Can I just say that kids’ hobbies are expensive? Wow! If your little ones play on a sports team, you can count on having to pay for uniforms, sports camps, and equipment. If your kids prefer to play a musical instrument, you can expect to pay for the instrument, music books, and possibly even private lessons. No matter what type of hobby your child enjoys there are sure to be costs associated with it.
Before your financial life falls victim to your children’s hobbies, take heart. There are some easy ways to control the costs of these pastimes without limiting your kids’ involvement. Try these out in your household:
Start slowly. When your child announces that he’s going to become a photographer, you don’t need to rush out and buy him a shiny, new digital camera and a ton of accessories. Why not let him borrow your camera for awhile first? He can grow into getting his own camera later.
Shop for secondhand supplies. We all know that growing kids sometimes only get to use their hobby supplies for what seems like a minute. Uniforms and shoes are outgrown quickly; interests change before their tools are worn out. By scouring consignment stores for gently-used items you can save tons.
Embrace the spirit of hand-me-downs. It’s very common to find friends with older children who enjoy the same hobbies that your kids enjoy. As their kids outgrow their hobby’s supplies you might ask them to allow your children to use the items destined for the discard pile. Who knows? You might be able to return the favor for another family when your kids are done finished with them.
Check for all available discounts. Sometimes schools or club teams are offered discounts from local retailers. Be sure to pay attention to any information passed out by the coach. Be sure to sign up for email lists for your favorite retailers; sometimes they send out coupons or sales alerts.
Encourage your kids to help shoulder some of the cost. The surest way to test your child’s devotion to his new hobby is to have him invest his own money in it. He can mow lawns, baby-sit, or shovel snow to help pay for the things he needs.
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Almost every time you make a purchase with your bank card you are asked the question “Is this debit or credit?” What does that mean and why does the cashier ask you this question? The way you answer could have a big impact on your finances.
When you use your debit card, you have the option of having the store’s cashier have your card authorized as a debit card or credit card. Either option will work for you; the bank will remove the appropriate amount of money from your account based upon your transaction. However, there are some differences going on behind the scenes in each type of transaction.
If you opt to use your card as a debit card, you will be prompted to enter your PIN (personal identification number). This interaction offers the merchant an additional layer of confidence that you are the authorized user of your debit card although that security does little to affect your side of the transaction. Merchants often pay their credit card processor lower fees for transactions using debit cards than they do for transactions using credit cards.
No entry of your PIN is required when you use your bank card as a credit card. Your purchase is instead authorized by the Visa or Mastercard system. After the transaction is approved, you simply need to sign your receipt to complete the process.
Aside from the processing going on in the background of your transaction, debit and credit card transactions offer different benefits to cardholders. Debit card users can expect to have the convenience of using their debit card to pay for transactions and withdraw cash from their account at the same time. Cardholders just need to select the “cash back” option when they check out.
Alternatively, credit card users can expect to receive certain perks on their purchases that are a part of shopping with Mastercard or Visa. Mediation with retailers when purchases go awry and fraud protection are common benefits.
All things considered, most cardholders are better served by using their bank cards as debit cards. They can rest assured, then, that the requirement of a PIN will help protect them from identity theft. They can also enjoy cash back privileges. However, while traveling away from home or making very large purchases, cardholders may prefer the protection of Visa or Mastercard benefits.
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Has the constant stream of bad news about the economy got you down? Every time I turn on the television, I find myself greeted with more dire predictions about the state of our country’s finances. While I don’t think you should panic about the current state of the economy, there’s no doubt that you could quickly start to feel powerless to protect your family and its finances. After all, what can we do to fix this fiscal mess?
Well, we can’t solve the mortgage crisis on our own. We also can’t make the car industry profitable. Heck, we can’t even guarantee that gas prices will stay affordable. What we can do, though, is start taking steps to strengthen our own personal finances. By downsizing the unnecessary expenses in our lives, we can build emergency funds that will insulate our families from the effects of this financial turmoil. But what will we downsize?
Cable/Satellite TV – Television subscription services are an easy addition to any list of downsizing moves. Cutting out movie channels, stepping down to a less-expensive tier of channels, or dropping your service altogether can help you save anywhere from $20 to $100 each month. Just imagine what you’ll do with all the extra time and money!
Evenings Out – Entertainment is another simple cut to make when you’re looking to downsize your lifestyle. Instead of eating out once a week, why not cut back to once a month? Likewise, you can rent that new release movie and enjoy it in the comfort of your own home rather than spending almost $10/person to see it in the movie theatre. By reducing the number of times you treat yourself to an evening out you’ll save money and learn to appreciate your special outings even more.
Car – Downsizing your car is a much more drastic change in lifestyle, but it can save you tons if you do it correctly. I probably wouldn’t suggest making changes to your car selection unless you were already in the market for a new (to you) car. If you do happen to be shopping for a car, however, there is a great opportunity to save money as you make your choice. Do you really need that big SUV that seats eight people if there are only four people in your family? A smaller, more gas-efficient, car will cost less money to purchase and to drive.
House – Like the car, changing the place you live isn’t something that should be considered lightly. There are expenses involved in moving that you won’t recoup like security deposits (for renters), finance fees (for homebuyers), and even the actual cost of moving. But, if you’re already looking for a new place to call home, now is the time to think about how much home you really need. Choosing a smaller home will allow you to make a small house (or rent) payment and cost you less to heat and cool.
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