Financial Tips with Michelle Evard

Listen in to Michelle Evard http://www.blogtalkradio.com/The-Family-Coach Thursday January 8, 2009 1pm ET as we discuss money saving tips for 2009.

1. If you are trying stay on a budget, use cash instead of credit cards. When you do this, go to the ATM on a certain day and take out a certain amt. For example, I take out $200/wk and once that is gone, I know I cannot go out to dinner or pick up the dry cleaning.

2. If trying to save on food, read the flyers and buy more of the big items when they are on sale. Big items include meat, milk, bread – things you use all the time. Utilize coupons and buy produce that is in season.

3. If your child does activities and they would like to join all of them, give them a choice of 2 or 3 they can join and see if the local community center, YMCA or school already has a program. That way you do not have to pay full price for them. Stay away from traveling teams until your child narrows down what they like – so you aren’t spending needless amounts of money on gas and travel.

4. When you child is old enough to understand – usually around 7 or 8 – put them on a budget. For example, they are allowed $50 a month, if they ruin the carpet or you have to fix the neighbors house because they were careless, that $50 go towards their mistakes. You aren’t punishing them with money, you are showing them that those things cost money and that it doesn’t grow on trees.

5. For older children in high school, give them monetary rewards for finishing school, getting good grades, etc. It will have limits though, they have to use the money to invest and to grow, they can’t just spend it. This way they understand using their money to grow their net worth instead of buying material items.