How can you teach money management strategies to kids?

teaching money management strategies to kids

Does the idea of teaching your children money management strategies make you worried? Don’t worry, if your answer is ‘yes’. There are many people like you. However, you should teach money management strategies to your children right from the young age.

Teaching kids about money – Why is it important?

Like many other things, kids are not born with the knowledge of managing money. Moreover, it’s not quite a talk about term in the household. You might be talking about paying bills, but rarely you discuss your money management strategies in front of kids. Not only that, some parents also feel awkward to talk to their children about money.

However, you need to be sure that the kids are able to manage their money once they leave the nest. So, you also need to teach them smart money management strategies just like you teach them how to cook some basic meals or do the laundry.

Teaching kids money management skills – How can you do that?

So, we’ve understood that it’s important to teach your kids how to manage money. But, the question is, how can you do that? It’s not that tough as you’re thinking it to be!

Here are the 4 simple ways to make your kids money smart.

  1. Teach the art of saving money – Make saving fun in order to motivate your child. Let your child receive prizes for a coupon he/she has cut out from a newspaper. You can also give prizes if your child can save from his/her pocket money.
  2. Encourage your child by matching contributions – You can encourage your child by doing a ‘savings match’. Whatever your child saves, match the amount. It’ll encourage your little one to save more. Moreover, he/she’ll also learn the concept of a retirement savings program.
  3. Develop strong math skills – A person usually tends to use emotional ways to invest if he/she doesn’t have math skills. So, teach your kids basic math skills so that they are good with numbers. Maths is taught in schools; what you can do is encourage them to learn strong math skills.
  4. Let your child make mistakes – Do not stop your child from making mistakes. The financial loss won’t be much at a young age. So, if your kid is spending money, what he/she has got as a birthday gift, before thinking. Let him/her do that. He/she will learn from the mistakes and it would stop him/her from making similar mistakes in the future.
  5. Encourage your kids to ask questions – Your little one can also ask questions. When your child asks anything about personal finance management, answer his/her queries. It might be difficult to make him/her understand everything especially if your child is small. But be patient and answer the queries according to your child’s age. This will help your children make appropriate financial decisions once they grow up.

Are there apps for teaching money management skills to your child?

Yes. Nowadays, teaching money management skills is not only restricted to just piggy banking. Don’t give your smartphone to your kid only for playing games and use it to teach smart money management strategies.

Piggybot is such an app which you can say is a digital version of an actual piggy bank. With this app, they can visualize how much money they got from their mom and dad.

Renegade Buggies is a game which you can download. Your kids will love it as it’s a fast-paced shopping game wherein they need to save as much money as they can. As your kid will go on completing one stage after another, he/she will accumulate ‘buggie bucks’ which they can use to make saving as well as investment decisions.

Famzoo – Another superb one! In this app, you can create your child’s bank account to track your little one’s spending, saving and giving habits. This app can help your kid to learn about budgeting.

I want to mention another important point. Be a good role model for your child. A kid often learns from his/her parents. So, if you practice good money management skills, your children will automatically learn from you. You can also set an example. Take a jar and put money in it. Let your child watch it and tell him/her that it’s your savings jar. This way your child will know saving is normal and it’ll motivate him/her to save, too.

6 Not so spooky tricks to make money before Halloween

Most people think about the trick, treats, booze, spooks, decorations, costumes, etc. before Halloween. But, I can’t think like normal people. I don’t know if it is a blessing or a curse.

When most people are busy planning celebrations, I’m thinking about the ways to make money before heading into the season of spookiness.

Recently, I was checking out a report released by GoBankingRates in 2014. As per that report, the biggest fears of the people are:

  1. Living paycheck to paycheck
  2. Getting into debt problems
  3. Living without any home

If you ask me, my biggest fear is getting into debt problems post-holiday season. And, this fear forces me to make as much money as possible before heading into the festive season.

Here are a few tricks you can use to make money. You can use this to shop, party, eat, do anything you want.

