Resource to help parents and kids to achieve a safe financial future
Looking for Ideas and Tips about
Financial Freedom Planning for your
Definition of Financial Planning
Financial Planning is the process of estimating the capital required and
determining its competition. It is the process of framing financial policies in
relation to procurement, investment and administration of funds of an enterprise.
Some of us are trying to help our children learn how to save, plan and invest for
their financial futures. Others are trying to figure out how to help a child pay for
college and many more of us are wondering how we are going to fund or sustain
Financial freedom can start early and finish late in life. This site is for those on the
Importance of Financial Planning
Financial Planning is process of framing objectives, policies, procedures,
programmes and budgets regarding the financial activities of a concern. This
ensures effective and adequate financial and investment policies. The importance
can be outlined as-
* Adequate funds have to be ensured.
* Financial Planning helps in ensuring a reasonable balance between outflow
and in flow of funds so that stability is maintained.
* Financial Planning ensures that the suppliers of funds are easily investing in
companies which exercise financial planning.
* Financial Planning helps in making growth and expansion programmers which
helps in long-run survival of the company.
* Financial Planning reduces uncertainties with regards to changing market trends
which can be faced easily through enough funds.
* Financial Planning helps in reducing the uncertainties which can be a hindrance
to growth of the company. This helps in ensuring stability an d profitability in
Teach Your Kids Good Money Habits With This
The basic premise of an allowance is to teach our children
that they will be rewarded for doing good things and more
importantly, that they will need to work for money to spend.
It’s a noble idea, and it must have worked at some point in
time or else parents wouldn’t have done it for all those years
I took the same concept of an allowance that my parents used
with me and I tried it first with my four year old daughter. If
she got good grades in school, I rewarded her.
When her chores were completed all week, we gave her five
dollars to spend at the Dollar Tree. We did this for about three
months before realizing there might be a better way to teach her
After experimenting with several different methodologies, I came away
thinking that maybe the traditional allowance isn’t the best way to teach
our kids good money habits. Maybe thinking outside the box and
finding a different system could yield better results.
Here are the “allowance systems” that we experimented with while
trying to come up with one that would teach Hailey how to earn her
own money and how to balance that money wisely between what she
wanted and needed.
An Allowance Is Good, but It Helps To Do Some
Giving your child an allowance can be very beneficial, but as I’ve
pointed out, you should do some tweaking to reflect the goals you wish
to accomplish using it. It’s important to teach our kids good financial
habits from an early age and using an allowance is just one of the tools
available to us.
Make it your own. Don’t follow the rules of parenting. Experiment with
what works and what doesn’t until you get it down to a science.