Starting Young: Teaching Teens to Save Money

“Starting Young: Teaching Teens to Save Money”

Parents mostly complain that teenagers do not listen to them. The opposite is true when it comes to advice regarding ‘money matters’. Teens actually welcome their parent’s input about their finances.

In the past few years, teenagers have earned billions of dollars with part-time and summer jobs.

Some have spent most of what they earned, while others saved most or even all of it for a big purchase, or for their college education.

Kids these days are becoming more and more aware of their family’s source of income and financial status. They apply these money-spending principles when they venture out on their own.

Thus, it becomes more of a parent’s responsibility to start “training” their teenage kids to use their money wisely.

Here are some ways on how you, as a parent, can teach your teens to save those hard-earned bucks:

1. Lead by example.

With your lifestyle, the children will see how you spend your money.

If they see you allotting a certain amount for a specific household need, they will eventually do the same when they get to earn their own keep.

2. Help your teens get a bank account.

Establishing a bank account under their name would give them an instant financial responsibility.

Sit down and explain to them how to manage their own account, and the “rewards” that they get once they save enough.

Their savings could go to their college tuition, or a big purchase like a car.

Additionally, it gives them a sense of accomplishment once they have saved up, with something concrete to show for it.

You may check out the special benefits that banks offer for teens who open their accounts at such an early age.

3. Construct a “spending plan”.

Once they hear the word ‘budget’, teens tend to cringe at the mere thought of having to restrict the spending of their money.

Instead, you and your teen son or daughter could build a “spending plan”. This would get them excited, and think of ways on how they can wisely spend their savings.

Also, have them list down their earnings versus their expenses.

Let them know the difference between the items that they need and the luxury items that they want, which they can actually do without.

4. Make a “mock” investment in the stock market.

Make them aware of the options that they have financially.

Casually introduce to them the business part of your daily newspapers and have them make “mock” investments for companies who manufactures products that they like.

Monitor the stocks together and this would give them another option of investing their money in the future.

How to Save Money and Avoid Temptations

How to Save Money and Avoid Temptations

Saving money and financial management is very crucial in one’s life. Money is very important in order to survive in this world but only a few people know how to manage their household budget properly. Many people have a hard time saving money even if it is for their own good.

Most of the time, you may be motivated to save money but there are times when temptations come your way and before you know it, you have already spent the amount that was supposed to be added to your savings account. Here are some helpful tips on how you can avoid temptations and be able to save money:

1. Try hard to avoid those things that keep you from saving. If you are fond of buying shoes even if you don’t really need them, try very hard to stay away from them. Keep yourself away from shoe stores so that you will not be tempted to buy one.

2. When going to grocery stores. Always bring the exact amount and bring with you a grocery list. If you have limited money in your pocket when in grocery stores, you will be forced to buy only those important things that you need. Preparing a grocery list will also help you get organized and will help you in deciding the things that need to be prioritized.

3. Go to the malls only when needed. Do not go shopping if you do not need anything important to buy. Window-shopping will only tempt you to buy the dress you saw in the boutique even if you don’t really need it.

4. Do not bring with you your credit cards all the time. Having a credit card in your pocket will only tempt you to buy things that are not necessary. This will also help you lower your balances and have a good credit score.

5. You may want to save money in the bank or invest in time deposits. You will not be tempted to get money from the bank every time you need cash, if they are placed in a time deposit account.

6. You may also want to consider consulting a financial advisor. There are a lot of programs that offer these services for free. They may be able to help you and give you advice on how you can avoid temptations and save more money.

What Does the Rent Include in Miami?

There is no simple answer to the question of what is included in the rent. This is because the answer will likely vary from one apartment complex to the next. Some apartment complexes may include a variety of items within their rent while others may charge renters additional fees as needed and still others may require the renters to register directly with individual public utilities and handle these expenses on their own.

Likewise some apartment complexes may include additional features with the price of the rent while others may charge additional fees for these features. A pool, exercise room, meeting room or theater are just a few examples which may be offered by an apartment complex. In most cases the use of these amenities are included in the price of the rent but there are exceptions where the renter is charged an additional fee for the privilege of using these amenities.

Consider the Price of Utilities

When considering the price or a rental property, the renter should first determine whether or not utilities are included in the cost of the rent. This is significant because depending on the size of the property and the climate of the area, heating and cooling costs can be rather expensive. In most cases, the renter is responsible for the cost of their own utilities and their apartment is individually monitored for usage and the renter is billed monthly by the utility company. However, in the case of an individual renting an apartment in a private home as opposed to an apartment complex, the homeowner may collect money for utility uses in another way. Depending on the agreement between the homeowner and the renter the monthly rent may be set at a rate which includes a contribution to the utility costs or the renter may be assessed a pre-determined percentage of each utility bill on a monthly basis.

It is important to consider the price of utilities when they are not included in the rent because failure to do so can lead to unpleasant surprises in the future. For example a renter in a particularly cold climate may rent a spacious apartment for a great rate only to find out later that the cost of heating the apartment makes it difficult for the renter to afford to live in the apartment.

