Water Gun Shootouts – Older kids love paintball, but who can afford expensive gear and rental fees at paintball facilities. Instead, you could organize water gun shootouts. Use your own backyard for the battle zone and arm each of the kids with cheap water guns from a dollar store. Keep plenty of towels at the back door to dry your combatants when the battle is over. Before you know it, every kid in the neighborhood will want to play at your house.

Backyard Camping – Camping out never gets old for youngsters, but a trip to a state park may not be in your family’s vacation budget this. Don’t worry; you can have all of the same excitement in your own backyard. Pitch a tent (you can borrow a neighbor’s if you don’t have your own) in the backyard and your kids will be in camping heaven. You can lead ” hiking expeditions” to the park in the daytime and hunker down around the “campfire” to tell ghost stories at night. Hot chocolate and s’mores pre-prepared in the kitchen will go a long way to making the imaginary campfire feel more realistic.

Summer Movie Programs – If movies are an important part of your family’s entertainment, your local movie theater may have the perfect way to keep your children happy for the summer. Look for summer movie programs that make it inexpensive to take your kids to an age-appropriate movie as often as you’d like. One theater chain offers an eight-week program that features two different movies each week. During the earlier part of the day (when the theater typically isn’t busy) the kids can enjoy one of the two movies. Membership to this program includes admission to eight movies for only $10. You can’t even rent eight movies for $10!

Originating post: Inexpensive Summer Fun Ideas For Kids

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In the UK, contents insurance is bought separately from buildings insurance when you arrange home insurance. Buildings and content insurance policies are normally bought together and prices are given for each element of the home insurance by the insurance company. Sometimes, insurance companies offer half-price contents cover when buildings insurance is bought from them, but most people choose to buy both types of home insurance from the same provider for the convenience of not having to shop around for the two different types.

Most people shop online for home insurance quotes and most insurance companies feature on comparison websites too, so it is easier now than ever to find cheap home insurance. But ‘cheap’ is not always ‘best’ when it comes to buying home insurance. There are many different factors that you should take into account when buying your contents insurance – price is just one of them.

The first thing you need to do when arranging your home insurance is to work out just how much your contents would cost to replace if you were to suffer a fire, flood or theft. Are there any particular items of high value that ought to be separately insured? Are there any items you regularly take out of the house (such as jewellery or computer equipment) that ought to be covered in case something happens to them when you are away from your home?

If you undervalue your possessions, your insurance will pay out proportionately less if you were to make a claim. For example, if you estimate that your contents are worth £50,000 and they are in fact worth £60,000, then if you submitted a claim that worked out at about one tenth of the value of your possessions (£6,000) the insurers would pay out one tenth of what they had covered you for (£5,000). And of course if you suffered a total loss (due to fire or flood), you would recover only what had been covered, not the whole value of your contents.

Check any exclusions that apply to the policy you are thinking of buying to make sure that you wouldn’t lose out if you had to make a claim. Some insurance policies are able to offer low premiums because they exclude a lot of claims (meaning that it is less likely that they will pay out). Some policies, for example, don’t pay out for garden furniture or shed contents, or for loss of frozen food during power cuts and so on. Check the exclusions and decide whether any of them would prejudice your particular circumstances.

Also check the policy excess being offered. You might think you have got a real bargain for your online home insurance but if the excess is high, you may well end up paying more than you’re saving if you have to make a claim. It’s a risk-balancing exercise – do you risk having to pay a large excess if you need to make a claim, for the sake of getting a cheaper premium? If you don’t have to make a claim then you’re quids in; if you do have to make a claim then you’re out of pocket.

Originating post: How to Choose Home Contents Insurance Cover

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Sometimes we end up in debt over our heads through no fault of our own. We may have a good handle on our finances until we lose our jobs or fall ill. Then a reduction in income causes us to fall behind, and we find ourselves using credit to pay for necessities.

