Make the most of your child’s summer break
Every kid dreams of being a thousand things
at once. Ask any child who they want to
be when they grow up and you’re likely to hear a list ranging from astronaut or
a doctor to musician or being the best robotics engineer on the planet (read:
Tony Stark). Fortunately as a parent, you have the opportunity toshape your
child’s potential at an early age.
Aside from sending them to school, children
can also benefit from short courses that are usually offered during the summer.
These classes allow kids to enhance their talents and skills while having fun. Some
of the most popular workshops focus on cooking, fine arts, theater, sports,
foreign languages, even robotics design and engineering. However, most of these educational programs
also come at a hefty price. To help you manage
your finances to include your kid’s summer program, here are some useful
financial tips:
·
Determine your financial goals.
Establish your short and long term financial
targets. Short term goals refer to how
you need or want to spend your money at the present time. This usually includes
rent, utilities, monthly amortizations, kid’s education, groceries and other
household needs. Long term financial goals cover retirement, investments or
family vacations. Financial goal setting can serve as a guide while drafting your budget.
·
Know what you spend. Everyone has a general idea of their monthly expenses. Get a clearer
picture of where your money really goes by gathering all your receipts and
expenses for an entire month. This method will determine if you are spending
too much on discretionary items like a coffee fix twice a day rather than pre-set
expenses such as rent or utilities. Once you have identified all your expenses,
you can decide which items are easy to eliminate.
·
Take note of incoming earnings. Aside from making a rundown of your outgoings,
it is also advised that you make note of all your earnings or income. Don’t
forget to record unexpected bonuses or cash incentives because these will help
you meet the monthly budget. Don’t be discouraged if your income falls a bit
short compared to the expenses you’ve identified earlier. This issue can be
addressed once the budget is prepared.
·
Set a budget…and stick to it.
Once you
know what you truly spend on and how much money you receive each month, you
can sit down and calculate how much can be allocated for utilities and other
immediate needs, savings and even discretionary or luxury expenditures. Commit to your budget. An effective way of keeping track of each
month’s budget is by preparing “the envelope system.” This entails setting
aside money inside individual envelopes for each item identified in your
financial plan. For instance, there should be an envelope for electricity,
water, groceries, rent, car amortization, kids’ summer classes etc. Once you’ve
set aside the money, do not spend it on other items.
·
Track your progress. Monitor your income and expenses for several
months to see if the budget you have prepared is working. Don’t be surprised if the financial plan
you’ve set needs some tweaking from time to time. There’s a chance you overlooked incidentals such
as unexpected hospital bills, home repairs or rising fuel costs. Just go over your plan and modify your
budget.
Managing and juggling family finances can
be tricky. The good thing is with
MoneyGram, you and your spouse can make the most of your earnings together even
if one of you is miles away. MoneyGram’s worldwide money transfer service is
available in more than 200 countries and territories through a global network
of approximately 350,000 agent locations. Its innovative products and services connect
you with family by providing a reliable, trustworthy, and convenient financial
connection for life’s essentials and daily needs.
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