You should be able to teach your kids on how to save money. They should be able to understand the concept of money and investment as early as childhood. This will prepare them to learn money management, as they grow old.

Here are some tips on how you can teach your children how to save money:

1. Your children should be educated of the meaning of money. Once your children have learned how to count, that is the perfect time for you teach them the real meaning of money. You should be consistent and explain to them in simple ways and do this frequently so that they may be able to remember what you taught them.

2. Always explain to them the value of saving money. Make them understand its importance and how it will impact their life. It is important that you entertain questions from them about money and you should be able to answer them right away.

3. When giving them their allowances. You need to give them their allowances in denominations. Then you can encourage them that they should keep a certain bill for the future. You can motivate them to do this by telling them that the money can be saved and they can buy new pair of shoes or the toys they want once they are able to save.

4. You can also teach them to work for money. You can start this at your own home. You can pay them fifty cents to one dollar every time they clean their rooms, do the dishes or feed their pets. This concept of earning little money will make them think that money is something they have worked for and should be spent wisely.

5. You can teach them to save money by giving them piggy banks where they can put coins and wait until they get full. You can also open bank accounts for them and let them deposit money from their allowance. You should always show them how much they have earned to keep them motivated.

Money and saving is not something that is learned by children in one sitting. You should be patient in teaching them and relating the value of money in all of their activities. Children will learn this easily if you are patient and consistent in guiding them and encouraging them in this endeavor.

7. Think Of Ways Your Building Can Make Money
Many apartment buildings, particularly if they’re new, can go through periods of not having much spare cash in their coffers. It’s always good, therefore, to think of ways of augmenting funds. Paid advertising in newsletters and on the website are possibilities, but they do need someone to spend time organising and supervising it. There are a number of other options, too. Do you have a tall building? Telephone companies are often looking for space on top of buildings to place masts, dishes and electronic equipment. Call around all the local telcos to offer roof space for a decent yearly rental. State roads and traffic authorities also need to place cameras on high roofs to check traffic flows. You could also be a candidate for such rental income, particularly if your building is close to any major intersections or new roads.

Another way of earning money is to offer your common areas to any local film, TV or advertising companies as good sites for filming. Location scouts are always hunting for places that haven’t been used before, so why not make their job easier by emailing photos and a description of your building? One short-cut is to register your building with a locations agency. You could also ask around the building and see if any individuals want to register their apartments. That means they earn rent – and usually the building does too, because all the cables and equipment run through common property.

Continued On Make Your Building Work For You 5

1. Don’t spend more than you earn.
Okay, you’ll probably have to borrow for major purchases such as a car or house, but if you can’t meet your repayments, you’ll lose everything. Work out how much you earn and what it actually costs you to live before you commit to a major loan.
A bank, finance company, car salesperson or real estate agent might thinkyou can afford the repayments, but you’re the only one who really knows your circumstances.

2. Always have something put aside for a rainy day.
It’s the unforeseen things you can’t budget for that can be your financial undoing. No matter how healthy or wealthy you might seem now, no-one can see that truck hurtling around the corner.

Supposedly secure jobs can suddenly disappear, an unplanned-for family member can make a surprise entrance. It’s all part of the mystery of life, but there’s a psychological advantage to having even a little pool of accessible in an emergency.

3. Don’t put all your eggs in one basket.
This applies to all investments at any level. It makes obvious sense that if you put all your money into property or the share market and that sector falls, that’s all your money gone. It’s a good, basic rule to keep in mind when you seek advice from financial experts when investing money.

4. If it sounds too good to be true, it probably is.
The reason you are being temted with promises of such high returns for your investment is because of the high degree of risk involved. Don’t let visions of a new, fantastic lifestyle overtake good sense.
Picture this person offering this deal to, say, your sweet eldery grandmother. Would you laugh out loud? Would you kick this guy’s butt and send him packing? It’s a good reality check to take.