Other times, an overabundance of debt is the result of irresponsible spending. We might use credit cards and loans to pay for extravagant wardrobes, luxury vacations and other unnecessary things. Few people do this with the intention of running up balances that they can’t repay. Most just don’t realize the consequences until it’s too late.

No matter how it occurs, getting into debt that we can’t afford can really take its toll. We often become depressed about our situation. But most of all, we feel guilty for letting things get so far. If we let it, that guilt can consume us and make us feel worthless.

But feeling guilty does us no good. In fact, it usually hinders our ability to turn the situation around. By maintaining a more positive outlook, we can see things more clearly and work toward eliminating our debt. Here are some things you can do to let go of your guilt:

* Learn from your mistakes. Take an objective look at how you ended up in so much debt, and see what you could have done differently. Don’t dwell on it, just file it away for future reference.

* Talk to your creditors before things get out of hand. If you do, they will often be willing to work with you. But if you avoid them until you’re way behind on your bills, they will often try to make you feel guilty because they think that you just aren’t interested in meeting your obligations.

* Work out a budget that will allow you to pay more than your minimum payments. Even a few extra dollars each month will allow you to pay your debts off faster.

* If you can’t do it on your own, talk to a credit counselor. He can help you come up with a workable budget and teach you about money management. And if necessary, he may be able to negotiate with your creditors to lower your payments and interest rates.

* Realize that if you have a massive amount of debt, bankruptcy may be your only chance at a fresh start. It can be a hard pill to swallow, but it will eliminate your debt worries. Accept that you tried your best to avoid it and use what you’ve learned to manage your money better in the future.

Guilt is a powerful emotion, and it can hinder our efforts to make things right. By letting go of guilt, you give yourself a better chance of recovering from debt.

Originating post: Learning To Let Go of Debt Guilt

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Can you afford to grow old? That’s a good question and one that doesn’t have a cut-and-dried answer. Whether you can afford to grow old depends largely on how much you save and how much you need in retirement.

People often underestimate how long they will live and how much they need to save. In the U.S., average life expectancy is about 78 years, although it varies between men and women and also from region to region across the country.

According to the U.S. Bureau of Labor Statistics, people who are age 50 will need $1.4 million if they wind up making it to age 81. That number rises to more than $2 million if you make it to age 100.

According to the Center for Retirement Research at Boston College a person who wants to retire by age 67 should start saving 12 percent of his or her income each year beginning at age 25. Want to retire five years earlier? You need to save a whopping 22 percent of your income.

Many people also underestimate their costs in retirement, assuming they will be able to live mortgage-free and not accounting for inflation.

Health care costs are another expense many people underestimate. Government programs such as Medicare can have high out-of-pocket costs and very few private companies these days offer any kind of post-retirement health plan.

Despite all these hurdles, it is possible to save enough for a comfortable retirement.

Most experts recommend taking advantage of every savings vehicle available to you.

For example, if your employer offers you a 401(k) plan, you should contribute at least enough to get any matching funds. If you can max out your 401(k) plan, that’s great.

You should also take advantage of any other retirement savings plans that are available to you, such as a traditional or Roth IRA.

If you are British, you could compare cash ISA accounts and save some money tax-free outside of a retirement account. But since you can’t compare cash ISA accounts because such accounts aren’t offered in the U.S., you can do additional saving in taxable accounts.

Whether you save in taxable or tax-deferred accounts, the kinds of investments you choose will go a long way to determining whether you have enough money in retirement.

To get the best returns, you need to invest a significant amount of your money in equities, especially when you are young. These investments, usually stocks, offer the best potential returns over the long term.

A balanced portfolio needs to have investments in bonds and cash as well. Alternative investments include real estate and commodities such as gold.

And whether you save enough or not, keep in mind that you may still want to work on a part-time basis in retirement.

Originating post: Can You Afford to Grow Old?

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The items that we have on hand are what determine how far our food will go. Filling your cabinets or pantry with a few useful staples can be the difference between a trip to the grocery store each and every week versus once or twice a month. Stocking just a few choice items is all you need to create wonderful meals.

