All children are dreamers and most of the time, they wants to be everything at once. Just like when I was little, I wanted to become an army officer, an engineer, an musician, and also wanted to become a priest. Any children today is just like what I was once like. They wanted to be everything. For parents, you have the power to shape and hone your children’s potential at an early age to help them succeed in their dreams.
School is a place where they can learn and be education, but there are also more things that they can learn outside school. Learning camps and workshops are usually being offered during summer breaks and these workshops can provide your children opportunities to enhance their skills and harness their capabilities. Some of the most popular workshops focus on cooking, fine arts, theater, sports, foreign languages, even robotics design and engineering.
Enrolling your children to these programs requires budget and some might be a little pricey. To help you manage your finances to include your kid’s summer program, here are some useful financial tips:
- Determine your financial goals. Establish your short and long term financial targets. Short term goals refer to how you need or want to spend your money at the present time. This usually includes rent, utilities, monthly amortizations, kid’s education, groceries and other household needs. Long term financial goals cover retirement, investments or family vacations. Financial goal setting can serve as a guide while drafting your budget.
- Know what you spend. Everyone has a general idea of their monthly expenses. Get a clearer picture of where your money really goes by gathering all your receipts and expenses for an entire month. This method will determine if you are spending too much on discretionary items like a coffee fix twice a day rather than pre-set expenses such as rent or utilities. Once you have identified all your expenses, you can decide which items are easy to eliminate.
- Take note of incoming earnings. Aside from making a rundown of your outgoings, it is also advised that you make note of all your earnings or income. Don’t forget to record unexpected bonuses or cash incentives because these will help you meet the monthly budget. Don’t be discouraged if your income falls a bit short compared to the expenses you’ve identified earlier. This issue can be addressed once the budget is prepared.
- Set a budget…and stick to it. Once you know what you truly spend on and how much money you receive each month, you can sit down and calculate how much can be allocated for utilities and other immediate needs, savings and even discretionary or luxury expenditures. Commit to your budget. An effective way of keeping track of each month’s budget is by preparing “the envelope system.” This entails setting aside money inside individual envelopes for each item identified in your financial plan. For instance, there should be an envelope for electricity, water, groceries, rent, car amortization, kids’ summer classes etc. Once you’ve set aside the money, do not spend it on other items.
- Track your progress. Monitor your income and expenses for several months to see if the budget you have prepared is working. Don’t be surprised if the financial plan you’ve set needs some tweaking from time to time. There’s a chance you overlooked incidentals such as unexpected hospital bills, home repairs or rising fuel costs. Just go over your plan and modify your budget.
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