  1. Look for a new employer: Switch to a better job since you have leverage. You can negotiate with the new company for a big hike. You have nothing to lose if the company doesn’t agree to give you a big hike. You can tell your present boss about the new offer. Who knows, your current employer may agree to give you a promotion or a hike.
  2. Work after getting back to home: You know what is the best part of freelancing? You can get paid more than full-time work. You can ask your former colleague for freelance gigs. If you have a blog, then try to get Google ads and affiliate links. This would fetch you a good amount every month without any hard work.
  3. Teach students: You can teach students with less knowledge in a particular subject and earn money. You can tell about your interest in teaching to students, parents and even schools.
  4. Work as a temp: Lots of offices require temporary employees. You can know about these jobs/local listings from the online job portals.
  5. Capitalize your culinary skills: Do you cook as good as me? Jus kidding! If your friends love the food you cook, then you have a chance to earn extra money with KitchenSurfing.
  6. Be a dog walker in the weekend: Usually, I don’t have time to take dogs for a walk. But, if you love dogs or pets, then you ask your neighbors if they need a dog walker in weekends. You can also register on dog walking websites and post your services.

And finally,

There are lots of ways to earn money. You just need to have the drive to earn money. You can wash cars, clean homes, work as a bartender, etc. Make sure you don’t spend the money as soon as you earn. Rather, save it for the festive season.

Mother’s Day – What I am planning to give my mom without paying a penny

mother's day

Is there any special significance of the Mother’s Day? I don’t think so. For me, everyday is Mother’s day since she is the one who works round the clock every day. She is the one who takes care of the family and her professional life with a smile on her face. But, since there is one day (May 8) designated to acknowledge the painstaking contribution of mothers around the world and my mom loves to celebrate it, so I’m not complaining. Here I am with a list of gifts that I’m planning to give my mom this year. And, the best part of these gifts is that I don’t have to spend a penny to give these gifts to mom.

  1. Treat her like a queen: Usually, mom does all the household chores. This year, I’ll take a day off from my office and spend the day with mom. I will do all the household work – cleaning all the rooms including the bathroom, washing all the dishes, cooking food and washing clothes. Plus, I will serve a nice breakfast in her bed followed by a sumptuous lunch at noon. In the evening, I will go for a walk with her and then serve her favorite meal at dinner.
  2. I’m planning to spend the weekend with mom. So, I’ll get more time to spend with her. I’ll pamper her like a princess and do all her work on Saturday and Sunday.

  3. Give her digitalized pictures: I grew up in the 90s. Like most families, I have a huge collection of printed photos of my mom’s pre-motherhood life, her wedding and my childhood. These photos are pretty old now. I have decided to scan all the photos and save them in a cd. She can revisit our old memories during her free time and enjoy.
  4. Make her smart: My mom is hopeless when it comes to using a smartphone. This year, I have decided to teach her the tricks of using a smartphone. It will test my patience, but I am ready to do it for the sake of my mom. I will download all the required apps, organize them and then teach her how to use them.
  5. Words straight from my heart: Mom has done a lot for me. Since I am a writer and know how to play with words, so I have decided to write something for her in a notebook. I have already started writing about her. Every evening, I am writing that is coming to my mind – our memories, things I love and hate about her most, her place in my life, and so on. I plan to finish it this Thursday. Let’s see.
  6. Give her a DVD: I have downloaded all her favorite movies and saved in a DVD. If we get time, I will watch a few movies with her during the weekend. Rest, she can watch in her free time. I will save some of the movies on her laptop and smartphone. She can at least watch those movies while traveling.

Conclusion

Words are not enough to appreciate mom’s contribution in my life. No matter what I do, it won’t be enough for my mother. Still, I will try my best to make mom happy this weekend. Perhaps, the time I get to spend with her would be a precious gift for both of us.

What have you planned to do this Mother’s Day? Share your ideas and thoughts with us.

3 Reasons to celebrate Valentine’s Day one day later – Feb 15

reasons to celebrate Vday on February 15

Love is in the air. It’s the much awaited Valentine week. It’s a 7 day celebration of love. But contrary to the popular ritual, my best friend celebrates Valentine’s Day on February 15 with his boyfriend. And, her reasons are very clear. She says, “I can buy more chocolates and gifts for my boyfriend with the same amount. What’s the big deal in waiting for another 24 hours?”. Can’t agree with her anymore.

Here are the 3 reasons why I feel it’s great to celebrate the Valentine’s Day on February 15 every year.

