Going on a trip with your family

By Sidney Perez

One of the financial costs that every potential parent is going to face is offering leisure to his family.

But we should already know that the cost of this trip for a family of 4 ( 2 parents, 2 children) is exponentially superior to what you would pay now as a student going on a trip with friends.

Firstly, you have to pay 4 tickets. Moreover, once you have a family you must rent a car if you want to visit the area where you go a little bit. Furthermore, you have to pay for a big room or 2 regular rooms. If your children are still very young and you want to go out for dinner with your wife, you will have to pay a baby-sitter. You will also have to feed kids, and kids eat a lot (at least 3 times a day), and when you cannot cook and you have to buy meals, it is very expensive to feed a family. I am not even talking about some extras that you wanna make, like visiting a museum, pay some videogames to your children....

It is a lot of money, and your children will not understand it and feels it is normal.

So, be careful and save money and to reduce costs, prefer to travel to cheaper locations or plan your trip a lot in advance to get discounts.

It has to be in your financial plan because you will be surprised to see how much you spent when you get back of this 3 days trip that will cost you a fortune.

So, maybe, let the kids to the grandfathers...

Sources

1) Profesor story

2)http://www.msnbc.msn.com/id/27650987/

3)http://www.gorving.com/pubs/Vacation_Cost_Anal.cfm

Loaning to Loved Ones

By David Norton

When a family member, friend, or even co-worker come to you for help, it is usually in every normal person's inclination to do what they can for that individual. However, when a family member, friend or co-worker come to you asking for money, things change. Probably everyone, at some point in their life, has had an individual close to them ask them for a loan or a monetary gift in some regards. But once this matter actually becomes a realistic scenario, be prepared for things to change.

All people have differing attitudes towards money but most everyone can agree that family is more important and substantial than any amount of cash that one could run across. Even still, "family loans" are one of the major causes of conflict within a family. Many people agree that loaning to family and friends is always a bad idea, regardless of the amount or circumstance. This can create a rift or business style relationship where one party always feels obligated towards the other. Differentiating this monetary aspect to other aspects of a relationship proves to be very challenging.

Regardless of this fact, it is very difficult for some people not to get involved in such agreements with relatives. You would never want to turn away a loved one, and though it may be a last resort, the process should still be done credibly. Instead of simply making an "I.O.U.," structure the loan as if it were with a complete stranger. Put the terms of the loan in writing and include all stipulations, such as interest, duration, payments, and recourse. Doing this may be a hassle in the beginning, but may end up saving a relationship.

Sources (click on links)

Free Money Finance

MSN Money

iVillage

How to Effectively Build Fmaily Budget

By Chaoran Hu

Many of families are loath to do a family budget, it is distasteful as they seem. Though, it is really important for a family to map out where their expenses will go, and when will that happen.
The following tips can help you build a family budget that can effectively assist you through budgeting.
1. Utilize all the methods to track your money. You can either use Excel spreadsheets, or a pen to keep track of your consuming activities. So you can have a better knowledge of how much money you need, and how much are needed to set aside for family regular expenses.
2. Set a goal. No matter what goal is it, as long as it is something your family wants to achieve? It could be a trip to Disney land, or a trip of cruise. The goal can help you find the discipline to squirrel money by a certain deadline.
3. Limit your credit card. Stop buying on credit until you got all the credit cards under control and paid them down. Work out with family members a payment that can restrict them from over purchasing on credit.
4. When paying in person, use cash. By using cash, it will force you to see what you are spending, and increase your likelihood to show more restraint.

References:http://www.bhg.com/health-family/finances/tips/family-budgeting/
http://www.msnbc.msn.com/id/20072930/
http://www.cbsnews.com/stories/2008/10/18/earlyshow/main4530699.shtml

Find ways to grocery shop more efficiently

By
Michael Boshnack



“Feel the squeeze? Actually, so do we.”

When the economy slows and businesses begin to feel the heat, grocery stores are often exceptions to the rule. That’s because when consumers cut back on frills like eating out, they tend to make even more trips to the supermarket. Still, all bets may be off in the wake of the crash of 2008."

To read more click here

How to protect your family's finances

Posted by JieYing Peng


Here are the five things mothers should know to protect their families' finances.

1. Money has to be a couple thing

Why: If you or your partner gets sick, loses a job, or you divorce, you both need to know where your money is. More immediately: "Two heads are always better than one when it comes to money, even if one of you is less experienced," says Janet Bodnar, deputy editor of Kiplinger's Personal Finance magazine and author of Money Smart Women.

You've probably already agreed that one of you is responsible for the daily money management (paying bills, keeping your bank account balanced). If you're the designated family bookkeeper, you're not alone: Sixty-two percent of moms balance the family checkbook and 54 percent are responsible for paying household bills, according to a 2007 survey by Oppenheimer Funds, a New York-based asset-management company. This is fine -- either of you can take the lead on money tasks -- as long as you keep each other up-to-date on your financial picture.

For Full article: http://www.cnn.com/2009/LIVING/03/30/protect.family.finances/

Ways to Cut Energy Bills

Written by Jeff Wuorio

Posted by Chaoran Hu

What luck: Prices for electricity and home heating oil are expected to hit record highs -- just as the days are getting shorter and colder. And this is only the beginning: It's estimated that the cost of electricity might jump another 9 percent this winter, with heating oil not far behind with a 6 percent increase. That's on top of big increases that have already taken hold -- 34 percent for heating oil during the first six months of 2008 and 12 percent for electricity during the first five months, according to the federal Energy Information Administration.
But there are simple ways to fight back against soaring energy expenses. It's hard to estimate just how much you can lower bills, but here are 20 tips that can certainly add up (some, like a programmable thermostat, can save hundreds of dollars all on their own.