5. A bird in the hand is worth two in the bush.
Parking your money in the bank might not be getting you ripper returns, but it’s worth twice the same amounth invested and then lost in a risky venture. have a long good look before you leap.

Most families finances aren’t in the Wall Street league, and although we often feel like we’re mismanaging them due to lack of expertise or straightforward ignorance, in fact we’re usually doing a pretty good job. The truth is, unless you’re in the position to take your investments up a few notches, some low-key research and informal learning will give you enough helpful tips to increase your financial confidence. And the ultimate truth is that using commonsense is still the safest way to handle your finances.

If you’re interested in increasing your financial savvy, just becoming familiar with the terminology and the general movement of the money markets and the economy can help with your household budgeting – whether you need to account for a rise in mortgage payments later in the year, for example, or whether you’ll need to put more into the petrol budget when OPEC announces an oil price rise.

Although the newspapers’ business and finance pages and the specialist money magazines are full of this information, not many of us have the time (nor the inclination, probably) to wade through them and distill what we need. It’s much easier to turn on the TV and take advantage of the basic market wrap that now follows just about every news program. The radio can be a great resource for this kind of information as well. Tune in to ABC News Radio while you’re driving to work or the shops or wherever, or have it on in the background while you cook or clean or whatever, and you’ll pick up all sorts of useful stuff.

I Am Woman, Watch Me Count
In my experience, even though a woman is far more likely to say she is financially illiterate than a man is, women are often as competent – if not more so – than their male counterparts. During my time as host of TV’s The Small Business Show, I’d encounter men who were ostensibly running the operation but could not give me any financial details. “Oh, the wife does the books,” they’d say without a hint of irony.

The fact is that a woman running a household is already far more in the know financially than many men who leave all their business affairs to someone else. Just think about it – we’ve all managed to leave our parents’ home and survive, and now we’re running our own household, so we’ve clearly developed some degree of money-handling skills. And this invaluable knowledge comes from the best testing ground: trial and error, simple old clichés and things your mother taught you.

Another Shopping Oppurtunity
Your attitude to money-related issues can really affect how well you do out of them. If you’re applying for a loan, for example, look at the experience like a shopping expedition. Go in well prepared – have a general idea of who’s offering what and the extras that are available – and shop around, with the aim of striking a bargain where you can.

These days that applies to everything from buying a car or house to negotiating the loan with which you purchase them. Where once upon a time banks were an intimidating place, where you went cap in hand for a loan and thought yourself lucky if they deigned to lend you money, today it’s a different story and these institutions should be competing for your business.

Go to home loan centres as well as banks and ask (incredulously if you like), “Is that your best rate?” Then see what else they’ll do to sweeten the deal – suggest they might lower the fees and other charges, for example. This is where a bit of extra research and knowledge can help. It allows you to be in control of the situation instead of relying on the lender to tell you how it is.

When The Going Gets Tough
Having said how easy financial management can be, it’s important to acknowledge that it can also become quite complex. And that’s why the single most important thing to do is to ask questions. Never be afraid to say you don’t understand anything someone tells you regarding the terms of a loan, the penalties for nonpayment, the conditions of a warranty – anything! And keep demanding answers until you’re satisfied. The smartest business people in the world are the ones who are never embarrassed to ask for more information.

However, that doesn’t mean you should let anyone treat you like an idiot. Unfortunately, there continues to be no shortage of people who patronise women with comments such as, “You probably wouldn’t understand this”, or, “Would you like to check this with your husband?” If the person you are dealing with makes you feel uncomfortable, find someone else. It’s your money, after all.

If you have asked the right questions, you should be able to avoid another big risk for women: STDs – sexually transmitted debt. This is when a woman is liable for her husband or partner’s debts because she has signed documents that leave her financially exposed. Never sign anything without reading it first and understanding the implications.

So here’s another tip to take away: no matter how much you love or trust someone, when it comes to money, be realistic not romantic.