  1. You can have quality food and spend quality time: This year, Valentine’s Day is on Sunday. Do you realize what this means? You’ll face a tough time in getting a nanny. Plus, most of the restaurants have been booked already. The food will be costly. Restaurants would be fully packed and you would not get any chance to share a cozy meal with your loved one. But if you celebrate Valentine’s Day on Monday, then you can share the same meal in privacy with your loved one. The food price won’t be expensive and there won’t be too much rush.
  2. Get Cupid’s goodies at half price: Nothing beats the joy of shopping for your loved one on the day after the Valentine’s Day. Retailers and florists would offer the same goodies (teddy bears, chocolates, cards) at huge discounts. Some retailers give 50-75 percent discounts on chocolates after the Valentine week is over. Buy all the goodies at half price and use the remaining amount to have a super romantic date with your spouse.
  3. You can avoid the maddening crowd: Want to watch a movie together? Wish to explore a shopping mall? Dying to dance together in a pub? Great! You can book movie tickets easily on 15th February. There would be less rush since it is a working day. There would be less crowd in a shopping mall or a pub. So, lovebirds can just be together and enjoy.

Conclusion

You know what I personally feel? Valentine’s Day is for the retailers because you don’t need to buy expensive gifts to prove your love for someone. In my opinion, love is caring for someone even when you’re angry with him or her. Love is something beyond designer dresses and accessories. If you’re in love, celebrate it every day. Share special moments with your loved one. Cook food for him or her every day. Look after her/his daily needs and requirements. Enjoy the feeling of being in love without spending a penny.

Should you use your Facebook profile to get a job?

facebook job search

Facebook can help you meet your soulmate. It can give you the latest updates on the various happenings of the world. But can it help you get a job? More importantly, should you use Facebook to get hired?

Facebook is a big social networking platform. From 8 to 80 years old, all are aware about Facebook and its impact on our life. Besides, 65 percent of employers use Facebook to recruit employees. So, isn’t it wise to use the platform to connect with recruiters and be financially independent?

Here are some other reasons why you must use your Facebook profile to get a job.

  • You can expand your network to get a new job
  • You can show how social media savvy you’re to recruiters
  • You can show your social networking skills to employers

Check out the following ways to take the maximum advantage of Facebook and get a job.

  1. Create a nice profile: Highlight your work experience and educational qualification. make sure you don’t mention the places where you have worked for only a few months. If you have a blog, then share the link in your profile.
  2. Don’t share embarrassing moments: Build a nice and professional image of yourself. Get rid of your beach photos and make your albums private. Change your privacy settings so that only friends can view your albums. Find out if someone has tagged you in embarrassing photos. If so, then untag yourself.
  3. Follow recruiters: Most companies have their official pages in Facebook. You have to like and follow their pages to view their posts and newsfeeds in your timeline. You can know more about the company profile and job vacancies.
  4. Join groups: There are lots of industry groups in Facebook. These are mainly closed groups, which means you have to seek permission from the moderator to be a part of them. The best part of these groups is that you can get updates about the hourly jobs posted by the admin.

What you should avoid doing in Facebook

  • Making racial comments
  • Posting photos that create a bad impression upon you
  • Keeping comments on your Facebook Wall that are distasteful
  • Applications that portray you in a negative light
  • Posting comments that prove you’re a bad and irresponsible guy or girl

Bottomline

Can you get a job with Facebook easily? Well, let us say that Facebook isn’t going to overshadow Linkedin anytime soon as far as job hunting is concerned, But, you spend at least a few hours on Facebook on a regular basis. So, why not use it for a productive purpose? Use Facebook along with Linkedin to grab the attention of millions of recruiters. At least, this won’t hurt you badly.

Have you tried Facebook to get a job? How did it go?

Tell-tale signs you’re hopelessly in love with online shopping

signs you love shopping

Ever since the advent of smartphone and shopping apps, my love for online shopping has only increased day by day. Yes, I admit it. I’m addicted to online shopping. The joy of buying something within a few clicks is simply unparalleled. The freedom of buying anything you want while traveling or chatting with friends is awesome. But on a serious note, I know this addiction is not good.

Every month, I end up spending a good amount on online shopping. Mostly, I shop for myself. And, when I’m not, I end up buying stuffs for my parents or friends. Earlier, my mom used to shout at me. Now, she simply gives me an exasperated look when this topic comes up.

