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Is It Affordable To Move Abroad?

May 10th, 2017 Posted in learning about money
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At some point in our lives, we will move home. It might be that we move out of our parents home, sometimes the childhood home, into a new place of our own. It might be that our family grows large and we need to move from a smaller property into a larger one. There are almost no end to the reasons that people choose to move homes. Whether it be for financial gain or a better standard of living, people do move homes for plenty of reasons. These could be good reasons, or they could be bad reasons – but there are plenty for moving!

One of the reasons that people choose to move home is to experience new horizons. Now this could be a move from a new city from a smaller one, or a move from a big city to a smaller town! It could also mean moving abroad. Wait. Can you actually move abroad? Yes! Of course, you can. Is it affordable? Well – that is a separate question entirely. It depends on how smart you are in regards to the moving situation. Handling things poorly during a move abroad can stump up the cost – and if you don’t understand the language or laws – then your move could be disastrous.
Moving abroad means wonders for the sense of adventure that we all have, but that doesn’t mean we should rush into things. Time is valuable, but if you save time and cut corners planning the move abroad, it could impact more than just your bank balance. If you can establish a half-year buffer between now and your move, you should do so. Rushing into deals and arrangements can have a huge impact. What’s more, you can find better financial deals on homes, rentals, flights and other things by making arrangements well in advance of your move.

Is It Affordable To Move Abroad? - dream home image

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Home prices will vary region from region, and laws will too. Purchasing a house and agreeing to a mortgage could be disastrous. Try and rent for a few months first and see if the move agrees with you. If it does, work out how home-buying works in your new country of residence and buy your home! Make sure it is affordable though. If you are simply living abroad on a temporary basis, then renting is a superb way of saving costs and commitments. Of course, you need to do a lot of work as well. You need to bring your belongings and family over. Try not to bring everything, as this will be costly and stressful to you and if you can sell stuff to raise funds, even better! If you do need to bring stuff over – consider international removals services that can help move your possessions to your new home.

Moving abroad whether it be a temporary move or a permanent one will always be stressful. It is moving to a new world! Is it affordable? Yes – but it will almost always be more costly than simply owning a home in your current country due to initial costs. It isn’t impossible, though.

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Tips on Teaching Children About Money

May 9th, 2017 Posted in kids and money, learning about money, Money Tips, teaching children about money
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Children tend to think that money grows on trees. Most children can’t walk through a shop without asking if they can have something. A simple ‘no’ may result in a meltdown if you have an infant in the family. It’s all part and parcel of parenting, but so is teaching your child about money. There will come a day when your children will have to know that you work hard to give them what they have and that the value of money is important. So, how do you teach a child about money?

Tips on Teaching Children About Money - British notes and coins image

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Let Them Handle It

As your child gets old enough to do sums, let them handle money. Use the money to work on their mathematics skills at home. You’ll be surprised how a jar full of pennies can occupy a child. You may also want to let them calculate what they spend when you’re out shopping. For instance, if your child has birthday money to spend, ask them to stay within their limit by adding up the cost of their items. You can also ask them to pay at the till and wait for any change.

Give Them a Goal

If there’s a particular toy your child wants to buy, ask them to save for it themselves. As parents its an instinct to provide your child with their needs and wants, but it’s a valuable life lesson. Offer to give your child pocket money in exchange for good behaviour, completed homework and completed chores. Agree on an amount per week and let your child work out how long it will take him/her to save for what they want.

Explain Bills

Unless you explain it, your child may not realise there’s such a thing as an electricity bill. Children have a habit of leaving lights on, wasting water and leaving the TV on when no-ones watching it. If you explain that every time they put a light on it costs money, they may think twice about doing it. You can also save money by switching energy providers. You can compare energy providers at Selectra energy comparison specialists.

Tips on Teaching Children About Money - first car image

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Teenage Spending

As your children get older, their wants get more expensive. When your children turn sixteen, encourage them to get their first job and save for the things they want. That may be their first car which could be the most money they’ve ever spent. Teach them how to budget their money so they have money left over to save and put towards a reliable car. Here are some of the best new cars for first time drivers.

