Month: November 2018

10 Things You Should Make Your Kids Pay For

Gifts

Kids have a way of accumulating cash either from their pocket money or as gift allowances from relatives and family members on festive occasions and birthdays. You need not to spend on all their whims and fancies anymore; allow them to spend on themselves as this will teach them to handle money in responsible ways and also teach them the value of things.

You can check out more articles on making kids money savvy at https://www.starwalkkids.com/.

10 places where your kids must pay for themselves.

  1. Additional treats: Encourage them to spend from their piggy banks when they want the additional chocolate or an ice cream treat.
  2. Buying toys: Let them dig into their finances when they want to buy something they really need. The pride at having bought their own toy is unbeatable.
  3. Subscribing for their favorite TV show: Yes, it is possible. Children should be taught that entertainment comes at a cost and they must be capable of paying for it.
  4. Buying gifts for friends: This will encourage paying more attention to the kind of gift and if it is worth the price.
  5. Accessories: Not all accessories are essential in life; therefore, the kids must be able to discern the useful ones from the not so important and spend.
  6. Donate for a cause: This will teach them to be considerate and caring to society.
  7. Pet supplies: Let the onus of taking care of their pets and their supplies be on them; they will be more responsible in taking care of their pets then.
  8. Lost or broken things: For things lost at school due to negligence and carelessness must be made amends for by paying from their own pockets.
  9. Cosmetics and personal statements clothes: While providing good clothes is your responsibility wanting to try something else is your child’s call and they must pay for it from their pockets.
  10. Items freely available: Lot of books, CDs etc. are available free but if your kid wants its own copy then it has to spend from its stash of cash.

 

How to Avoid Getting into Deep Business Debt – A Complete Guide

Wages

When you have a business, money is not always your best friend. When money is tight, time also seems to work against you. Over a period of time, one can get into debts. Sometimes these are small and a regular part of the business, which can be handled easily. Sometimes when things are not kept under control, one can land in serious debt issues.

You can come across many examples on RecoverMyWages and understand how all a company can create debt for itself.

So, how does one avoid getting stuck in such serious debt issues? Here is a complete and comprehensive guide to protect you from such a situation.

Keep A Tab

The very first step and the most crucial step, be it a small or a big business, is to keep a tab on your expenses and income. When you keep a close watch on these numbers, you will notice any alarming patter in the financials or when your company seems to be losing more money than what it is earning.

Cut Costs

When you realize the income does not match the expenditures, it is time to cut back on your costs. Sit and analyze the various expenses with your finance team and make a list of things that are probably extravagant and may not be really needed for the business. Prioritize them and start cutting down on them one by one. You can stop when you feel a balance is reached.

Prioritize

Next, prioritize debt payments. When debt starts increasing, every possible payment should be made. Start closing one debt after another, so that you don’t miss out on some deadline or end up paying penalty on outstanding debts. This will only increase your expenditure.

Consolidate

Taking loans is a common feature in businesses. Start consolidating and try getting a renewal on your bigger loans. This way you will get longer deadlines and can avoid paying unnecessary fines or penalties.