I’m addicted to online shopping. And, this is not something to be proud of. But do you know if you’re addicted to online shopping? If you aren’t, then here are the tell-tale signs to know if you’re undeniably addicted to online shopping.

  1. You shop online even at work. Unless you’re really busy at work, you take out time to add items in your shopping cart.
  2. You opt to work from home just to receive the items you ordered the previous week.
  3. You have all kinds of shopping apps installed in your smartphone.
  4. You’re too happy when you see an ad “flat 30 percent off’ on any item you buy online from a store.
  5. Your ‘inbox’ is filled with more promotional emails than actual mails.
  6. Sometimes, packages are delivered at your home and office and you’re completely surprised. You’ve totally forgotten about them.
  7. You’ve friendly terms with post-office workers since you receive so many packages.
  8. You don’t remember when was the last time you walked into a store and bought something.
  9. Even when you’re not browsing through online shopping portals, you’re thinking what to buy next from Amazon.
  10. You’re unable to resist all your temptations to stop shopping online.
  11. You get into financial problems due to your love for online shopping.

Remember, online shopping is not good for your financial health. Trust me, last year, I have end up spending a huge amount on online shopping in just 3 months. Since then, I’m trying my best to control myself. I have opening shopping apps from my smartphone. I don’t know how long this would continue. I’m not confident. But, I’ll try my best. And if you’re addicted to online shopping, then follow my footsteps, Stop browsing through shopping apps. And if you can, just uninstall the apps.

5 Tips you can use to shop just one week before Christmas

Sorry guys for being so late. It’s almost a month since I posted anything here. I was too busy with my work. Trust me, I planned to post this blog last week. But again, I am late. Sorry again.

Okay. It’s vacation time. It’s time to be jolly and sing ‘jingle bells’ once again. Finally, I can wrap my work and spend quality time with my family. Yeppie!

Unlike me, most of you must have already completed your Christmas shopping by this time. My busy working schedule didn’t leave me much time for shopping. But, I’m not complaining because Christmas is not over yet. I still have time to shop and shower gifts of love to my family.

Here are a few tips you all can use to shop just one week before Christmas arrives.

  1. Don’t be too desperate: I know you don’t have much time in your hand. But, don’t be too desperate. Retailers understand this psychology of consumers very well and this is why they keep a higher price tag for all the items. So, don’t pay a huge price for anything that is not worth it. Try to avoid malls. Most consumers rush to malls and then pay a big price on something they could have got at a less price elsewhere.
  2. Bargain and negotiate: You don’t always have to pay the exact price the store owner asks for. You can negotiate with the store owner and get some lucrative deals. Just make sure you take 2 steps: pay cash and then walk away. I do this a lot of time and trust me this has helped me to bag great deals.
  3. Browse online portals: Online shopping is in trend right now. You can shop goodies at some good websites such as coolsavings.com and eBay. All you need to do is browse these shopping portals carefully and buy the items on which good discounts are available.
  4. Be patient and confident: Eat something, take rest and drink lots of water before rushing to a store. There’s no need to panic. Yes, you have limited time. But, if you get nervous, then chances are higher you’ll overspend or buy gifts that are not good.
  5. Use your hand to make gifts: Who told that you have to rush to different stores for buying gifts? You can make your own gifts at home too. Internet has plethora of information on how to make nice gifts at home. You can make scented candles, bake cakes and cookies for your loved ones. Keep them in a gift basket and give it to your friends. They would appreciate the effort you’ve put in.
  6. As far as your parents are concerned, you can take them to a nice movie. You can cook food for them and have a yummy dinner at home.

Christmas is incomplete without shopping, gifts and decorations. Mom has already started decorating every part of our house. Dad is busy in making special plans for the big day with friends and cousins. Now, it’s my turn. This Christmas, I will enjoy as much as possible. Once I am done with Christmas shopping, I will party hard, laugh loud and dance crazily.

8 Budget-friendly tips to have a beautiful and soft skin in winter

flawless skin in winter

For some people, winter is a curse since it makes their skin dull and dry. Some people like my mom, winter is hell since it leads to cracking and flaking. Her skin becomes itchy and hard. Once she turns the heat on indoors, her skin becomes dry and tight.

