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Saving

4 Reasons You Stink at Saving

Want to be a better saver? You’re in the right place. Here are four reasons you stink at saving and what to do about it.

Categories
Saving

February 2018 Interest Report (and Total Savings at the Bank of Mom)

Six months ago, I published a post on how much interest J had earned since the Bank of Mom opened for business.

At the time, he had gone from $45.00 to $231.99 over the course of 15 months.

Today, just six short months later, he’s surpassed the $400.00 mark with a total of $405.21. I love exponential growth in action!

Here’s his statement for this month:

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Saving

Pay Day – Our New Favorite Board Game

I don’t normally go out on Black Friday, but my sister and her husband came home this past Thanksgiving, so a trip to Target was in order. While shopping, I stumbled on a magical game called Pay Day.

A quick scan of the box showed that it was a money management game, and I knew I had to have it. Plus it was the “retro” edition, which made it even more desirable. (Why is that?)

I bought the game (for a discount because the Cartwheel price was lower than the in-store price) and we played our first game that weekend.

The Game

The rules are easy. Everyone starts out with $325 (in the retro edition). The board is a month, and before the game starts, you decide how many months you want to play.

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Saving

Having “The Talk” About Making Your Money Work Harder: Part 5 – Net Worth

Welcome back to our five part series on making your money work harder! This series is part of a BIG conversation I had with J where we talked about other ways to invest his money beyond the Bank of Mom.

In part 1, we talked about savings accounts, in part 2 savings bonds, in part 3 CDs, in part 4 stocks and today in part 5 we’ll wrap up our discussion with keeping track of your net worth.

Paying attention

It sounds a little pretentious, doesn’t it? Keeping track of your “net worth.” Like something only rich people do.

But think about this. If you go on a diet, do you log your meals and calories? What about if you’re training for a marathon? Would you write down your runs and workouts? And if you want to cut back on social media? Would you track your time?

Categories
Saving

Having “The Talk” About Making Your Money Work Harder: Part 4 – Stocks

Welcome back to our five part series on making your money work harder! This series is part of a BIG conversation I had with J where we talked about other ways to invest his money beyond the Bank of Mom.

In part 1, we talked about savings accounts, in part 2 savings bonds, in part 3 CDs and now for part 4, my favorite conversation, stocks.

What are stocks?

A stock is a piece of a company. People buy stocks (or shares) of a company, and with that money, the company can grow their operations. When you own stock in a company, you actually own a piece of that company!

How much does it cost to buy stocks?