Hi Girls, It’s Lily here. It seems that everywhere you turn you hear something about the economy and all of the crazy stuff that is going on. My mom works at a bank and my dad’s a law professor, so they keep talking about the “financial crisis” and the bailout. I wasn’t really listening to them much, but finally it seemed even at school, kids were talking about it. So I thought I would finally start to listen/
My mom says that right now, we don’t have anything to worry about, but that there are a lot of families facing tough times. She said that it’s a good time for families to pull together and think about their money health and what they spend things on. She told me she would explain everything to me, and that I could do some research on the topic with the other GirlMoguls. But first she said that there were some basics that we needed to go over before she divided into “macro economics” of the financial crisis. Whew! Sounds like a lot, but my mom is pretty good at explaining things, so I know she will help me make sense of it all.
She said that one outcome of all the things that are going on, is that some people are losing their jobs or being asked to work shorter hours. This means that their families may have less money to spend on certain things, and that it’s a good time to examine the family budget – that’s what a family spends on things like groceries, gas and other things and find places to save. My mom said it’s also important, whether or not, your family is having financial issues, to go through everything you spend and decide what’s really necessary or not. If it’s not a necessity, it might be time to put that spending on hold. My mom also said that now’s a good time find ways to save money, so she gave me two new chores:
1. To write down everything I spend and what it’s for – my mom said if it was an order of fries at the diner, or a pencil from the bookstore, I should track it for a week on a little piece of paper. She said she would do the same thing and at the end of the week we would compare. So… stayed tuned
2. My mom gave me the Sunday paper and told me to go through it and clip coupons. She told me to see if I could find coupons for things we normally buy. She said to watch out and avoid clipping coupons for things that look like a good deal, but don’t really need. “It’s not a bargain if you don’t need it in the first place”
Have you or your family come up with any smart money saving tips? Let me know below. And stay tuned for more money smarts.