At iMoneyCoach we are big supporters of people teaching their kids about money early. The earlier you can get it into their hands, the more time you have to teach them how to be successful with it. That doesn’t mean you are going to create a money-grubbing little monster (I have 2 small children, believe me, I’ve wondered the same thing). No, instead, you can help them gain the skills they need to be responsible with their money and able to reach their goals and dreams someday, whether that includes raising a family and paying for the kids’ college or traveling the world and discovering the cure for a disease.
So how do you start? Well, first I’d like to point you in the direction of the Kids & Koins workbook. This is a great workbook that you can use 3 different times as it is divided into age-appropriate lessons for children, tweens, and teens. It is full of real-life examples and activities to help you guide your child.
My other advice is to be open and honest and talk with your child about money. There are opportunities all day long every day. I’ve had a few recent experiences with my 3-year-old daughter that have really opened my eyes about the need to be continually talking to her about money. One was on a recent trip to the Lakeside Amusement Park. We bought tickets for her to ride the rides, and as we approached each new ride she learned “Ticket, please, Dad!” Now, it’s great that she said “please,” but it startled me how fast she realized she just had to ask Dad and he’d whip out the tickets that cost us $0.50 each (that adds up quickly too!). Now, we didn’t want to spoil her fun right then and there as it was her first time back this summer and we were thrilled with her daring and willingness to ride the rides that she cowered at last year. But next time we go, you can bet there will be some (fun) conversation around the tickets and how they cost money.
I just can’t say it enough. We’ve all got to be purposeful about teaching our kids what to do with money. Be an example for them. Whether you have done great with your money or you have struggled, share it with your kids so they will learn the right path. Our economy is on a rocky path right now, and if we want our kids to get to enjoy reaching their financial goals and actually be able to reach them, then we need to show them how.
Feel free to share your stories about talking to your kids about money or fun ideas you have had to start teaching them about finances.
Have you ever dreamed of driving your first Ford or your own Maserati? Buying a brand new car is one of the most fulfilling events in a person’s life, especially if it is a car that he will be buying with his own money. In our society, a car reflects a person’s level of financial success. In this article, we’ll talk about some ways on how you can save money when buying a brand new car.
1. Know What You Are Buying 
Keep in mind that you are buying a car not a simple shirt from your favourite department store! Cars are expensive! So make sure that before you purchase a car, you will have enough money left in the bank, after you make the purchase, for more important expenses such as education, food, electricity, water, etc.
2. Go to the Internet and Research
A hallmark of a good buyer is his ability to purchase rationally. Research about the good and the bad attributes of the car that you are planning to buy and consider other options. Visit online forums and read the reviews and comments of car-owners on different car models. To be able to select the best automotive deal, try to find the real suggested retail price (SRP) of the car you plan to buy. Researching is the best way for you to know more about a car and the knowledge you gain will eventually come in handy when you the time for you to decide which car to buy has come.
3. Consider the Regular Costs that Come with Owning the Car
When selecting for the best car to purchase, consider the regular expenses that will come with it after you purchased a certain car. Research on the amount of gas the car consumes, the cost of maintenance and other possible costs which might not seem obvious and significant at first.
Once you have decided on which car to purchase, it’s time for you to find the best promotion that fits your finances. Make the most of your money by finding the best deals in town. And be sure to commit to a payment plan that you can really handle.4. Find the Best Car Dealer.
5. No Extras Please
Avoid the extras that the salesman might offer you. Extra tint, elegant looking seat covers, etc. may surely look good, but these come with additional costs. Forego this option, you won’t really be needing them anyway.
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6. Cash It
If you have the money, it’s always best for you to purchase your dream car with cash. A cash purchase will almost always be cheaper than any other modes of payment. Borrowing money from a bank and 0% payment options are traditionally more expensive due to interest and other hidden charges that come with them.
7. Be Ready When You Face the Dealer
Once you have done your research, you will be able to face your car dealer with confidence and enough knowledge about the car that you are buying and possible financial arrangements. This effectively eliminates any attempt of the dealer to fool you and make you fall into costly loan packages. Bring cash if that is your chosen mode of payment, it will be harder for the dealer to refuse your demands because you already have the money.
Buying a car is a leap of faith! It is a huge investment. Think about it carefully and don’t make a purchase if you can’t pay. Save money instead by foregoing the decision to purchase a car. After all, public transportation remains to be a viable option for moving around the city. Remember one less car plying the streets and highways would mean less pollution and less traffic!
So you have finished college and are now going to head out to the “real world.” You have dreamed all your life about being a real adult and getting to be in charge right? Well, as they say, “with great privilege comes great responsibility.” You will now be in charge of your finances, and no doubt you want to be successful and able to afford your dreams. Here are 6 things that you need to know so that you can be successful with your money:
1. Money = Personal Work Energy (PWE) – You have a limited supply of time and energy to spend in order to earn money to buy the things you want and need. It is a good idea to start thinking about how much time it will take you to work to buy the things you want so you can decide what is truly important to you. While you might like to buy new DVDs every week, how long do you have to work to pay for those? Is it worth it? When looking for your new job, you should also consider PWE in the perks and benefits of a job (perks are things like free soda and benefits are things like a 401(k) plan) so you can see what you are really getting for your time.
