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This is a question I hear all the time from readers who are parents – and it’s a question that comes up in our own household as well. Should our children have life insurance policies? I’ve done a lot of research and soul-searching on this topic. What follows are the conclusions I’ve come to on the issue. ...  We currently have five people living at our home. Let’s say, hypothetically, we all change clothes twice a day (it’s often more than that due to the nonstop accidents, spills, and other things that go on in such a household). That’s ten outfits’ worth of clothes to wash each and every day. We also cloth diaper our ... Ellen writes in with a very difficult story: I am a huge fan of yours and have used much of your advice to simplify the money matters in my family, but my family is currently in a crisis that I have never seen discussed on your site. In early April, my family was in a severe car accident. We were driving ...  There are hundreds of questions that pop up on a parent’s or soon-to-be parent’s mind. How should we raise our children? What lessons should we instill in our children’s minds at an early age? Financial literacy — like any other fundamental life lesson — must begin at home. The concept of money to children can be difficult to understand, but with ...  By Philip Brewer
Make a grocery list and stick to it? That’s a piece of advice that’ll cost you a lot of money. The theory, I guess, is that you’re so terribly prone to impulse buying that you can’t be trusted to wander free in a grocery store. The reality, though, is that you can save a lot of ... Sometimes you just need to stop spending money for a few days. Maybe you are already over budget, or close to it, and the month isn’t over. Maybe you have savings goals with attached deadlines, and need to kick a little extra towards one of those goals before the deadline comes and goes. Or maybe you just hate to see ... Jill writes in: I don’t earn much and am consequently unable to save much and what little I save is often wiped out by breakdowns (e.g. household stuff), minor illnesses and other emergencies. I am actually quite a frugal person, it’s just that my income is not much and tends to be irregular. I am very troubled because I wish to save ...  I disagree with the common assumption that buying a house will be your biggest financial decision. I believe your choice of a marriage partner will be your single biggest financial decision. Besides, who do you think is going to help you make the house decision? Therefore, make your spouse decision carefully. The reasons go far, far beyond money, but since ... 
Do you feel you aren’t saving enough for retirement? Worse, do you feel like what you should be saving for retirement is some huge number you’ll never reach? I think such daunting numbers are what kept a lot of my younger co-workers out of the 401k plan completely. How about 1% then? ... 
It is never too early to teach your children the basics when it comes to good money management. Teaching your children good habits is always wise, and money management is definitely a set of good habits that is better taught sooner instead of later. If you teach your children how to value and manage their money very young, then it ... |
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