Wednesday, February 29, 2012

Earning an Allowance Can Be a Great Financial Less

Colleen Kelley - I have been a freelance writer since 2000. I write, edit and publish newsletters for four non profit organizations and several ...

Cool Allowance Cash - imelanchen

Healthy financial planning absolutely should begin at a young age. It is not against the law to require a kid to work for an allowance. It teaches the youngsters there is no such thing as a free lunch and how to plan saving and spending. It is great thing for parents to provide their kids with every opportunity possible, but it’s not always a good idea to just give them everything they want.

The Allowance System

When giving children an allowance, there should be an outline of what the child has to do to earn that allowance and what the allowance has to cover. The allowance may be for whatever the kids want to spend it on, but it might also include some necessities like some school supplies or new socks once in a while. Post a copy of the list where all concerned can see it.

Perhaps a communication board in the “Family Media and Communication Center” is the place to post such information, or maybe each family member has a notebook with all the rules of the family, including allowances. It is important all concerned understand the allowance system. The number one rule of the allowance system is if the required work is not completed, the allowance is not given.

Consider additional compensation if additional work is assigned. That is not to say the kids should be paid for every little thing done around the house. There should be tasks assigned to each kid that must be completed without being compensated. It is called learning responsibility and then taking your share of the responsibility and helping the family in the spirit of cooperation.

The amount of the allowance given should be based on the family finances, the age and maturity of the kids and the amount of work expected to be performed.

Kids are Never too Young to Budget

Help the kids make a budget of their allowance expenses. List out everything the allowance has to cover, including a miscellaneous category and savings. Seeing something in print has more of an impact than just something being discussed. Encourage the youngsters to keep track of spending and once in a while go over the spending with them. Point out areas where they may be able to save money or where spending might be considered frivolous.

If the children run out of money before their next allowance is paid, do not be too quick to fill in the gap. It might take running out of funds a time or two before the importance of sticking to a budget begins to sink in. It may seem outlandish for a kid in elementary school or middle school to be budgeting an allowance, but how else are they going to learn money management skills?

The Excel spread sheet can be put off until high school, but discussing budgeting money is a topic for any age. Good habits developed at a young age will last a lifetime and the kids will be better off in the long run. Thinking about money at a young age does not have to be an obsession, but it should be as ingrained as the solution to their favorite video game.

Children are Never too Young to Start Saving

It is always good for everyone to have something set aside for a rainy day and that includes kids. Take the young ones to the bank and open a savings account, if one already has not been started. Discuss the importance of savings and establish a savings goal. Designate a portion of their allowance for savings, even if it's just a dollar.

Set the savings aside in a container until it is time to go to the bank and deposit the funds. Allow the kids to buy something they want with a portion of their banked savings perhaps once a year. Establish how much they can take out of their account either by dollar amount or percentage. Make sure what they spend their money on is mutually agreeable.

This exercise will reinforce the idea they have to work for what they want. By the time the children reach high school, they should have a good handle on fiscal responsibility. When they get that first part time job, they will already know earning money is not an easy task and will have some respect for their earnings.

Encourage continued savings and make sure they put something from each paycheck into a savings account. “Pay yourself first” and “every nickel counts” are words to live by. Learning how to earn and spend money is a very valuable lesson. Those that learn that at a young age will most likely carry those lessons through life and grow up to be financially responsible adults.

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, , , If You're Choosing to Live Alone, You're not A

Oreen Scott - After twenty-two years in the newspaper business, three years ago Oreen sold her house, car and almost everything she owned. A Canadian by ...

Some choose living alone - Dion Silva

You might think that the nuclear family, depicted in such 1950s television programs as Leave it to Beaver and Father Knows Best, was always the way people lived.

Fundamentalists and right wing conservatives, pleading with America to return to conventional family values, may believe that the sanctity of the nuclear family goes back to the time of Abraham, but it doesn't.

The idealized Post-World War 11 family was but a blip in the history of the world and focused only on a small part of the world.

People in All Cultures and of All Ages are Choosing to Live Alone

It's unlikely, at least in any of our lifetimes, to see the likes of the idealized nuclear family again. What's trending today is the rapid emergence of the huge number of people choosing to live alone. It's cross-cultural, India, China and Brazil have the fastest growing population of singles. And, it's a phenomenon that is irrespective of age.

How is the life of a single person different than the life of a married person? Are single people lonely, sitting around with their life on hold waiting for the right person to come along and make their life complete?

People who choose to Live Alone form Urban Tribes

Just as television programs like Father Knows Best reflected the idealized nuclear family, shows such as Seinfeld and Friends, reflected the culture that Ethan Watters defined, in his book Urban Tribes: A Generation Redefines Friendship, Family and Commitment. Although Mr. Watters is now married, and saw his urban tribe as a temporary part of his life, he also saw it as significant and capable of replacing the traditional nuclear family.

Bella DePaulo, Ph.D. is a social psychologist who writes extensively on singleness. She adds to Mr. Watter’s concept of urban tribes by noting that groups form around special interests, hiking, vegetarian dinners, weekly bridge, or whatever activity brings mutual enjoyment. She also makes note of how women have always formed groups, think of the pioneer women's sewing circle. The important thing about an urban group is that they meet consistently and regularly.

Ms. DePaulo has coined the word "singlism" and defined it as "the stigmatizing of adults who are single, and includes negative stereotyping of singles and discrimination of them." In her bias in favor or single people, she refers to the "greedy marrieds", who don't make time to connect into the broader world. When we're single, our attention is on ourselves and the world as a whole, not on a partner.

To Live Alone Means to Control Your Destiny

Barbara Feldon in her book Living Alone and Loving It: A Guide to Relishing the Social Life writes: "Living alone makes us entrepreneurs of our destiny. Once we've established our individual interests and closeness to others, the silent spaces between events no longer feel empty." In other words, don't sit around waiting to couple, design your life as a single person.

If you're unhappy being single and are longing for a partner, you might ask, "How do you happily live life as a single person?" First of all, according to Alex Lickerman, writing in Psychology Today, how happy we are doesn't depend on whether we're married or not. Marriage may bring a temporary happiness boost, but that quickly wears off. Happiness is an internal mechanism. Some of us are naturally happy; others aren't.

People who choose to remain single, even when the opportunity to marry is open to them, frequently make the choice because being single gives them freedom to self-actualize, and they have fewer obligations and more free time.

To Live Alone or To Live in a Marriage is a Choice

Older women who are widowed or divorced are particularly happy living a single life. Perhaps this is because they've spent a great deal of time catering to the needs of others and want to spend the latter part of the lives catering to their own needs.

Mind you, embracing life as a single person doesn't mean you've given up on marriage. What it means is that you're able to enjoy the here and now to its fullest, and are not particularly anxious to risk today's happiness for possible unhappiness.

Alex Lickerman, states that some people are constitutionally better at marriage, others at being single. Thank goodness today we have the choice.

Sources

In My Tribe; New York Times Magazine; Ethan Watters; October 14, 2001.

Women Single and Loving It; WebMD; Jeanie Leche Davis, accessed February 11, 2012

Bella DePaulo (2006); Singled Out: How Singles are Stereotyped, Stigmatized, and Ignored, and Still Live Happily Ever After; New York; St. Martin's Press.

Living Alone: Why Marriage Isn't the Key to a Happy Life; Psychology Today; Alex Lickerman; October 9, 2011

Barbara Feldon (2003); Living Alone and Loving It: A Guide to Relishing the Social Life; New York; Fireside