2. How to budget – This is a very important concept when you are starting out. You want to be able to start on the right foot and stay on it. Budgeting allows you first to be able to pay off student loans, pay for expenses like insurance, groceries, and entertainment without racking up debt, and it helps you save up for your goals/dreams (i.e. house, wedding, car, etc). Budget can seem like a scary word, but when you really break it down, it is just a matter of adding and subtracting. And if you are a college grad, then chances are you can add and subtract (no multiplication or dividing or fractions or proofs required!).
3. Tracking – This is how you know what you are really spending. You can budget $200 a month for food, but will you really spend that or will you end up with $300 realistically? Take a little notebook with you to keep track of what you actually spend when you spend it so you know if your budget is working or needs a little adjusting.
4. Periodic expenses and saving – You want to be able to put money into a savings account that will grow and that you can leave untouched. But you will also have emergencies or other expenses come up, like car repairs or a flight out to your best friend’s wedding, that you should be saving for in a separate “periodic expense” account. This way you have the money you need when you need it, and you won’t break the bank on those expenses that you can sort of plan for but don’t always know when they will happen.
5. Start investing now – don’t let your money only sit in a savings account because you might actually lose money over time thanks to inflation (that same $10 won’t buy as much in 10 years, and your interest rate will likely be much lower than the inflation rate). You do need to have some liquid cash, meaning money you can get to fast if you need it, but you should be investing also. When you start investing now, you give your money time to grow thanks to the magic of compound interest – that means the longer your money is there, the more it grows, and the more interest you earn over time. It is a good idea to start making the habit of investing now so that you can keep it a priority throughout your life and reach your financial goals.
6. You can do it! Maybe your parents were good with money, or maybe they weren’t. In either case, you can be successful with your money. Whether you are starting fresh or have some student loans and debt accrued already, it is not too late to start handling your money the right way. iMoneyCoach offers a Financial Life Training System http://www.imcuniversity.com – online courses that help you learn not only about how to handle your money, but how other areas of your life affect your money and how you can make smart decision.
iMoneyCoach is a local Denver based company located in the suburb of Wheat Ridge, Colorado. And we are always looking for good deals nearby to help you save money. We know that time and money are precious, so if we can help you save, we sure try!
So for our cultured readers, or those who want to be a little more cultured, we have uncovered some great museum and theater deals in Denver.
Here is a flyer for all of the 2012 Free Days at Denver Museums (Science and Cultural Facilities District).
For those of you who love the theater, you can use promo code SCFD on Tuesday mornings at 10am to get $10 tickets to shows for the upcoming week (limited to 4 tickets per user per week) at The Denver Center for the Performing Arts.
The Children’s Museum Target Tuesday Nights FREE from 4-8pm on the first Tuesday of every month. It is a little more crowded, but if you have young children and want to introduce them to the Children’s Museum it is a good way to spend an evening.
On free days at museums (or anywhere you usually have to pay) there tends to be a larger crowd. If you can make it there just before opening you have a better chance at getting a parking spot and beating the crowds so you can still enjoy the exhibits and make the most of your time there. Remember to eat before you go or take your own snacks. Just because admission is free does not mean that they will not charge an arm and a leg for snack food.
Movie lovers who do not want to spend their entire day’s earnings taking the family out can get a great deal at the Elvis Cinemas. Yes, the movies have been out a few weeks longer, but at $2.50 (shows before 6PM) or $3.50 a person (shows after 6PM), you can save about $40 for a family of 4 on the tickets alone.
If you have come across any great Denver deals or free days, be sure to share them in the comments below!
It has been a hot summer already, and we are not even to the “dog days.” I recently learned something new about car batteries that I did not know before and want to share with you so you can avoid the hassle of a roadside assistance call.
I think most of us already know that the winter is hard on car batteries. That cold weather reminds us to check the car battery as we sit there trying to get the car to start. But did you know that the summer heat can actually be more damaging to your car’s battery? In fact, a battery can die 33% faster in the heat than the cold because the temperature inside the engine on a hot day can soar above 140 degrees. I’m sure you do know already that running the air conditioner does not help.
So before you head off on a summer road-trip, or even a long day-trip, be sure you check under the hood to make sure your battery is doing OK. First check the date to see when you bought it. If it was more than 3 years ago, you should get it tested and make sure it is still in good condition. Check out the battery itself. Is the casing cracked? Is it leaking fluid? If so, go get a new battery now. You may also want to check your battery fluid to make sure there is an adequate amount and that it is not evaporating in the hot weather.
Besides checking your battery, it is a good idea to do some of these other things to keep your car running (and save money on costly repairs):
- Check your tire pressure and make sure it matches what is in the manual. When you keep your tires inflated it reduces the amount of surface of the tire touching the ground which decreases friction that can slow your car down.
- Read the manual. Yes, I know it sounds boring, but look in there to make sure you are up-to-date on the recommended maintenance so your car will run efficiently and longer. Would you rather pay for a few tune-ups or a new car?
- Ease onto the accelerator or brake. Trying to speed up too fast or slamming on the brakes can wear down your car faster.
- Make sure all the other fluids are full. Check your brake fluid, oil, radiator fluid, etc. to make sure they are all within the range they should be at for your vehicle. This will help keep your car running the way it should.
Now, if you’ve done all these things but are still thinking about getting a different, maybe more fuel-efficient or better-running, car then be sure to read through our article on what you need to know when buying a new (or used) car and how to decide which to buy.
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