Be Open

Remember the old chestnut, ‘not while you’re living under my roof’? Past generations didn’t tend to explain why they had to say no. If you haven’t got the money to buy something your child wants, tell them why. Explain that your money has to go towards higher priorities. They won’t always understand but giving them a reason is better than telling them that you know best. They’ll thank you for being open and honest in the long run.

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Mind Over Money: Taking Control of Your Finances

May 5th, 2017 Posted in Money Tips
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Mind Over Money: Taking Control of Your Finances - jar of coins image

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Money isn’t everything in life, and it’s of course possible to be happy and fulfilled without a ton of it in the bank. However, it is still important. Money is what keeps a roof over your head, and food in your stomach. It’s what allows you to get around, and buy the things you need. Therefore, being able to effectively manage what you have (whether it’s a little or a lot) is one of the most important skills to have as an adult. If you know you’re not great with money or are beginning to struggle, here are a few simple tips to help you regain that control.

Create Budget

The first step to taking control of your finances is to know exactly what you’re spending. It’s so easy to buy a magazine here, a coffee there, spend a few dollars on lunch one day. But all these little purchases add up, and if you’re not careful are what will cause you to overspend. Start by working out your expenditures: exactly how much you have coming in and then what goes out. What each of your monthly bills, rent, groceries and everything else costs. That way, anything leftover is what you have to play with and only that. Ideally, you will have a bills bank account where all of the money for essentials is transferred as soon as you’re paid. That way your expendable income is completely separate, it never gets dipped into at all.

Reduce Your Outgoings

Once you know exactly what you’re spending on bills, you can take steps to reduce them if needed. A huge tv and internet package for example might take up a huge part of your budget. Do you really need this? Could you drop it down to a smaller package or even cancel it completely? With inexpensive streaming services like Netflix, you won’t be short on things to watch and could save yourself a huge lump of money each month. Could you be more careful with your gas and electricity usage to reduce your fuel bills? One area where most families overspend is with groceries. If you create a store cupboard with plenty of dry ingredients and seasonings, you can prepare healthy meals for far less than buying everything fresh. For example, wholemeal pasta, rice, couscous, quinoa and other healthy grains pair perfectly with a homemade sauce using canned vegetables, herbs, and spices, Add a little meat from the freezer, and you have a healthy and balanced means during leaner times with money. Making a shopping list before setting out is another way that you will save money since you’ll have a set plan and won’t be as tempted by impulse or unnecessary purchases.

Get a Handle on Debt

Borrowing money can sometimes be useful. It allows us to study or buy houses and cars that we’d never be able to afford outright. But it can also cause a lot of problems too. When you take out loans, credit cards, and store cards for example, it’s easy to live ‘beyond you means’ and end up overcommitted. Before you know it, you might be in a situation where each month you only have enough to cover the interest meaning no money is being taken off the debt, and it doesn’t go down. Speak to a debt charity if you’re in trouble, they will offer you invaluable and non-judgemental advice. If your debt is a student loan, it could be worth looking into Obama student loan forgiveness and seeing if you qualify.

Save For Unexpected Bills

Unfortunately, life has a way of throwing a curveball every now and again. Things are going fine one minute, and the next it’s all going wrong. An unexpected bill drops on your doormat, your car breaks down or your washing machine packs up. This can spell disaster if you’re not prepared. Having a savings account that’s for these kinds of problems can give you a buffer and make life so much easier. Rather than borrowing money, you can sort problems right away and not get into any further trouble.

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Why teaching your children responsible finance is important

May 4th, 2017 Posted in kids and money, learning about money
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There will come a time when you will sit your children down and tell them how the world works. You care deeply about them, so you’ll teach them how to take care of themselves financially. You may have gone through points in your life when you have had to be frugal and times when you have invested. To set them up with the best knowledge, advice and respect for money, you will need a little help.

Why teaching your children responsible finance is important- kids using a laptop image

Image – StartupStockPhotos

Teach them, don’t lecture them.

