As more families are creating and abiding by budgets, kids may feel a bit anxious or resentful about not being able to get the things they want – or at least feel they should have. One of the important ways to bridge this emotional gap with kids is to discuss it and work out a budgeting plan that allows kids to take part in the responsibilities of family finances. Clothing is just one example of things kids will ask for but since it is also a basic necessity, we will use clothing as our example.

Create a Kid Budget
Even though the family as a whole works on an established budget, there is no reason you can not establish a budget within a budget and teach your children the real value of money. Setting a budget limit for each month will help your child understand that they need to take time to think about what they need and control their impulse buys at a young age – or they will end up having to go without.

Decide on Money Earning Opportunities
By simply giving a child money to use with their budget, you will miss a key learning experience about the real value of money. Instead, use the experience to get your child used to earning their own money. Even 5 year olds can earn money by working around the house, doing simple chores such as folding washclothes or dusting the tables. The older the child, the more responsibilities, the more money you pay.

Teach Smart Shopping
Once your budget has been created and the income potential has been established, it is time to take it one step further and teach your child how to spend their hard-earned money wisely. Help them to identify what items they want and then work with them to find the best prices. Use store fliers or the internet price comparison sites. Let them know that just because one store has a certain price tag, doesn’t mean another store will have a better deal. Kids will likely enjoy learning about shopping and most importantly, they will enjoy the time they are spending with you.

Teach Money Management
just because you set your kids up with a budget, make sure you continue to work with them until they can understand how to manage their money. You want to make sure they understand thinking ahead about what they will need to make sure they can afford it all. You want them to understand that blowing all of their cash on that cool pair of sneakers will leave no money for their new jeans for the school dance.

Provide Incentives
Kids who pay attention to your money lessons and who learn to follow their budget can be rewarded with a little something extra from mom and dad. Maybe your child has been wanting that new jacket at the mall and have been working to save up. As a bonus, you can kick in what you can afford to help their savings progress. This teaches kids that with dedication and hard work, bonuses do come.

Relax on Your Opinions
Kids love to express themselves and generally fashion is their mode for self-expression. When you give your child responsibility for saving for and buying their own clothing, you, as a parent , need to relinquish some of your own control and allow your child to buy what they want to buy. Chose your battles wisely if you disapprove with some of the purchases. Children need to make some mistakes to keep learning lessons about money and life in general.

Teach Values While Shopping for Your Kid’s Clothes was created by and is property of American Consumer News.

Lots of college graduates know what it’s like to exist on ramen noodles and Kool-aid during some of the tougher financial times at school. Living off the generosity of mom and dad doesn’t mean you need to go spend crazy with incidentals. In fact, a grateful child should work harder to avoid costly their parents additional funds. College students often get part time jobs to supplement their spending money and “going out” cash. Those students typically learn fast that money doesn’t grow on trees and if they want to make the fun last, there needs to be a budget on spending.

There is no reason why a kid can’t be frugal, especially in college. Here are five tips to keep more cash in your pocket on campus.

1. Live At Home – If this is an option, take it. Of course many kids worry about the cramp in their new social life but living at home throughout your college career can help save a ton of money that could be spend on further education or relocation after graduation. Plus, meals and laundry are free. For kids wishing to contribute, or for parents that want to exercise a lesson in adult responsibility, an agreement regarding monthly expenses and who pays for what is an option.

2. Ride A Bike – If it is not an absolute necessity, leave your car at home. With the rising costs of insurance, parking fees, gas, and maintenance, having a car in college isn’t very cost-effective. Get a used bicycle to get you to class or the off-campus apartments of your friends. On the bright side, no one can keep bugging you to make the beer runs.

3. Party at Home - College kids like to blow off steam and socialize. Save a lot of money by staying out of the clubs and bars and instead host a small group of friends at your place. Ask for contributions towards drinks and foods so you don’t foot the bill all on your own.

4. Look for Paid Opps – Some colleges and universities offer paid work experience in different majors. In addition to the extra spending cash, the work experience can be invaluable and looks great on a resume.

5. Flaunt the Student ID – Areas that are accustomed to a large demographic of college students will often house businesses that give discounts for various forms of entertainment, including movie theaters, restaurants, and sporting events.

6. On-Campus Entertainment – Many schools offer free or at least reasonably priced tickets to on-campus concerts and other entertainment outlets. Check the student union or informational boards for different activities that are sponsored by the college.

