Wirral Credit Union’s Post

3 Money Tips To Try With Your Children This Week 1.) Show opportunity cost. Another way of saying, “If you buy this video game, then you won’t have the money to buy that pair of shoes.” Your kids should be able to weigh decisions and understand the possible outcomes. 2.) Avoid impulse buys. “Mom, I just found this cute dress. It’s perfect and I love it! Can we buy it please?” Does this sound familiar? Children know how to capitalise on the “impulse buy”—especially when it uses someone else’s money. Instead of giving in, let your child know they can use their hard-earned allowance to pay for it, but encourage your child to wait at least a day before they purchase anything over R200. It will likely still be there tomorrow, and they’ll be able to make that money decision with a level head the next day. 3.) Stress the importance of giving. Once they start making a little money, be sure you teach them about giving. They can pick a church, charity or even someone they know who needs a little help. Eventually, they’ll see how giving doesn’t just affect the people they give to, but the giver as well. https://lnkd.in/dk37xPWh #sustainedsolutions #finance #literacy #moneysmart

3 Money Tips To Try With Your Children This Week 1.) Show opportunity cost. Another way of saying, “If you buy this video game, then you won’t have the money to buy that pair of shoes.” Your kids should be able to weigh decisions and understand the possible outcomes. 2.) Avoid impulse buys. “Mom, I just found this cute dress. It’s perfect and I love it! Can we buy it please?” Does this sound familiar? Children know how to capitalise on the “impulse buy”—especially when it uses someone else’s money. Instead of giving in, let your child know they can use their hard-earned allowance to pay for it, but encourage your child to wait at least a day before they purchase anything over R200. It will likely still be there tomorrow, and they’ll be able to make that money decision with a level head the next day. 3.) Stress the importance of giving. Once they start making a little money, be sure you teach them about giving. They can pick a church, charity or even someone they know who needs a little help. Eventually, they’ll see how giving doesn’t just affect the people they give to, but the giver as well. Learn more: https://lnkd.in/dcr_gQ6N #moneysmartprodigys #genxinstitute #finance #literacy #moneysmart

Inspired by my Calm app today I wanted to share this reflection: If you had £86,400 deposited into your bank account every single day, what would you do with it? You have to use that money by midnight as it re-sets. You cannot carry any money over, but you get the same amount again for the next day. Would you live the high life? Would you give to charity? Would you take care of friends and family? Would you travel more? What would you do if you found out someone was stealing £100 from you every day? Would you spend some of your money trying to find out who it was and dwelling on that small amount not being yours or would you let it go? There are 86,400 seconds in a day. If you switch your thinking from money to time, does that £100 now seem more or less important? If you waste your time dwelling on less than 2 minutes of inconvenience, perhaps having to wait for someone slow in the supermarket, or someone being late, is that time well spent? How can you avoid making that wasted time get bigger by your reaction to it? How can you avoid your own wasted time going from one or two minutes to an hour or more mindlessly scrolling Instagram...or LinkedIn! The old phrase "time is money" comes to mind - but are we really aware of just how valuable our time is?

10 Money Rules For Everyone I have answered my thoughts. 1) Always have one year of emergency fund and cash. Me- I do not have it; I will create an account. 2) Save 10% and invest 20% of gross income, minimum. My - total income goes to express. Now it is time to increase the Income. 3) Pay cash for significant expenses (engagement ring, wedding, dream honeymoon). 20% down, minimum, on a house Me - I did it, but I still have a few debts 4) Never question spending money on books, appetisers, health, or donating to a friend's charity fundraiser. Me - I do follow the rules 5) Business class on flights over 4 hours. Me - still not clear 6) No limit on spending for health (personal trainer) or education (courses, events, etc.) Me- I agree, and I do follow the rules 7) Buy the best and keep it for as long as possible. Me - In the last two years, I upgraded to a brand 8) Earn enough to work only with people I respect and like. Me - Agree 9) Marry the right person. Me- Who will understand you, and in every difficult situation, they will stand with you. 10) Participate time outside the spreadsheet. Me- waiting for you, give your comment

Financial Budgeting & Planning.  When u've some basic info on banking, draw up a plan of how u would wish to spend ur income.  1- Are you shopping daily, weekly, or monthly, and what are those items to buy. 2- When to eat out & how often. 3- What personal devt /or leisure /or investment are u in. 4- Any community groups or charities to join? The above will make u have a gd book/record of your income!

