by Andrea Carson | Apr 26, 2023 | SAVE MONEY
Children can benefit from financial education at an early age. Researchers share it’s crucial to start primary finance education by age 3. A study from the University of Cambridge, “Habit Formation and Learning in Young Children,” found that money habits are formed by age 7.
Children pick up money habits quickly, so giving them the right direction is crucial.
- Start with basic currency literacy. A study from Yale University found that children can recognize and remember coins by age 3.
- Educate your children about the different coins and dollar bills.
- Consider teaching them about foreign currencies during vacations. This will expand their minds and help them learn more about the countries you’re visiting.
- Create money jars. Money jars are a fun and easy way to educate your child.
- You can create three types of money jars for spending, saving, and giving, covering the fundamental lessons of understanding how to use money.
- Teach your children the three jars and why they’re essential.
- Use the jars to separate money after birthday gifts or allowance payments. Children will learn how to save for the future.
- Use the giving jar for charities. Children will learn about giving and understand how they can help others with their money. They can donate the funds to local animal shelters or food pantries.
- Use coupons. Coupons can provide an essential lesson on saving.
- Cut coupons with your children’s help and leave them in charge of handling the papers at the store.
- According to the Children’s Financial Network, kids as young as five can benefit from learning how to use coupons in a store. They will see how to save money and make wiser shopping decisions.
- Set a money goal. Children can set a money goal to purchase a favorite toy or other item.
- Money goals are an easy way to teach children financial patience. They also provide a lesson on how to save money.
- Setting realistic goals is essential, so children will be motivated to stay on a savings plan. If the toy they want is expensive, reaching their goals can take a while. Will they stay interested? Picking smaller and less costly targets is better.
- Go shopping. Let your children use their spend jars at the store to make purchases.
- How will your children spend their money? Will they use their entire jars at one store or spread them out over many shopping trips? Shopping provides an easy lesson setting.
- An outing to the local toy store also lets you discuss comparison shopping. Point out different prices on similar items and teach your children about finding inexpensive options.
- Evaluating the results of the shopping trip will help them understand their choices. How will they restock their spend jars?
- Use yard sales. Yard sales offer another way to educate children about finances.
- Yard sales can help you clean out your children’s rooms and teach them about money at the same time.
- Ask your children if they want to participate in the yard sale by selling their old toys or clothes. Help them select items they no longer use and find reasonable prices. They can use the experience to refill their money jars.
- Older children can help sell items at the sale. They can keep track of change and watch customers. This is also a valuable opportunity to learn about price negotiations with customers.
Finance education can begin before your children are in school. They need to understand basic money rules and form the proper habits.
by Andrea Carson | Feb 15, 2023 | SAVE MONEY
For businesses, the time value of money is a crucial financial factor. Inflation, risk concerns, prospective investment returns, and loan interest influence business decisions. In essence, you contrast the worth of the money you have right now with the relative importance of the money you will receive or spend in the future.
The following are the steps you should take if you want to save time and money at the same time:
Lead By Example
A potent instrument is a social influence. Setting an example for your company’s other employees is one of the finest methods to help it save money. If you’re careless with money, your coworkers probably won’t be either.
For many businesses, meetings are a productivity and financial drain. Harvard Business Review notes that problems arise when meetings are planned and conducted without considering how they may affect group and solitary work time, problems occur. By default, groups frequently wind up compromising either their own needs or those of others.
When meetings are appropriately conducted, projects advance and your business expand. But when done incorrectly, meetings become a pain for your company. A technique Amazon uses to make sessions short and fruitful is to reduce the number of attendees. They operate under the maxim that only a few people are present if it takes more than two pizzas to feed everyone.
Ditch conventional marketing methods
Running advertisements on TV and in print is expensive. Instead, use inexpensive marketing strategies. Innovative digital marketing techniques are also affordable and have high potential rewards. For instance, six hours a week is all it takes to do efficient social media marketing, and setting up a Facebook and Twitter account is free
Take into Account Working from Home
The advantages of remote labor are numerous. First, people are increasingly choosing remote work because it offers a better work-life balance. Also, the company has financial benefits, such as a more adaptable workforce and lower office space expenditures.
Improve the Comprehension of Your Audience.
You will only save money on all levels of your business if you know who your customers are and what they want. You’ll produce inferior goods and waste money marketing to the incorrect demographic. Instead, identify your “buyer-personas” and then incorporate them into your business plan to give them something of value.
Purchase Goods in Bulk
You usually purchase anything in bulk, which results in lower prices. Buy in bulk to save money unless you are a new business worrying about short-term cash flow. It would be best to buy anything you frequently use in size to save money for your business. Think about smaller expenditures like stationery up to larger ones like software and corporate laptops.
Shop Around for the most excellent price.
It’s frequently a good idea to haggle for a lower price. This could apply to software services, catering services, or your internet service provider.
Of course, bargaining is an art in and of itself. Think about the goods and services your company utilizes and how you might effectively haggle with suppliers to get a better deal (while retaining a good relationship with them.) If you’ve never done anything before, start gently and take advice from the experts.
Cease Paying Underperforming Workers.
A worker must be efficient in their position. If not, think about either of the following options: End their contract or put more effort into assisting them in improving their performance. Overly sentimental behavior will only benefit your company and positively impact other staff members’ morale.
Have Perks Instead of benefits
Instead of offering employee benefits, perks may be more cost-efficient and valuable. This is because, when appropriately used, bonuses can be viewed as having a higher value than comparable benefits. The utility and perceived thoughtfulness are frequently where the value lies.
Free munchies or Spotify subscriptions are two instances of this. They might only incur a tiny expense for the company, but they give employees a greater appreciation than a pay increase would.