So you face similar problems during winter? If so, then here are a few tips that may help to keep your skin soft and moist during the chilly winter months.

1. Use oil based moisturizer: Water based moisturizer is effecting during summer and skin. But for the dry winter, you need to take extra care for your skin. Use water based moisturizer to create a protective layer on your skin. Night creams are often oil-based. You can use these creams more during winter.

Try to use natural oils such as primrose oil, almond oil, avocado oil, etc.

2. Remove wet gloves: Please throw away your wet gloves and socks as soon as possible. These gloves can easily cause itching, sores, cracks, etc.

3. Sip herbal tea and water: Your skin needs nourishment. Water keeps it hydrated. So, drink lots of water in a day. If required, carry a water bottle when you are traveling. Herbal tea can moisturize your skin internally. So make it a point to sip tea and water whenever you can.

4. Bathe with moisturizing body wash: Your skin needs maximum care during winter season. So, bathe with lukewarm water and moisturizing soap. Avoid piping hot water since it can make your skin dry and itchy.

5. Apply sunscreen everywhere: Love to take a sunbath? Do it after applying a generous amount of sunscreen over your body. Remember, sunlight can harm your skin in winter too. You can use a sunscreen SPF 15, 30, 50 when you step outside.

6. Exfoliate your skin: Never forget to exfoliate your skin and remove the dead cells from your face. Use a good homemade face pack on your face. Once you have scrubbed your face and hands, use a moisturizer. You’ll get a soft and smooth skin.

7. Use a good lip balm: Don’t lick your lips during winter. This is a very bad habit. Instead, use a good lip balm. This will help to heal your cracked lips. If you don’t have a lip balm, then apply a good moisturizing cream at night. Wear a moisturizing lipstick when you step outside your home.

8. Use honey: Honey is great for skin. It can soften dry patches on your rough knees. Just mix honey with sugar and make a thick solution. Apply on the affected areas to reduce inflammation and increase blood circulation in your skin.

The last tip for you

I need to keep washing my hands while cooking. This makes my hand as dry as a sandstone. This winter, I have decided to use alcohol-free hand sanitizer. I have also bought soap-free cleanser. These sanitizers and cleansers are less drying. So hopefully, my hands will have little bit moisture now.

Hidden money lessons from 6 spooktacular flicks

“Pumpkin time is here again, Time to play Trick or Treat. Pumpkin time is here again, Our spooky friends we’ll meet.” – Pumpkin time

It is holiday time as Halloween is on the cards. This year spend it in a different manner. Try to grasp hidden money lessons from some classic scary movies. The horror movie characters may be fictional, but still you can grab some money lessons from them. So this Halloween, manage your finances well while you get scared.

Have a look at the below-given horror flicks and uncover the hidden money lessons:

# The House on Pine Street

“You think the house is haunted?”

Release date: 28th February 2015

Director: Austin Keeling
Aaron Keeling

Cast: Emily Goss as Jennifer
Taylor Bottles as Luke
Cathy Barnett as Meredith
Jim Korinke as Walter
Natalie Pellegrini as Lauren
Tisha Swart-Entwistle as Marlene

Storyline: The story revolves around a 7-month pregnant Jennifer Branagan and her life when she returns to her hometown in Kansas. She is trying to cope with her fears of motherhood and her unsuccessful relationship with her husband. Her bossy mother Meredith adds more to her problem. Weird things start happening in their rental house and Jennifer begins to fear that the house may be haunted. Now she struggles to find out what is haunting the house.

Hidden money lessons:

  • Think twice before investing your dollars in a rental home.
  • If your rental home turns out to be haunted, then it’ll be difficult for you to resell it later.
  • Avoid those rental apartments that need a lot of renovations. Don’t waste your money on unnecessary house renewal works.

# Cabin Fever 3: Patient Zero

“There’s blood There’s blood… everywhere”

Release date: 1st August 2014

Director: Kaare Andrews

Cast: Sean Astin
Jillian Murray
Ryan Donowho
Currie Graham
Brando Eaton

Storyline: This movie rotates around a group of adventurous young friends, who all decide to visit an isolated island on their way to the Caribbean. They’re going to celebrate their bachelor’s party and are ignorant of the fact that a deadly, flesh-eating virus is waiting to infect them. This group of friends must find a way to escape before this flesh-eating virus makes them its dinner.

