How Much Should You Give Your Child for Benefits
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How Much Should You Give Your Child for Benefits

How Much Should You Give Your Child for Benefits

Student credit card loans and education loans have been a major cause of concern for parents, lately. If you want to stay away from such situations, it would be wise for you to help your child develop good monetary habits. In most cases, children get into the habit of making unspecified expenses because they get excessive benefits.

There is nothing wrong in giving your child an allowance, but you must decide on the amount of money or amount carefully and then make a decision. Parents who cannot decide on the amount of allowance they will give their child can pay attention to the following factors.

Determine Your Children’s Needs

Travel Benefits:

When you decide on the benefits you give your child, you must first complete your child’s needs. Estimate the transportation costs needed to go to school.

If your child is enrolled in other activities such as music, dancing, swimming, or even in any game, you must not forget to include transportation costs for traveling to each training center. Most children have their own bicycles or cycles. In that case, transportation benefits must be reduced.

Food Allowance:

It is always good to pack your child’s lunch box when he goes to school. However, many working mothers cannot do it because of their busy schedules. Whatever the reason, if your child does not bring lunch from home, you must estimate the cost of food in the school canteen or college canteen and then add the amount to determine the total allowance in this account.

Other allowances

It is good to give your child some extra money to buy some items of his choice or to watch a movie with friends. However, it must be limited and decisions must be made depending on the age of your child.

Make Your Child Develop

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5 Budget Planning Tips
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5 Budget Planning Tips

5 Budget Planning Tips

Tip 1 – Find a good reason to budget

If you don’t have a very motivating reason to budget, it’ll feel like a form of torture designed by Mr Scrooge and you won’t last longer than a week.

Which motivation appeals to you most?

  • To keep my finances on track
  • To get out of debt
  • To save towards something important to me

Tip 2 – Start with last month’s expenses

One of the easiest ways to start a monthly budget is to use your expenses from last month as a guide. Gather your bank and credit card statements and write down all the expenses. You can even group them in categories like: home, transport, personal, children, entertainment, medical, insurance etc. Not only is this a quick and easy way to create your first budget but you’ll be able to see what you actually spend your money on – not what you think you spend your money on.

Tip 3 – Create a buffer

Irregular expenses like that annual car repair or property tax or festive season gifts or a vacation are often left out of a budget. Make a list of these expenses and guess how much you’d pay annually for these items. Add them up and divide the sum by twelve and then add this “buffer expense” to your monthly budget. Important extra tip: pay this amount into a savings account every month to keep it safe.

Tip 4 – Adjust and Track

A budget is most powerful when it’s used as a tracking device. Track your spending weekly (if not daily) and make budget adjustments right away to stay on track. Waiting until the end of the month is too late! Lots of little additional expenses often creep into the mix and you’ll need to swap some budget …

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