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Money Management
Full-Length Articles
Basic Tips:Automate the Saving ProcessMost banks will allow you to set up an automatic monthly transfer from checking to savings. This is an easy way to make sure that saving is a priority, because if you don't have to see or handle the money, you won't have a chance to forget or to think of using it for something else. Set up semi-automatic bill payments online. You can set up totally automatic payments, but that's not necessarily a good idea.You need to look at your bills each month to make sure that all charges on them are correct, and you need to be aware of all the money going out of your checking account. To pay bills semi-automatically, you can follow a few specific steps.
If you plan to set up a retirement savings account, you may want to look at the Roth IRA retirement accounts offered by T. Rowe Price. These well-designed accounts are specifically designed to invest in a balance of funds that continually recalibrates as you move closer to your target retirement date. You may open the account online, and invest a minimum of $50 a month via direct deposit. These funds have very low management costs, and have been well rated by various magazines and rating companies. ResourcesFinancial guru Dave Ramsey hosts The Dave Ramsey Show and offers a program called the Financial Peace University, designed to help people get out of debt. He is the author of Total Money Makeover and More Than Enough, among other things. For entrepreneurs, he offers a leadership program called Entreleadership. His website has a great deal of helpful information, and a number of useful tools and calculators, including a mortgage calculator, investing calculator, and budgeting forms. You can also listen to the radio show and participate in community forums. Living Like No One Else is a free forum built for people who are working with Dave Ramsey's principles. The participants are active and friendly, no matter where you are in the budgeting process. David Bach is the author of The Automatic Millionaire, Start Late, Finish Rich, Fight for Your Money: How to Stop Getting Ripped Off and Save a Fortune, and other books that present a simple, commonsense method of money management that has worked for millions of people. He is famous for first identifying the "latte factor," and his approach recognizes the reality of life for most people (we're busy, we don't want to think about money all the time, but we want to save for retirement and do all the right things--easily). His website offers Free Homeownership Guides, worksheets, tips on hiring a financial advisor, investment basics, college saving and planning, and more. Lesson Plans for Banking Skills: There's a lot more to managing money than just banking skills, but it's essential that children learn to write a check, balance a checkbook, use a checkbook register, understand a bank statement, pay bills on time, problem-solve for common mistakes, and learn to prevent costly errors. If your math curriculum or school doesn't include a section on consumer math, these simple math lesson plans may be just what you need to teach these skills. It's hard for children to start thinking about their financial future if they don't know how to manage the day to day basics of banking! You may click here for more information. Bio: Lori and her husband are homeschool parents of four children between the ages of 5 and 16. She enjoys researching and communicating about subjects that matter to homeschooling families. She has been an active volunteer in her homeschool community for 11 years networking with homeschool organizations, legislative liaisons, co-ops, and support groups in both Washington and Oregon. You can contact her directly at lovinhomeschool@gmail.com.
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