1. Flour.
Flour is a starter item for many recipes. You can add it to some water and make gravy in the pan for many meat dishes. Flour is used to make bread (biscuits, rolls, loaves) and to coat chicken. It can also be used to coat a round or square cake pan to prevent the cake from sticking. Of course, one of the favorite uses for flour is in cookie recipes that make scrumptious desserts.

2. Rice.
My husband loves rice so much that we once bought a fifty pound bag from a grocery store in his hometown. Fifty pounds! Rice is a side dish, but it doesn’t have to be plain. It can be jazzed up with veggies to accompany dinner. My mother uses leftover rice for a dessert called sweet rice. Just add evaporated milk and some sugar to a bowl of rice and warm it in the microwave. It is a tasty treat for after dinner. Another popular dessert is rice pudding. Rice can also be mixed with leftover meat and a cream soup to form a casserole. Rice has many uses and your sure to find a few that your family will love.

3. Pasta.
There are many different pasta choices and all have great uses. Manicotti can be stuffed with tomato sauce and cheeses. Macaroni can be used to make a creamy salad and also is great combined with cheese or spaghetti sauce. Spiral pasta is used in many different pasta salads. Spaghetti can be used in a casserole topped with cheese or in the traditional way with tomato sauce and meat.

4. Spices.
There are other ways to season food besides salt and pepper. In fact, many spices taste better than salt. Even diehard salt-a-holics won’t miss the salt in foods if other seasonings are used. Cayenne pepper, chili powder, nutmeg, cinnamon, oregano, and garlic powder are all useful tools in your flavor arsenal to give foods a fresh new taste.

5. Beans.
There go those beans again. Beans can top your salad (edamame), make an awesome dip (black beans), and go well with grilled foods (baked beans). They provide a good source of protein with very little fat. Beans are good in soups, stews, and over rice for a simple yet filling meal.

Do you have these staples in your kitchen? You can probably think of several more that will enhance your pantry and save money. Start with these and grow your own list of basic kitchen staples that are versatile and economical.

Originating post: Save Money With These 5 Kitchen Staples

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Budget Wisely

1. Learn the basics of budgeting. Explain budgeting in simple terms as a plan for income and expenses. Discuss examples of trade-offs and the concept of needing to earn more or spend less in order to remain financially secure.

2. Get familiar with ordinary household expenses. Give your teen an early start on knowing the cost of typical goods and services. Let them see the cable TV bill and your monthly car payment.

3. Monitor your spending. Ask your teen to keep track of their spending for a month or more. Your kids may be surprised by how much they really spend on eating out or clothing.

4. Manage your income. As long as school remains the top priority, encourage your teen to have some income of their own to manage. You can provide an allowance or support their efforts to find a summer job.

Shop Carefully

1. Shop together. Go shopping together to demonstrate how to get the best value. Compare prices for generic and brand name products at the grocery store. Look for special sales at the local mall.

2. Research major purchases. Assign your teen some research when they want to make a major purchase such as a cell phone. Let them compare plans and help decide what features they really need.

3. Analyze materialism. Advertising bombards people with messages to consume more. Discuss the importance of moderation and basing your happiness on sources other than your possessions.

Save More

1. Establish goals. Help your teen to set short and long term goals that will motivate them to build up some savings. They may want to buy a car or put away money for college.

2. Understand interest. Provide an introduction to the power of interest. Your child may want to save more if they realize how much money they can earn by starting a savings account when they’re young.

3. Develop a savings strategy. Help your teen find a plan that works for them. They may want to set aside a small percentage of their allowance or half the money they get for their birthday. If possible, you can provide an extra incentive by offering to match whatever amount they save.

Use Credit Wisely

1. Select the right instrument for you. There are many kinds of cards to choose from now so you can find the level of parental control that’s comfortable for you. Debit cards give you the peace of mind of enforcing a pre-established spending limit, and many cards give you the option to review all statements.

