Tag Archives: money management

Money Management for Middle Schoolers

middle school

It is never too early to start teaching your children about money management. Research has shown that there has been a decrease in understanding finances and how to manage money in America’s youth. Teaching your children how to manage their money leads them to becoming financially responsible adults. Below are 5 money management tips you can use to teach financial literacy in your home.

  1. Use Cash – Whether you’re grocery shopping or at the movie theater with your children, it is probably much more convenient to pull out your debit or credit card and swipe it. But, as you’re swiping your card, your kids are watching you. Using the plastic card does not allow them to actually see the exchange of money for your purchases. Instead, use cash. The kids will be able to see the transaction take place, and visualize the exchange of cash for goods and services. It will also teach the lesson of handing over hard-earned cash.
  2. Utilize a Piggy Bank System – Or better yet, a clear jar. Using a system like this allows them to see how much money they save over a period of time. It may be a long standing tradition –but it can give them inspiration to keep adding to it in order to reach their savings goal!
  3. Distinguish the Difference Between Needs vs. Wants – Do you want it or do you really need it? It’s essential to teach the difference between needs vs. wants. Knowing the difference between needs vs. wants is essential when teaching good money management skills. This will help kids develop a foundation for appropriately managing their money, along with learning to appreciate saving money for items they want.
  4. Don’t Give Allowances – Instead of giving your kids money just for breathing, give them commissions. Base it on whatever chores they do around the house, such as taking out the trash, cleaning their room, dusting or putting the dishes away. The idea here is to help understand that money is earned — not just given to them!
  5. Use a Money App – With the use of technology increasing every day, your kids probably have a phone, tablet or some electronic device. Whichever one it may be, consider downloading a budgeting app for them. Save! The Game can help kids easily identify their spending habits in addition to organizing their finances accordingly.

Teaching your kids money management can be one of the most valuable life lessons they can learn — start sooner rather than later! You can start by setting an example. Demonstrate good money management because it’s most likely that they will absorb what is going on around them. And with these helpful tips, we hope your kids learn the basics in order to be successful in the future!

Money Advice from the Movies

Financial Advice

Occasionally, even the best movies hold fantastic financial advice. We love these classic films and their timeless tales. At Timberwood Bank we’re excited to share their hidden financial advice, and help you make the most of your money-management, (while cluing you into some great movies to watch along the way!)

 

“You… you said… what’d you say a minute ago? They had to wait to save their money before they even ought to think of a decent home? Wait? Wait for what? Until their children grow up and leave them?” – It’s a Wonderful Life, 1946

 

Just like this movie’s protagonist, our lenders at Timberwood Bank believe you should enjoy your home as soon as you can instead of waiting to pay for it in full. Our dedicated team of mortgage professionals are here to help you find the ideal lending solution to purchase the perfect home for your growing family. Instead of waiting ten, fifteen, or twenty years down the line to purchase your first house, stop in today and discover your home ownership potential.

 

“One more thing, they don’t want to pay taxes again, ever.” -Armageddon, 1998

 

Just like the heroic men of this movie, we understand you don’t want to pay any more taxes than you have to. While we can’t help you eliminate having to pay taxes, helpful savings accounts such as a Roth IRA, can assist you in legally avoiding extra taxation later in life. If you’re curious and would like to learn more about our savings account options, stop by today!

 

“You know why the Yankees always win Frank?” “Cause they have Mikey Mantle.” “No, it’s ‘cause the other teams can’t stop staring at those… pinstripes!”  -Catch Me If You Can, 2002

 

Instead of choosing your personal loans or mortgages based off of flashy deals or specials, choose a reliable lineup with our team of community focused professionals at Timberwood Bank. Our goal is to help you have the best experience possible alongside our local lenders, without the need for door-buster deals. Before you start your search for financing, ask yourself if you’re searching for the ideal teammate, or if you’re just staring at those dang pinstripes.