Hidden money lessons:

  • Don’t misuse your hard earned money by throwing lavish cruise parties.
  • Save the traveling cost by enjoying a party at your home. Ask your friends to come over to your place for your bachelor’s party.

Suggestions:

  • If you are throwing a party at your home, then organize a potluck. This way you can save a lot on foods.
  • Visit DollarTree.com for bulk party supplies. You can get exciting offers and discounts also. So, subscribe now!

# Annabelle

“Annabelle: If I can’t touch you, I can touch your shirt and dream.”

Release date: 3rd October 2014

Director: John R. Leonetti

Cast: Annabelle Wallis
Alfre Woodard
Ward Horton
Eric Ladin
Trampas Thompson

Storyline: In this movie, John Form found an ideal present for his expectant wife, Mia – a beautiful, rare vintage doll named Annabelle, in a pure white wedding dress. But Mia’s happiness with Annabelle was short lived. On one horrific night, the couple was attacked by the members of a satanic cult in their home. Once they were saved, Mia threw the doll Annabelle in the garbage and moved to an apartment in Pasadena. But to her delight, she found the doll in a box while unpacking things in her new home.

Hidden money lessons:

  • Don’t waste your money by buying or gifting expensive rare stuff. Buy those gifts which are within your budget.
  • Don’t get excited and buy something which is beyond your budget. This might lead you to debt.

Suggestions:

  • Keep some dollars aside for buying gifts, so that your savings don’t get hurt.
  • If you are planning for a child, then start saving early for his/her future.
  • Maintain a proper and systematic budget each month.

# The Babadook

“The Babadook: [from trailer] You can bring me the boy.”

Release date: 28th November 2014

Director: Jennifer Kent

Cast: Essie Davis
Noah Wiseman
Daniel Henshall
Benjamin Winspear
Hayley McElhinney

Storyline: After losing her husband in a car crash, Amelia is now battling to confront with her fate as a single mother. She discovers that her son is telling the truth about a monster that has entered their house through the pages of a children’s book. Amelia feels the presence of the babadook and is now desperate to destroy the book. The scary experiences of the mother and the son are the remaining story.

Hidden money lessons:

  • Always invest in health insurance policies. It’ll help you in case of your accident or any other medical emergency. You can also sign for Obamacare for affordable health insurance.
  • Invest in a life insurance policy and provide your family a security in your absence.

Suggestions:

  • If you own a car, then you must contribute towards an auto insurance policy. This’ll safeguard you in case of any road accidents.
  • For single mothers, you can search the web for jobs, which suit you. If you’re divorced, then you can demand a child support for your child. You can also take the help of free grant money.
  • Save for your child’s education and teach them money management when they’re young.
  • Save some money for an emergency fund also and keep an emergency credit card.

# Mama

“Lily: Victoria! Come! Mama!”

Release date: 18th January 2013

Director: Andres Muschietti

Cast: Jessica Chastain
Nikolaj Coster-Waldau
Megan Charpentier
Javier Botet
Isabelle Nelisse

Storyline: Jeffrey Desange, a senior partner of an investment brokerage has a mental setback due to financial destruction. He kills his wife and now plans to murder his two young daughters. The children are saved by a dark ghostly image. 5 years later, Jeffrey’s twin brother Lucas finds the children, who have been raised by ‘Mama’. Lucas gets the custody of the children. After Lucas and his girlfriend Annabel move into a house with the girls, they find that they’ve brought Mama with them and their lives are in acute danger.

Hidden money lessons:

  • Always keep some money for your future.
  • Invest in something fruitful, which will give you a profitable return.

Suggestions:

  • Start saving early and invest in your retirement account, such as the IRS, so that you can lead a peaceful life after your retirement.
  • If you have started your job life recently, then opt for 401(k) program. This’ll help you to save more at your workplace.

# 1408

“Room 1408: Even if you leave this room, you can never leave this room!”

Release date: 22nd June 2007

Director: Mikael Hafstrom

Cast: John Cusack
Samuel L. Jackson
Mary McCormack
Jasmine Jessica Anthony
Benny Urquidez

Storyline: Mike Enslin is a writer and has written books evaluating supernatural activities in hotels, graveyards, and other haunted places. He checks into the fabled room 1408 in Dolphin Hotel and soon after settling in, he confronts real terror.