2. Pay your balance off monthly. Let your teen know that interest works against them when borrowing. Show them how paying off a credit card balance each month protects you from paying much more than the original price for the goods and services you charged.

3. Know the significance of good credit. Talk with your teens about the importance of good credit. Explain how being responsible about paying off bills helps people to qualify for financing when they need student loans or want to buy a house.

With a little information and guidance, your teen can master the basics of money management. By encouraging them to be responsible, you’ll protect your family’s financial security while you help your child pursue their dreams for college and beyond.

Originating post: How To Teach Your Teen Financial Management Skills

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It may be tempting to let them carry on with their carefree spending habits. But doing so would be a disservice, as these habits tend to stick with them into adulthood. It’s much better to help them set up a financial plan during the teen years so that they may learn responsibility before they are out on their own.

Saving and Investing

One of the most important things a teenager can learn about money is the importance of saving a portion of her earnings. This will allow them to build up an emergency fund. It can provide a way to buy big ticket items without having to go into debt. And it gives them money to invest.

Investing isn’t usually a top priority for teenagers, and it’s even a foreign concept for many adults. But getting started early is the best way to ensure a comfortable retirement. It can also provide some passive income in the years to come, reducing worries about unemployment or failing health.

Teens need to be encouraged to save and invest a certain percentage of everything they earn. Doing so before putting money toward anything else, even bills, will make it easier and more consistent.

Paying Bills and Buying Necessities

Once your teen has put some money into savings and investments, the next order of business is to pay monthly bills. Teens do not generally have as many of these as adults, but they may have a cell phone plan, car insurance or other recurring bills. These should be paid before any other spending takes place.

Next, teens can buy the things they need. Parents often cover some of their teens’ needs, but they may leave expenses such as school lunch, clothing and gas for them to pay. This provides good practice for the day when they start buying everything for themselves.

Discretionary Spending

Once the savings, bills and necessities are taken care of, it’s time for the fun part: discretionary spending. This tends to be the favorite part for most teenagers (and adults, too). But it’s important not to let your child get too carried away with it.

There’s nothing wrong with kids having some fun with their money while they’re young, but try to discourage them from spending every penny just because it’s there. Making a list of the things they want to buy can help. If there’s not enough money to buy them all and have some left over in one month, they can always be carried over to the next.

A realistic financial plan for a teenager contains all of these elements. This will give them some freedom with their money while also providing structure. And it will build the framework for responsible money management as an adult.

Originating post: How To Set Up A Realistic Financial Plan For Your Teen

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No matter what your income level, having an emergency fund is of the utmost importance. You just never know what could happen. Here are some potential scenarios to consider.

* You could lose your job. There is virtually no such thing as job security any more. Layoffs happen daily, and often with little or no warning. If you don’t have a financial cushion, job loss could render you unable to afford basic necessities.

* You could incur large medical bills. Accidents and unexpected illnesses happen to the best of us. If you have to have emergency surgery or spend some time in the hospital, you may end up owing a hefty sum and lose income from being out of work. Without an emergency fund, that double whammy could be financially devastating.

* The car could break down. Car repairs are rarely cheap. If you do not have any money put back, you could end up without transportation for a while.

* A major appliance could tear up. Having appliances repaired is often costly, and replacing them can cost a small fortune. But ovens and refrigerators are not things we can easily do without.

* Home repairs may become necessary. Some may be covered by homeowners insurance, but many are not.

* A family member could become ill. If it’s your child, you may need to take time off work to care for him. If it’s your spouse, he or she could lose income. Having an emergency fund can make such situations less stressful.

Some argue that they do not need an emergency fund because they have credit cards. It’s true that credit cards can be useful when something unexpected comes up, but you will have to pay interest on any amount you charge unless you pay the balance in full right away. If you’re on a tight budget, the last thing you need to do is rack up more debt.

