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Ways To Teach Your Spoiled Child About Money Management

Ways To Teach Your Spoiled Child About Money Management

Parents love their children and want to provide them with the best. However, in some cases, many parents overdo it, handling their children with kid gloves and becoming afraid to discipline them for fear of scarring them psychologically.

While many kids are smart enough to overcome this, others become spoiled children, and can eventually grow up to be spoiled adults. While spoiled children are not that big a deal, when they grow up this can become a bigger problem, as they may feel entitled to things without doing anything to earn or deserve them. However, if you teach your child sound values while they are young, they may grow up and leave such behavior behind.

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One thing you can teach your children so they can grow up to become functional adults is money management. If you can teach your child how to manage his or her money at an early age, this can become a skill, and more importantly an attitude, that they will take with them for the rest of their life.

Set Up an Allowance

Many parents agree that setting an allowance is a great way to start teaching kids about money management. By giving them a fixed weekly allowance, you can teach them about budgeting and managing their money to last until the next allowance period. Teach them the basics first, which is that they can only spend spend the money they have on hand.

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Be Firm with Allowance Amounts and Schedules

One lesson they might learn a lot from from is the consequences of using up their allowance. While it’s tempting to give your child more money when they come crying to you, you must be firm. This will teach them that the decisions they make have consequences, and that next time they will have to think carefully when deciding how to spend their money.

Set a Good Example

Some parents go with the teaching technique of, “Do as I say, not as I do,” but you can’t always rely on this philosophy because, no matter what you do, your kids are watching your every move. That said, you should try to set a good example for your little ones. If you’re teaching them to budget and they see you splurge on a pair of shoes, they might think “If Mom/Dad is doing that, it must be OK.” Also, if your child asks for a very expensive toy or gadget, don’t just say, “We can’t afford that.” Rather, you can explain to them why you can’t buy that for them, saying something like, “We can’t buy everything we want because we have to choose which things are more important to spend our money on.”

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Set Goals

If your child has a toy or treat they really want, teach them to save for the item instead of buying it outright. Setting goals are a great skill to have, not only for money management but for life in general, teaching them to become responsible for themselves.

You should include them in the bill-paying process: you can show them where the family money goes, how much things cost, and that electricity is not free. It’s not an eye-catching point, but it’s too important when it comes to proper money management to not make them aware of it.

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Even though your child may act like a spoiled brat now, it’s not too late to turn things around. By teaching them to become responsible with money, you are giving them one of the greatest gifts and lessons a parent can impart to their child. It assists our little ones hone the cleverness of earning, saving, spending, and giving. Now they can practice responsible spending and saving before they get themselves in over their head.

Featured photo credit: money manage via farm1.staticflickr.com

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Published on July 4, 2018

Top 10 Recommendations on Money Management Apps

Top 10 Recommendations on Money Management Apps

Don’t want to overspend your budget, swipe your credit card too many times, and feel like a financial mess? Instead of beating yourself up for the bad financial decisions you’ve ever made, create a new plan!

The solution is simple, save more and spend less. But, we all know it’s easier said than done.

One problem is finding quality apps that save you time and money, and aren’t just hype.

Luckily, there’re many great money management apps available at your fingertips. Here are 10 reliable money management apps that can help you save money, and crush debt.

1. Personal Capital

    When was the last time you’ve tracked your net worth? Probably months ago or maybe never. Personal Capital allows you to easily track your net worth and plan for retirement.

    Here are some of its main features:

    • Sync many investment accounts, and expenses (mortgage, credit cards, etc.) in one place
    • Discover hidden fees and how much they’re affecting your retirement plan
    • Wealth management for investors requiring a long-term strategy

    With Personal you’re free to track your expenses and net worth.

    Available for: iOS and Android

    2. Mint

      If your smartphone could only install a few apps, Mint would be one of them. Why? Because Mint tracks all your balances and bills in one place.

      Here are some of its main features:

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      • Effortlessly track all your bills and balances in one dashboard
      • Categorized expenses to understand where you spend your money
      • Uncover hidden fees, and determine your investment style with sophisticated retirement tools.

      Feel at ease with managing your money by a reputable company that isn’t going anywhere.

      Available for: iOS and Android

      3. YNAB

        Everyone needs a budget, there’s no way around it. YNAB (You Need A Budget) is an easy to use app that will change the way you think about money. Their motto is to “give every dollar a job”, and you’ll quickly discover why.

