I taught my kids...on the 1st of every month, I gave them their full monthly allowance up front,as well as cash for school lunch for the entire month with stating they would receive nothing else until the 1st of the next month. I started this when they entered high school. They blew it the first couple of months then figured out how to plan and budget and realized how much cash they could have if they saved. Both are hard workers and great savers and both bought their homes at 25. Teach your kids people! And show them they don't need all the newest trends as STUFF!!
I should add that i gave them the added incentive to save and see the gains of saving by saying they were free to even save their lunch money and I kept groceries so if they wanted to make a lunch to take everyday to not spend their lunch money, they were free to do so. Sure, meant I spent more on groceries but that helped then see their savings grow and made them more excited to save.
Spend one day each year and talk to your financial advisor. Be intentional with money by using a plan. Your income change in moment, so be mindful with your money.
I think you should have talked about minimum payments a bit longer. Based on videos of finance guys like Caleb and Ramit, my impression is that many just take the monthly payment and don't think about the duration to pay everything off.
I taught my kids...on the 1st of every month, I gave them their full monthly allowance up front,as well as cash for school lunch for the entire month with stating they would receive nothing else until the 1st of the next month. I started this when they entered high school. They blew it the first couple of months then figured out how to plan and budget and realized how much cash they could have if they saved. Both are hard workers and great savers and both bought their homes at 25. Teach your kids people! And show them they don't need all the newest trends as STUFF!!
I should add that i gave them the added incentive to save and see the gains of saving by saying they were free to even save their lunch money and I kept groceries so if they wanted to make a lunch to take everyday to not spend their lunch money, they were free to do so. Sure, meant I spent more on groceries but that helped then see their savings grow and made them more excited to save.
Great job, I love the idea of doing this, imma use it, thanks for sharing.
A lot of adults never learned it themselves.
Thanks for the frugal tips always
Once again, you are on point. Thank you. I am sharing this with everybody I know
Another great video. Thanks.
Spend one day each year and talk to your financial advisor. Be intentional with money by using a plan. Your income change in moment, so be mindful with your money.
I think you should have talked about minimum payments a bit longer. Based on videos of finance guys like Caleb and Ramit, my impression is that many just take the monthly payment and don't think about the duration to pay everything off.
Good Content.