So how much should you keep in your emergency fund? Most experts recommend a goal of three to six months’ pay. That sounds like a lot, but job loss or disability could keep you out of work that long or longer. It will take some time to build up such reserves, but it can be done with consistent saving each month.

When the unexpected happens, having an emergency fund can prevent it from sending your finances into chaos. By including a set amount of savings in your monthly budget, you can have a financial cushion to fall back on if needed.

Originating post: Why You Should Have An Emergency Fund

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In years past, lenders almost always required a down payment of at least 20% of the purchase price of a home. This requirement was a major obstacle for many would-be homeowners. For a home that sold for $200,000, they would have to come up with $40,000 up front. It would be nice if we all had that much money sitting around, but few people do.

Today there are programs that allow home buyers to make smaller down payments. Some mortgage programs for first-time home buyers make it possible to buy a home with nothing down. Others require a down payment of as little as 3%. This has opened the door for those who otherwise could not have afforded to buy a home to do so.

Still, there are advantages to making a larger down payment on your home. Here are a few to consider:

* A larger down payment will give you equity in your home from the start. If you pay little or no money down, it can take years to build up any equity.

* The higher your down payment, the lower your monthly payment will be. Not only will the amount of principal be smaller from the start, but you’ll also be able to avoid paying private mortgage insurance (PMI) each month if you pay at least 20% down.

* A large down payment may qualify you for a lower interest rate. The higher amount of your mortgage loan, the larger the risk the lender is taking. Making a sizable down payment is a sign of financial stability and it lowers the amount of money you’ll need to borrow, so a lender has incentive to offer a more competitive interest rate.

There’s no universal down payment amount that is best for everyone. Some home buyers don’t have a lot of money saved up, but they can afford to make their payments each month. In such cases, it’s best to take a careful look at your finances and determine how much you can afford to pay down. Even if you qualify for a mortgage with no money down, paying as much as you can up front will work to your advantage.

Not everyone can afford to make a 20% down payment. And with the programs are available today, you don’t necessarily have to. But it’s not necessarily a good idea to get a mortgage without making a down payment at all. It may save you money in the short term, but it will most assuredly cost you more in the long run.

Originating post: Thoughts On Home Purchase and Down Payment

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Not all investments are high-risk. Some come with guaranteed rates of return, ensuring that you will not lose your money. Others carry some risk, but are managed in such a way that the risk is low, especially over the long term. Those who put all of their money in very risky investments can experience significant gains, but they may also lose their money.

If you can manage to scrounge up a few extra dollars each week, investing is a good idea. Here’s why:

1. Investing can help you beat inflation. When you stuff money under your mattress, the amount you end up with is limited to the amount you put in. When you take it out a few years down the road, it won’t be worth as much as it was when you put it away, thanks to inflation. Had you invested that money, it would have drawn interest. If the interest rate is higher than the inflation rate (and it usually is), you will have more money than you started out with, even after accounting for inflation.

2. Investments can reduce your dependence on credit. If you start investing a few years before you plan to buy a new car, for instance, you could have enough to pay cash for it when the time comes. And if you start investing a few years before you plan to buy a home, you could have a sizeable down payment ready when you find your dream home.

3. Long-term investments can set you up for a comfortable retirement. Social Security is not as sure a thing as it once was, and it doesn’t pay very much anyway. If you start investing at a young age, by the time you retire you should have enough money to live on for years to come.

4. Investing can provide for your children’s education. College is expensive, and it gets more expensive each year. Starting a college fund while your children are young can help you make sure that you have the money you need to put them through school.

5. Investing just makes sense. Given a choice between two amounts of money, would you take the smaller amount or the larger one? By investing a small amount, you can turn it into a larger amount with no work on your part. Even if you don’t have a specific goal, investing your money is wise.

Anyone can invest money. You don’t have to be rich, you just need a little bit of disposable income. Invested properly, just a few dollars a week can add up to a decent amount in a few years, and an impressive sum over a couple of decades.

Originating post: Why Invest?

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