Consider Amenities which are “Free”

When renters are selecting an apartment, they should consider the amenities which are “free” as opposed to the amenities for which the renter is charged an additional fee. The word free is used in quotations in the heading of this section to indicate these amenities do not always come without a price. A renter may not pay a usage fee for some amenities but it is very likely the privilege of using these amenities is factored into the monthly rent.

As an example consider two 800 square foot apartments in the same geographical area. Each apartment may have a similar layout and comparable square footage but the monthly rents associated with these two apartments might be quite different. In examining the amenities you might notice the higher prices apartment has access to a pool, an exercise room and a theater all for the use of residents while the lower priced apartment offers no such amenities. In this case the residents of the more expensive apartments are actually paying a higher monthly rent as a result of the amenities offered.

In a case such as the example above, renters should weight their options carefully. If they can afford to pay the more expensive rent, they should carefully consider whether or not they wish to pay a higher fee for use of the amenities. A renter who doesn’t like to swim, belongs to a gym and does not have a great deal of free time to watch movies may decide they would be better off selecting the lower priced apartment without amenities.

Vacation Rentals in Miami

Many vacationers opt to rent a home in their vacation destination rather than staying in a hotel. For these vacationers, this is a worthwhile option because it gives the vacationer a more comfortable place to stay with features such as cooking facilities which are not typically offered in commercial hotels. Finding these vacation rentals can be significantly more difficult than simply making hotel reservations but many vacationers report this to be a worthwhile effort. However, some care should be taken when renting a vacation home to ensure the quality of the home meets the expectations of the vacationers.

Finding Vacation Rentals

Finding a vacation rental property can obviously be much more difficult than simply renting a hotel during the vacation. Of course some vacationers will be lucky and have a friend or family member who owns a home in a particular vacation destination and is willing to rent it out to others. Those who do not have this type of fortunate situation have other options for finding a vacation rental property.

Many homeowners in popular vacation destinations rent out their home during the peak season. These homeowners may allow a realtor to handle the transactions. Contacting realtors in the area of the vacation destination and inquiring about available rental properties in the area is one way to start the search. The realtor will likely be able to assist you in finding a home for rent.

There are also many popular websites where homes for rent are listed directly by the owner of the home. Searching the Internet can lead you to a reliable source of homes for rent. These homes are usually divided into categories by region and will likely provide you instant access to available dates. It will likely give useful information such as whether or not pets are allowed, the number of bedrooms and bathrooms as well as the size of the home and the proximity to nearby attraction. The listing may also provide useful information regarding the furnishings of the home. Some rental properties may include items such as bedding and cookware while some may not.

Ask Questions before Renting a Vacation Home

Vacationers who wish to rent a vacation home as opposed to spending their vacation in a hotel should exercise a certain amount of caution in selecting a property to rent. Being cautious will not only enable the vacationer to ensure his rental property meets his expectations but will also help to avoid potentially dangerous situations. One way to avoid these potential problems is by asking a great deal of questions during the process.

Renting a vacation home through a rental agency is ideal for safety purposes. In these situations the agency handles the entire rental giving the renter the security of knowing they are not walking into a potentially dangerous situation. However, even in this situation the renter should ask some important questions. These questions will be explained in the subsequent paragraphs.

How old is the property? Potential renters should ask questions about the age of the property and whether or not appliances, plumbing and electricity have been updated. This is important because this type of information can mean the difference between a comfortable stay in the property and dealing with problems related to the age of the home.

What is included in the rental? While most rentals include the basic necessities, there are some rental agreements which only include the use of the house and furniture. Renters may be required to bring along bedding, towels and even cookware.

How often is the property rented and how is it maintained? These two questions are inter-related because properties which are rented often see significantly more wear and tear than properties which are only rented a couple of times per year. Properties which are rented often should employ a maid service to clean the property thoroughly between each rental and possibly during longer rental periods.

What is the exact location of the property? Asking this question will enable the vacationer to determine whether or not the property is ideally situated for the purposes of the vacation. For example a vacationer on a ski trip would want to be situated close to the mountains while a vacationer more interested in a cultural vacation might be interested in a downtown location which will likely be closer to museums and other locations of interest.

Should You Rent A House Or An Apartment in Miami?

Deciding whether to rent an apartment or a house can be a very difficult decision for some renters. There are certain advantages and disadvantages to each option. The renter should carefully consider these points when making his decision. Whether or not an apartment rental or a home rental is ideal for a particular renter will largely depend on his personal preference as well as his current needs in a living situation. For some renting an apartment is perfect while others find a home rental meets their needs best. This article will examine the advantages and disadvantages of each situation to help readers make a more informed decision regarding the type of rental situation which may be beneficial to them.