Click here to read more

Budgeting During Recession

By: Li Bin Chen

During recession times, household all had to manage their budget efficiently to avoid over budgeting and went into debt. People say making money by spending less money is the best gift anyone can give to their family. But there is a conflict of interest going on; During recession time, the country want every household to spend more to pick the troubling economy while each individual household want to save their money because they feel insecure.

There are five tips to save at the supermarket:
1) Make a shopping list and plan meals for the week, make sure to put down items that you know you need and will use.
2) Write your shopping list the same order you shop.
3) Experts recommend that you eat before shopping to control your buying impulse.
4) Make shopping a learning experience if your children are shopping with you.
5) Being in the produce department and use the nutrition signs to select fruits and vegetables. Try to select variety of colors – yellow, orange and green – to ensure you get a variety of vitamins.

Beside the above tips, it is crucial to read over all of your bank statements from the previous three months. This process can better educate you in the area where you spend the most money and evaluate whether it is still necessary to continue that spending pattern. Also make sure you collect any coupons for later usage. Read the coupons first and then plan a weekly grocery list according to the coupons.

Reference:
http://www.associatedcontent.com/article/1330762/five_places_to_cut_the_family_budget.html?cat=3

http://ezinearticles.com/?Recession-Proof-Your-Family-Budget---5-Ways-to-Save-Money&id=1929091

http://www.ehow.com/how_2221896_budget-during-recession.html

How to protect your family's finances

By Sidney Perez

1. Money has to be a couple thing
Why: If you or your partner gets sick, loses a job, or you divorce, you both need to know where your money is. More immediately: "Two heads are always better than one when it comes to money, even if one of you is less experienced," says Janet Bodnar, deputy editor of Kiplinger's Personal Finance magazine and author of Money Smart Women.
You've probably already agreed that one of you is responsible for the daily money management (paying bills, keeping your bank account balanced). If you're the designated family bookkeeper, you're not alone: Sixty-two percent of moms balance the family checkbook and 54 percent are responsible for paying household bills, according to a 2007 survey by Oppenheimer Funds, a New York-based asset-management company. This is fine -- either of you can take the lead on money tasks -- as long as you keep each other up-to-date on your financial picture.
What to do: It can take as little as 15 minutes a week to talk about how much you're spending and where. If nothing else, hand over the checkbook or print out a copy of your monthly budget (and how much you've spent) so you can each see where the money is going and make suggestions for change.

Click here to read more...

Family Budgeting; Tips to Cut Costs

By Sarah Horner
March 29, 2009

All families need to eventually discuss the dreaded budget. While it is an ugly and difficult subject to discuss that typically leads to a number of fights, every family, couple and individual needs to know how to budget their spending.

An article from FamilyEducation.com discusses some important things you must keep in mind when establishing a family budget. First it is important to know exactly how much money you have in your budget, you can figure this starting with your monthly income then subtracting the amount you wish to save each month and the amount you wish to set aside for personal savings. The amount you have left is what you have to put towards food, shelter, entertainment, insurance, transportation, health care and clothing.

How you budget when it comes to these items is very important, there are a number of easy ways you can decrease spending. In the case of food, buying in bulk is a great way to save a couple of bucks. Transportation costs can easily be cut back if you can figure out a way to carpool.

While it is an unpleasant subject to disucss, once you figure it out it can lead to much more freedom and much less anxiety when it comes to money and spending. Every family needs to know how much money they have to put towards these every day expenses.

References:

http://life.familyeducation.com/money-management/personal-finance/45270.html?detoured=1

Planning to Eat

By David Norton

Family Finance: Grocery Spending a Moving Target

NEW YORK (AP) - When Carla Chery sat down to plan her household budget, she simply calculated the average she typically spent to feed her family of four.

The Manhattan stay-at-home mom never considered what percentage of the overall budget that $500 a month took up, or whether there is a "correct" amount to spend on food. "ours is just based on what we can afford," she said.

To read more CLICK HERE

10 Winners in the Recession

By: Li Bin Chen

If there are silver linings to the recession, they're not immediately apparent. After all, the national unemployment rate is 8.1 percent, the highest since 1983, and economists predict it will reach 9 percent by 2010. Gross domestic product is forecast to shrink more this year than at any other time since the Great Depression. And across the country, stores are closing, municipal budgets are tightening, and banks are begging for bailouts.

But a handful of industries, companies, and products are doing well—relatively speaking. They run the gamut from Quarter Pounders to contraceptives, but they share a key component: Whether they help people pivot to new careers, cut costs at home, or simply escape from all the bad news, they're poised not only to weather the economic storm but to, in some way, benefit from it. "There always is a silver lining for people who choose to look past the doom and gloom and find one," says Robyn Feldberg, president of the National Résumé Writers' Association, which represents an industry that's bucking the overall trend. "In adversity, there is always potential for innovation."

1. Home Gardening

Research by Atlee Burpee, the world's biggest seed company, found that $50 of seeds and fertilizer can yield $1,250 worth of produce. Green thumbs agree: Sales at Burpee are expected to jump 25 percent in 2009, while veggie seed sales at Park Seed are up 20 percent this year from 2008. And a National Gardening Association poll shows that the number of households planning to grow their own food in 2009 has increased by 19 percent from 2008. The trade-off? Fewer flowers. With garden space—and budgets—squeezed, flower seed sales are down.

Click here for full article