10 Things Moms Can Do in 10 Minutes (for Their Finances)
We call it “put-off-ability.”
The longer we put something off, the more we continue to put it off. And those small tasks that will help our financial lives can sometimes be the ones that we put off the longest.
The key is to keep moving, and pick the low-hanging fruit. To that end, we bring you a few quick wins to get you started.
You loved our story “10 Things to Do in 10 Minutes (for Your Finances),” so we’re back for a second round. This time, we’re focusing on the to-dos that are most important for moms.
If you have a spare ten minutes and wonder what you can accomplish in them, stop wondering–here are ten things you can get done.
Click the first image to start the slide show.
Create a Charity Box
Teach your kids the importance of giving to others by creating a box (or jar, or tin can, or anything you want) to store money for charity. You can even make it a rule that any time anyone finds change on the street or under the couch cushions, it automatically goes in the charity box.
You can set up something basic in well under ten minutes. This could be as simple as taking out an old mason jar or using an old shoebox and cutting a coin slot into the lid. If you have more than ten minutes, get your kids involved by letting them decorate the charity box however they want.
Evaluate Your Allowance Structure
Allowance is very personal and unique to every family situation, but it’s important to review periodically and adjust as your child grows, as well as to make sure the system is serving its purpose—teaching your kid good financial habits—rather than just giving away money. A good rule of thumb is to give your child one dollar per year of age (so an 8-year-old might get $8).
Go on a 10-Minute Run
Studies have shown that exercising our bodies can actually improve our mental function. So, using these ten minutes to go on a quick run can actually help you be more alert to tackle your finances.
So the next time you’re dreading balancing your checkbook or opening that 529, why not go for a jog? It’s the best way to help your brain make good on your positive financial intentions.
Set a Savings Resolution for the Month
Balancing all your competing savings needs (your retirement, their college funds, a vacation someday … ) is tough to begin with, but it’s even tougher when you have a family to provide for.
To accomplish this task, make a list of your top five savings goals, and how much you’re contributing to each. Then, decide to change just one habit this month to help contribute to the most fun goal on your list. For example, you might resolve to bring lunch every day for the whole month and contribute the savings to your travel fund.
To teach your kids good savings habits, get them in on the act by encouraging them to save some of their allowance money toward a goal of their own (their spending money on that vacation?).
Continue reading this article at LearnVest.com after the break!
— Wealth Building Daily
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