        Here are some of its main features:

        • Easily sync all bank accounts in one place
        • Visually see your debt paying progress with eye-catching charts and notifications
        • Customized categories setting saving goals

        The best part about YNAB is the community that comes along with it. You can hop on the YNAB forum to receive support, listen to the YNAB Podcast or stay tuned for their weekly videos.

        Available for: iOS and Android

        4. Wealthfront

          Albert Einstein once said “compound interest is the eight wonder in the world”, and for a very good reason. The problem is, most people are scared or unwilling to learn the basics of investing. This is why Wealthfront is the perfect solution for the hands-off investors.

          Here are some of its main features:

          • Variety of investment account options including IRA, Roth IRA, and more
          • Your portfolio composed of 7 different asset classes
          • Automatically rebalanced portfolio
          • Daily tax loss harvesting

          Wealthfront is perfect for people requiring investment guidance, or prefer a hands-off solution.

          Available for: iOS and Android

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          5. Clarity Money

            If you’re staying on top of your budget but want to take your finances to the next level, Clarity Money can help you. Clarity Money helps you stay under budget and build a personalized savings plan.

            Here are some of its main features:

            • Easily cancel subscriptions with one click
            • Synchronize bank accounts fast
            • Transfer money effortlessly between different accounts

            Clarity Money isn’t an app that does it all. But, it does make transferring money and canceling subscriptions fast and efficient.

            Available for: iOS and Android

            6. Acorns

              What if there was a way to quickly gain confidence in investing your money, without too much risk? There is, and Acorns is your solution. With Acorns’s technology, you’re able to make investments as small as $5.

              Here are some of its main features:

              • Automatic contribution option
              • Customized portfolio tailored to your needs
              • Low management fees ranging from $1-$2 per month

              Stop wasting dollars on expensive coffee. Instead, invest them towards a brighter financial future.

              Available for: iOS and Android

              7. Albert

                Do you budget by only subtracting your expenses from your income? If so, how would you discover any overpayments or extra money you could save? This is where Albert shines, and it does it all free.

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                Here are some of its main features:

                • Receive notifications for overpayments, hidden fees, and low balances
                • An Automatic budget that’s built around your spending and income
                • Easily track debt and set new financial goals

                While Albert does offer a paid option, most of its core features are FREE. So, what better option to save?

                Available for: iOS

                8. Prism

                  Have you recently forgot to pay a bill because life got in the way? Prism automatically tracks your bills and syncs your bank accounts in one place.

                  Here are some of its main features:

                  • View all your account balances in one glance
                  • Bill due dates are automatically pulled and tracked
                  • Receive early reminders for upcoming bills

                  If your budget is on “fleek” but can’t seem to stay on top of your bills, Prism is your go-to app.

                  Available for: iOS, Android, Windows, Amazon

                  9. Mvelopes

                    Remember hearing about people using envelopes to budget their money? Well, Mvelopes is the new envelope system for this generation. Easily create monthly budgets and track your saving goals.

                    Here are some of its main features:

                    • Connect unlimited bank accounts
                    • Real-time budgeting with auto transaction syncing
                    • Low monthly $4 fee or $40 annual

                    Mvelopes can help you crush debt, save more, and help you stop overspending. With its low monthly fee, it’s worth a try.

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                    Available for: iOS and Android

                    10. Wallaby

                      Most people don’t have time to track their credit card’s changing rewards and interest rates. Because of this, you need help reaping the most of your credit card’s rewards. Wallaby is the app that will help you do just that.

                      Here are some of its main features:

                      • Automatic recommendations for the best credit card to use for each transaction
                      • A friendly user interface, displaying credit cards with their corresponding images
                      • Free to use

                      If you’re using the same credit card to make your purchases, you may be leaving money on the table. Give Wallaby a try if you’re ready to maximize your credit card’s rewards.

                      Available for: iOS and Android

                      Take control of your finances and experience financial freedom

                      Picture yourself staying on budget and saving more money than you’d ever imagined.

                      It took hard work and dedication but you’d finally learned how to manage your money. You have to start taking control of your spending and saving habits.

                      You now have a list of reliable apps that can help you build better money habits, what are you waiting for?

                      Featured photo credit: Pexels via pexels.com

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