The Advantages and Disadvantages of Renting a House

There are many advantages to renting a house as opposed to an apartment. One of the primary advantages is this situation affords renters who would normally be unable to afford to purchase a house the opportunity to live in a house for a much more affordable price. Another advantage to renting a house is it may offer the renter many more options. Apartments are usually pretty standard in terms of size, number of bedrooms and number of bathrooms. Renters who have specific needs such as five bathrooms and three bedrooms may have a difficult time finding an apartment with these specifications but may find rental homes which offer these options.

Location is often another advantage associated with renting a house. Apartments are usually situated in more commercial areas while houses available for rent can usually be found in more residential areas. Many renters favor this situation because it makes their rental property feel more secluded. Many house rentals also include a backyard which is desirable for renters with children or pets.

One of the major disadvantages to renting a house, is there may not be a great deal of certainty regarding the amount of time the renter will be allowed to rent the house. While a contract may protect the rights of the renter for a certain period of time, there are no guarantees the homeowner will extend the contract beyond the existing terms. This means as the contract is due to expire; the renter may be given notice that the house would not be available for rent in the future. Conversely, this situation is rare in apartments and most renters are confident there will be the opportunity to renew their lease each time it expires.

The Advantages and Disadvantages of Renting an Apartment

Perhaps one of the most significant advantages of renting an apartment is the amenities which are often available when renting an apartment in an apartment complex as opposed to renting a home or even renting an apartment in a private home. Amenities such as pools, hot tubs, exercise rooms, saunas, meeting rooms and theaters are just a few of the amenities often offered when renting an apartment.

Affordability is another advantage to renting an apartment. Rent for an apartment is usually significantly lower than rent for a house. Although the apartment may be significantly smaller than the house, many renters find they are only able to afford these options.

A lack of privacy may be one of the most significant disadvantages to renting an apartment. Apartments are usually situated fairly closely together and most apartments usually share a common wall with one of their neighbors. Renters may find their neighbors end up knowing a great deal more about them than they had intended simply because the living situation makes it difficult to keep one’s life private.

Having to contend with noisy neighbors is another downfall to renting an apartment. As previously, mentioned apartments often share a common wall with a neighbor. As a result renters may run the risk of having noisy neighbors who listen to loud music or have boisterous friends visiting late at night.

Sharing a Rental with a Roommate in Miami

Sharing a rental property, whether it is an apartment or a house, can be either a dream come true or a living nightmare. There are many advantages to having a roommate; however, there are also disadvantages. When these disadvantages are severe they can result in an uncomfortable living environment in some situations and even a dangerous living environment in other situations. There are a couple of ways a renter can protect themselves when sharing their rental property with a roommate. This includes screening the potential roommate carefully and including the roommate on the rental agreement.

The Advantages and Disadvantages to Having a Roommate

Having a roommate can certainly be advantageous in some situations. The primary advantage is financial. Renters who opt to have a roommate, essentially cut their rent in half if they opt to have one roommate or in thirds if they opt to have two roommates. This is ideal for renters who would like to have a larger apartment but would not be able to afford such an apartment without the assistance of a roommate.

Another advantage to having a roommate is the opportunity to share household responsibilities with the roommate. Of course this is only an advantage when the roommate is willing to do his share of the work on a regular basis. If this is not the case, it may result in a huge disadvantage which will be covered briefly in the section on disadvantages.

One of the most significant disadvantages to having a roommate is a lack of privacy. Those who live alone do not ever have to worry about not having time to themselves while they are in their apartment. However, when a renter has a roommate, there is no guarantee the renter will ever have any time to himself while he is in the apartment.

Another disadvantage to having a roommate is the distribution of household responsibilities may not always be even. Roommates should have a discussion regarding the household responsibilities such as cleaning the common areas but there is always the possibility that one roommate may not do his share of the work. When this happens it can create conflict and resentment among the roommates. This conflict can make the living situation quite uncomfortable.

Select a Compatible Roommate

When selecting a roommate, the renter should be careful to select a compatible roommate. In the previous section we discussed how conflicts can arise when one roommate does not do his share of the cleaning. However, incompatible cleaning styles are only a small portion of the compatibility issues roommates may face. One important issue is entertaining. If one roommate has visitors at the apartment often, it can cause problems if the other roommate is not comfortable with this.

Even the times in which the roommates normally sleep can cause problems. If one roommate goes to bed early and wakes up at 4:00 am, it can be problematic if the other roommate likes to stay up late and not wake up until 9:00 am. In this case the roommates may not only begin to get on each other’s nerves but they may also begin to adversely affect the other’s job or social life.

Include the Roommate on the Rental Agreement

Finally, renters should be sure to include their roommate or roommates on the rental agreement. This is very important because it helps to protect all of the roommates. Inclusion of all of the roommates prevents one roommate from being able to ask another to leave unjustly. This may occur when conflicts arise but inclusion on the rental agreement ensures each of the roommates has a right to live on the property. Placing each of the roommates’ names on the rental agreement also prevents one roommate from not making their rent payments in a timely manner. It will also help to prevent one roommate from being held legally responsible for not paying the rent on time by the leasing agent.