convenient solution – buying a gift card – but this is the gift you should avoid giving this Christmas! It might be nice for the convenience, but it’s bad on the budget. Let’s explore what we can do instead, to ensure your budget stays on track this Christmas.
I love this image because it we all know people whose consistently waste money on stuff they don’t need and then cry poor when it comes to paying for the things they really do need.
I am not quite sure where the year went but here we are again, less than a month away from Christmas. While Christmas is a wonderful time to relax, celebrate and spend time with the family it can also bring with it a whole lot of financial stress and uncertainty.
At Grandma’s Jars we are passionate about helping people take control of their personal finances and get out of debt. We have seen first hand the impact that debt has on people lives when it gets out of hand. Debt causes financial stress and is a burden that robs us off tomorrow’s cash flow making it harder to save and get ahead financially.
I’ll admit it, as a financial adviser and budget coach I do tend to manage my finances on the conservative side. I don’t mind taking risks but I take calculated risks. By calculated I mean that when faced with a major financial decision I objectively considered what could go wrong, what I would lose if things did go wrong and weigh this up against what I believe I have to gain.