Hidden money lessons:

  • Don’t always opt for expensive hotels or motels. Be flexible and find an alternative to it.
  • Save more by opting for deals and discounts. Before going for a vacation, do an online research and get discount coupons. This’ll save you more money.

Suggestions:

  • Avoid cheap hotels, as you’ll simply waste your money on cheap hotel services and foods.
  • While traveling, try to use hard cash instead of credit cards. Never give your cards to a person whom you don’t trust. This’ll keep you safe from fraudsters.

Have you learned some good money lessons from any horror flicks? Share your experience with us.

Stock market: 5 Must-have skills to make money every day

My dad’s biggest concern was how he would spend his days after retirement. He is workaholic by nature and can’t even think about a day when he would spend a lazy morning. So, he started thinking about several ways that would keep him busy and bring money in home.

One option for him was a part-time job. But, after working for so many years, he didn’t want to work under anyone. He wanted to be his own ‘boss’. So, the second option for him was to start a business. Fortunately, he didn’t want want to walk on that route as well since his business acumen is highly questionable.

The third option for him was to invest in stock market and he chose that option happily.

My dad has always been interested in stock market. He reads articles and doesn’t miss out any T.V show on stock trading. Plus, he has traded stocks for several years. So, he has a vast experience on this sector. Quite naturally, I was confident that he would choose this option.

Skills you must acquire to be seasoned stock trader

Today, my dad is happy. He is still a busy man. Plus, he is making money just like before.

Here are a few skills which my dad believes you need to have to be a successful stock trader.

Skill #1: Time management: Taking the right financial step at the right time is also a skill. For instance, if you’re planning to buy a house, then the best time to go for it is when:

  1. The real estate market is down
  2. Property price is low or within your budget
  3. Your credit is shining
  4. You have money to make down payment

Likewise, if you’re planning to buy a particular stock, then the right time to do it is when its price is low. But all low-priced stocks are not good. You need to differentiate between blue-chip companies and bad companies. For this, you need to check out the performance of the companies for a certain period. This may give you an idea.

If you want to sell a particular stock, then the right time would be when there’s a correction in the stock market. It is the right time to buy a stock you’ve been planning to grab for a long time. The stock market may crash for various reasons. But, it will recover slowly or quickly. And the price of a good individual stock will eventually increase. This means, you’ll reap profits within a few days. Never ever lose this opportunity for yourself.

Skill #2: Strategic planning: I learned this skill from my dad a few days back. He is not a tech-savvy person. So, he maintains a notebook to plan his every move. But, you can use a tab or smartphone instead of a notebook.

Let me explain you clearly.

Make a list of the scripts you have. Note the date on which you purchased/sold shares and at what price. Next, note the current price of your scripts. This will help you decide if you need to buy or sell a script. Whenever you buy new scripts, add them to your list.

Your list/chart will be something like this.

Script Name
Current Price
Purchase Price
Selling Price
Date
Profit/Loss
Net Profit/Loss
XXXXX
$25.57
$10.57
$24.57
9.16.2015
Profit
$14.57
XXXX
$30.14
$35.15
Not yet sold
9.16.2015
XXX
$40
$50
$45
9.05.2015
Loss
$5

Just remember, you need to update this chart every day to plan your next move.

Skill #3: Social networking: This skill is bound to give you success. It is not possible to know everything on your own. So, interact with right people and get meaningful inputs from them through social networking websites. Check out the Twitter updates and Facebook posts of financial analysts. Sometimes what they say, is ten times more than what you know. A single piece of information can change the direction of your financial planning.

Skill #4: Fund allocation: My dad always says – “Never put all your money at stake”. It’s a stupid move. Invest only a small fraction of your savings in stock market since it is volatile. When you start making profits, roll-over a fraction of the total amount in the stock market and keep the rest of the amount in your savings account.

Conclusion

Stock traders need to have analytical skills to taste success. As my dad says, stock market is volatile. There’s a big chance to make losses also. Unless, you’ve a skill to analyze the market properly, it would be very tough survive as an investor.

If you don’t have any analytical skill, then stock trading is not for you. Plain and simple fact.

Do you invest in stock market? Have any interesting tip to share? Then feel free to leave your comments here.