Start them off young. You may find lecturing your children how to be responsible with money and taking care how they use it, might be a fruitless exercise. But there are dedicated routes you can put them on, where information in fun bite-sized portions can instil in them the values you want. Millennials by the age of 15 are beginning to understand how the economy works. Instead of sitting them down for a long talk about ‘pennies make the dollars’, give them something they can digest in their own time. Books on avoiding debt and having self-restraint can be a gift on a holiday or for their birthday. Don’t force it down their throats, they are, after all, going through a rebellion period at this age.

Why teaching your children responsible finance is important - debit card image

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Give them responsibility

Don’t patronise your children, the youngsters today aren’t what they used to be. Technology is at their fingertips, and most kids understand it; more than you might think. Take them with you to the bank, and set up a bank account in their name. Bring them through the process and let them ask you and the branch’s financial advisor questions. Another excellent strategy to get children interested in learning about finance is to go their school and request a fun segment with books, theatre and art on money, be incorporated into their everyday learning.

Why teaching your children responsible finance is important - renovating a property image

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A family project in renovating

For the keen, sharp-eyed investors, a property is there to be bought and sold. For the young entrepreneur, the property can be their very first business venture. Buying houses or apartments to renovate then sell, is a fantastic way for teenagers to become their own boss. As a parent or young entrepreneur, working with people you can trust such as family is crucial in taking the first step in the world of risk and reward. Buying an old house with your pooled resources and renovating the property into a modern family or professionals’ home, is a great route. When buying the materials you intend to use, look for deals, buy in bulk and plan out your budget and purchasing schedule. You will most likely be doing the renovating yourselves, so take the time to research the methods of professional builders to avoid time-consuming mistakes. When done correctly, your prudential real estate will be a hot potato, ready to be scooped up by many professionals.

Why teaching your children responsible finance is important - house for sale image

Credit – Mark Moz

Selling your hard work

Property development can be a lucrative business. It not only stirs one’s creative juices but also requires the developer to do the research that will make their property incredibly attractive to the market. When it finally comes to selling your investment, auctioning your property to the highest bidder, rather than a fixed price set by a surveyor could give you more than you expected. You’re on shaky ground at this point, because different estate agents will quote you different prices. Go online and find a company with a track record that surpasses the competition, and will fight for you and sell your hard work for the absolute maximum.

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Flying The Nest Financials

May 4th, 2017 Posted in Money Tips
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Flying away from the family nest is one of the most exciting and scary experience in a teenager’s life. Whether your teenager is moving into student housing or an independent home of their own, they’re going to have a lot of questions and you as the parent must be able to answer them all. Educating yourself on all things involved with renting or buying a home is going to be so important so that you can be the font of all knowledge your child believes you are.

Moving out of the house is a big deal for your teenager, but it is one to be celebrated. You’ve raised them to fly and this is what they are doing. So, teaching yourself everything you need to know on the differences between buying and renting a home is important so you can pass this on. For a student, moving into student housing dorms is going to be completely different to moving in with their friends or into an independent apartment. What do you need to know to be able to help your child?

Financial Information. There’s every possibility you’ve spent the past eighteen years saving up a chunk of money every month to help your child towards their first home, whether that’s a deposit to buy a home or a deposit towards a rental. If you haven’t had the means to do this, then encouraging your teenager to have their own job and learn to save up the money for their moving expenses is crucial. Moving out of the family home is greatly dependent on the finances and it’s not just the deposits, but money for furniture and cheap apartment rental insurance, which is an absolute must. You need your child to be safe when they do move, and their things need to be secure, which is something that insurance can give them and you.

Flying The Nest Financials - moving house image

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Area Information. Researching dormitories, apartments and even agents to help you look for somewhere to live is going to help you on your way to supporting your teenager flying the nest. Sift through the different agencies you can use to choose a new apartment for them to live in, as you need to compare prices of services and gather reviews for each company. If you must go down the route of renting an apartment instead of buying, then you’ll want your child to be well supported by the rental agency and their landlord. You can support from a distance, as well, so that they are secure.

Your teenager is probably jumping for joy at the idea of moving into adulthood independently, but you may not be. To help them fly the nest you need to prepare yourself along the way. Separation is a difficult thing for parents to deal with, not just children, and you may yourself struggle with the idea of them leaving your home. If you arm yourself with the right financial information and do your own research, you can ensure you are well-prepared for the changes ahead.

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