7 things to know for the new financial year 🙌 1. Review your taxes- Make sure your tax code is correct and consider if you can benefit from marriage allowance. 2. Maximise your ISA allowance- Use it or lose it! You have until April 5, 2025, to make the most of this year's £20,000 tax-free savings limit. 3. Top up your pension- Boost your retirement savings by maximizing your contributions, especially if you expect a higher income this year. 4. Check interest rates- With savings rates fluctuating, shop around for the best deals or consider locking in a fixed rate. 5. Plan for big spends- Budget for major expenses and explore whether spreading costs with a 0% purchase credit card makes sense. 6. Donate wisely- If you're giving to charity, using Gift Aid means charities can claim an extra 25p for every £1 you give. 7. Protect your estate- Consider if it’s time to update your will or explore ways to manage inheritance tax. Read more here: https://lnkd.in/eNHCNgC3

This is a real scenario I had with multiple clients. Me: "Would you donate $2,400 to the bank every year, just so you can have $10,000 in your bank account? Client: "Of course not, that would be ridiculous" Me: "That's exactly what you are doing right now" I'm sure many of you can relate because it's fairly common. The client has enough money in their bank account to pay off their credit card but refuse to because they like to see a nice bank balance. Sometimes you need to explain things in a different way, for your client to truly understand the repercussions of their actions. Even though I explained they are paying 24% on their credit card, it didn't hit home until I explained it in a way that they saw the error in their ways. "Paying 24%" doesn't make it real. "Donating $2,400" every year does. That's real money. When explaining finances, I make it real by association. That $2,400 represents a free vacation or a new pool table.

Following a budget doesn't need to be restrictive. Rather it should free you up to spend money in areas you value. Let's look at a real-life example. As you make more money you are going to have more places you could spend money. 1) Vacations 2) Donations 3) Conviences There is no right way to spend money but there is a wrong way. Avoid spending large amounts of money in areas that you don't find huge value in. Believe it or not, we see this happen regularly when we look at spending. Rather... Spend money on things you value. Our two most recent examples. 1) Vacations with family. 2) Paying for conveniences for family. Decide what you value and allocate resources to those areas.

It’s never too early to teach your kids about money! Start with these easy steps: Introduce savings: Give them a piggy bank or open a savings account. Teach the value of money: Let them help with small purchases or compare prices. Reward responsible behavior: Encourage them to save or donate part of their allowance. A solid foundation in money management sets them up for success. 💵 . . . . #financialliteracyforkids #teachkidssmartmoneyhabits #raisingresponsiblekids #parentingtips #familygoals #positiveparenting #kidsandmoney #moneylessonsforkids

Does the word “beneficiaries” have you saying, “bena-who?” Good news–this post is for you 👀 (We promise we didn’t intend for that to rhyme) Here are four fast facts about this important part of estate planning: 1️⃣ A beneficiary is the person, people, or entity/entities you name to inherit what you leave behind. 2️⃣ Beneficiaries don’t have to be people. Many wills and trusts name charities or organizations as beneficiaries. 3️⃣ Good questions to ask include: Does anyone depend on you financially? Are you married? Do you have children? All of these may influence your beneficiary choices. 4️⃣ Keep in mind that for some assets, there are two types. A primary beneficiary is the person first in line to receive the benefit. A contingent beneficiary is a backup if your primary beneficiary is no longer alive. Got questions? Drop them in the comments or give us a call. We’re here to help. #carmenhornberger #iulstrategies #LivingBenefits #TaxFreeIncome #taxfreewealth #generationalwealth #lifeinsurance #compoundinterest