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6 Tips to Manage Your Finances With a Stay-at-Home Parent

The decision for one parent to stay home can cause tremendous heartburn. Many feel strongly about staying home with kids, but don’t know if they can make it work financially. However, with careful planning and a keen eye on the budget, having one stay-at-home parent can work for many families. According to Amy, a stay-at-home mom in the Midwest, the key to managing finances when one parent stays home is open communication and a solid budget. These six tips will help you shore up your budget and manage your finances when one parent stays home. Include Activities in the Monthly Budget When budgeting, leave wiggle room for outings and extracurricular activities. Becoming a stay-at-home parent doesn’t literally mean saying at home. Account for the memberships, entrance fees and supplies you’ll need to create an engaging and fun schedule for your family. You don’t have to break the bank. There are…

7 Ways to Save Big, Spend Little This Summer

Summer is here and the kids are out of school, leaving parents to find solutions to that age-old kid complaint — “I’m bored.” Keeping everyone occupied and happy can often cause a drain on the budget. But, it doesn’t have to. These seven tips for budget-friendly summer activities will help you save big, spend less and keep the kiddos engaged this summer. Discover Free and Discounted Activities at Local Businesses Local parenting magazines, blogs and Facebook groups are a great way to find free and cheap things to do with your kiddos this summer. Many home improvement and craft stores offer free or cheap workshops for kids. Libraries provide great reading programs, and you may find music and reading hours at your local toy store. Consider an Annual/Summer Pass for Local Attractions You Visit Often Depending on how often you plan to visit local attractions, such as the zoo, amusement…

3 Tips to Raise Money-Savvy Kiddos

Talking about money often falls into the category of taboo. But talking about financial matters with your kids is different than talking about money at a cocktail party. As a parent, you set the stage for how your kids will view and handle money in the future. Talking about money on a regular basis sets a foundation for your kids to build a strong financial knowledge-base. In fact, a recent survey by T. Rowe Price found that “parents who discuss financial topics with their kids at least once a week are significantly more likely to have kids who say they are smart about money (64% vs. 41%).” These three tips to raise money-savvy kids will help you start and keep the conversation going by engaging with your children on money topics in a variety of ways. Turn Money Lessons Into Games Children, especially younger kids, learn through play. From make-believe…

Teaching Kids About Money

A basic financial life skill is knowing how to live within your means – something that schools don’t teach. The live-now-pay-later lifestyle is alluring, with credit card companies targeting adults of all ages, starting with college students. It’s all too easy for young adults to max out several cards and paying the minimum each month until they’re in so deep they have no choice but to file for bankruptcy. Perhaps if parents can teach their children, starting at a young age, how to successfully manage money, the danger of living beyond their means could be prevented. Here are financial lessons you can teach your children to help them form sound money management skills they can carry into adulthood: Preschool, Ages 3 to 5: Sometimes You Have to Wait Desires of preschool kids are often easily granted and parents don’t think twice about grabbing that coveted toy as they wheel their…

5 Tips to Prepare Your Kid for College

Getting ready to send your kid off to college can be daunting. After you’ve scoured countless shops for the perfect pillows and performed many demonstrations on how to separate the darks and lights, there’s the (really important) part about getting them ready to navigate their time and responsibilities on their own. Preparing your kid for the college years doesn’t have to be as big as the pile of laundry they will bring with them their first trip home. The key is helping them dial up the skills they already have to be ready for college life. Maximize Productivity College is a juggling act. Between classes, homework, socializing and work, it’s easy for students to let responsibilities drop. However, the reason some students thrive while others flounder is usually tied to productivity. You can help your son or daughter by showing them the tricks you use (e.g., batching work, scheduling breaks)…

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