Family Finance Smarts

This weekend there are tons of people throughout the US who are scrambling to get their taxes done.  Are you one of those people?  Of course taxes are all about one very important topic: money.  What are you teaching your kids about money?  As inspired by Tax Day I thought today we’d take a look at some money smarts.

Save: this is one of the most basic practices that most people don’t follow but is crucial to getting ahead in life.  If you want to have a great retirement and have enough money for whatever situations come your way or if your kids have a need.  You don’t have to save a lot, consistently saving even a little each week/month depending on how you get paid is a great start.

Spend smart: do your best to make smart purchases that you won’t regret.  There are 2 parts to this: first taking the time to be aware of how much things cost and buying things on sale whenever possible.  Second, thinking about your purchases before making them and making sure they’re good decisions that you’ll be happy with for an appropriately long time depending on what you’re purchasing.

Plan ahead: anticipating expenses or potential expenses, like a tax bill, are another key to making the most of your money.  Planning ahead means you can put some away each month for these expenses rather than trying to come up with the money when it is needed.

Respect money: money comes and goes, but if you don’t respect that cycle it will be much harder on you.

Always grow: this is one of the most important smarts.  It’s important for us to keep growing and learning and trying to improve our situation, both about money and about our skills in general.  This doesn’t mean you have to work crazy hours or multiple jobs and ruin the other parts of your life, but it does mean having a healthy work ethic and always looking for opportunities to better yourself.

What are the best lessons you’ve learned about money in your life?

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