 

“The moment you become embarrassed of who you are, you lose yourself. I changed the house, the way I dressed, the way I ate – and for what?” -Oceans 13, 2007

 

If you haven’t heard already, keeping up with the Joneses is overrated. A high amount of debt, low savings, and never feeling like you have enough; there aren’t many upsides to this eternally competitive contest of who has what. Instead of trying to compare and contrast your belongings, instead focus on the experiences and essential items that mean the most to you and your family. These fundamentals can help you structure your financial well-being and focus your earnings on things that mean the most to you, not your neighbors next door.

 

We love the movies showcased above! Are there any movies you find yourself watching time and time again? If you notice any great financial tips or tricks, be sure to post them to our Facebook feed. At Timberwood Bank we’re always searching for new and exciting ways to help our customers save!

Save $3,500 this Year by Removing These 6 Things

money management and savings

Saving money is no easy task! Only after dedication and determination, can you look successfully into your account to see the difference saving can make. At Timberwood Bank, we’re excited to help you achieve your financial goals, and we can’t wait to get started! If you’re looking to tuck some funds away for an emergency savings, or vacation fund, these six tips can help you accumulate $3,500 in savings over the course of the next year.

  1. $720: Cut the cable – at $60+ each month this common expense eat up your budget in a hurry!
  2. $1400: Brew your own java – instead of grabbing a latte on your way to work make your own cup of joe and save that extra $4/day.
  3. $600: Plan Your Meals – instead of playing by ear each night for dinner, make a dedicated meal plan each week and stick to it. This will help cut costs on eating out and unused groceries. Remove one dining out meal each month and see the difference this can make!
  4. $468: Workout at home – the average gym membership runs $39/month which over the course of the year can add up quick. Try online workout videos and create a routine which uses various household items.
  5. $312: Pack your lunch – With most quick lunches running about $10/each, sneaking away for lunch could be costing you! Try packing a lunch from home to avoid these expensive dining options. Changing just three lunches each month could save you more than three-hundred dollars!

Learn how to open up your ideal savings account at Timberwood Bank to get started on your savings dreams today!

What Your Birth Order Says About Your Money Management

birth order

Every family knows there’s a difference between the various siblings, but why is that? Many psychologists agree, birth order plays a large role! Each member of your family is generally rooted in one of four personality types which help define their core behaviors and beliefs. Discover how these traits can translate to your money management style at Timberwood Bank.

First Born: Typically the leader of the family, first borns are strong minded and organized with a heavy protective tendency. Many of those born first err on the side of caution, creating savings accounts for emergencies and unexpected situations. This sibling tends to enjoy being in charge and knowing all the variables. Any expenses, debts, or other monthly bills will be allocated and prepared accordingly. First borns tend to work towards their dreams, and may have the downfall of taking a financial risk to do so.

Middle Child: Always the people pleaser, middle children are most known for helping others. If you need an extra buck or two for lunch, this sibling will the first to lend a hand. Often on the rebellious side, the middle child may be more apt to invest in some riskier stocks, but depending if they pan out, it could make financial sense in the long run. Typically talkative and social, many middle children challenge the norm and create new versions of savings schemes. This sibling will be the first to try the next and best retirement plan before storing away long term savings.

Last Born: Optimism, attention, and organization generally drive the youngest of the siblings. After learning from the mistakes of the older members of the family, this child typically has most financial questions answered before ever needing to ask. This sibling will be the guru of rewards points, always finding the best perks and benefits for various programs. Always looking on the bright side, the last born is compelled to live the best of their life now, assured the future will work itself out later.

Only Child: Frequently told they’re mature for their age, the only child is known for their leadership, sophistication, and drive towards perfection. The typical only child will have a detailed account record with meticulous payment upkeep. These individuals strive to be the best, and are determined to achieve their goals. Expect them to have a strategic savings plan, retirement investing, and a well-rounded home improvement fund. Always up for a challenge, only children can often be great investors seeking out the best stock options for their needs.
No matter your place within the family tree, you’ll always have a financial partner with Timberwood Bank. Whichever goal you’re aiming to tackle next, we’ll help you achieve it!