5 Ways to Be Frugal in College was created by and is property of American Consumer News.

The price increase results from the increased demand but decreased production of wheat. Farmers who have traditionally planted the fields of wheat are beginning to replace some of the wheat and are planting corn fields instead. Why the change? Mostly it is due to the high demand for the alternative energy source, ethanol. Ethanol is being touted as a promising alternative to gasoline. It is relatively easy to manufacture and process and can be created from common materials like corn. Because corn can be used as a chief component in the processing of Ethanol, farmers are now discovering a renewed and profitable demand for corn so they are growing more of it to meet that demand.

While most wheat farmers still grow wheat, the production is limited and causing a wheat shortage worldwide. Some countries are now forbidding any wheat products to cross over the border and others have had to man the wheat production facilities with armed guards. All over, manufacturers have to increase prices of products made from wheat to cover the additional expenses of the ingredients. Experts are noting that with the wheat prices increase, it is the fastest rising food inflation in the last 15 years. Many farmers have not seen prices this high in their lifetime.

If you are partial to wheat products but find you can not afford the raise in prices, there are substitute items you can use to replace wheat ingredients. Because many people have an allergy to wheat, there are plenty of cost-effective ideas that can be found online, such substituting wheat flour with rye flour, oat flour, and potato flour. Try baking your own breads and pastries at home that include a less-expensive alternative. Cereals are already an expensive grocery item so keep your eyes open for special deals and coupons and stock up.

HOW TO DEAL WHEN THE CUPBOARD STAPLES ARE GETTING EXPENSIVE was created by and is property of American Consumer News.

Tip 1 – Use your Profit and Loss Report

For businesses owners, a Profit and Loss Report (P&L) is a common tool. For everyone else, this would be the same as a Spending Journal with one little extra: your income. Your P&L (or Spending Journal) adds income and subtracts expenses. When totaled, the profit or loss (a.k.a. cash flow) is left behind. By carefully analyzing this report for a specified period of time, you can deduce where you are spending too much money and which expenses should be cut.

TIP 2 – CONSIDER SWITCHING BANKS

Since the banking industry is extremely competitive, you can renegotiate all kinds of banking fees. This includes your monthly fee, bounced check fees, and over-the-limit fees. Contact your banker and ask them to reverse these unnecessary expenses and to convert your account into a free checking account. Banks will often cooperate just to keep you happy, or they will upgrade your account at no extra charge based on your banking history. If you use QuickBooks to do your bookkeeping, make sure your bank can create a QuickBooks Web Connect file and you will be able to reduce your bookkeeping expenses as well when you download all your transactions instantly. Bank of America, Citibank and Wells Fargo are three banks that work well with QuickBooks.

TIP 3 – ASK YOUR CREDIT CARDS FOR BETTER INTEREST RATES

It is common for credit card companies to raise your interest rate to as much as 24% if you are even 24 hours late. Most people never notice because they are not contacted separately, it is simply presented discreetly in your next bill. Contact your credit card company and ask them to lower your interest rate and you can cut your monthly bill in half instantly. Also ask for Balance Transfer Deals and you can wipe out interest altogether for a period of several months to a year or more.

TIP 4 – GET A REWARDS CREDIT CARD

If you do not have a credit card with rewards or a low interest rate, you should consider switching. Rewards cards can supplement your annual income, or be used to reduce other business expenses (such as airline tickets or hotel rooms). By paying for all of your needs on a credit card and then paying that credit card off every month, you can accumulate interest on the money in your bank account while also rapidly accumulating rewards. Both Citibank and Chase offer excellent rewards cards with no annual fee.

TIP 5 – REDUCE YOUR COMMUTING EXPENSES

While in the past, the best way to reduce your commuting expenses was to carpool to and from work, there are many other ways to cut commuting expenses. One would be to invest in an energy-efficient vehicle, like an electric car or scooter. Another would be to ride a bicycle to get where you need to go (also a healthy option). The best recommendation I can make, however, is to begin “Telecommuting” to work. Thanks to technology today, people can work from home and become more productive and efficient then when working in the office. Another added bonus here is that you could cut daycare costs (if you have children) and work whenever your child is sleeping. You will find you have focus on your work, freedom from micro-managers and more time with your family…all while saving commuting time and costs. (If you need advice on getting your boss to approve of telecommuting, get Timothy Ferris’s book “The Four Hour Workweek.” He will walk you through the process step by step.)

TIP 6 – DON’T SPEND DOLLARS ON PENNY JOBS

The Mary Kay Company has always taught their 1.2-million+ consultants to never waste their valuable time doing jobs that you could pay someone else less money to complete. For example, if you make $50 an hour working at the things you do best, then why spend your spare time cleaning your house when you can pay someone else $10 an hour to do it and you spend your time bonding with your family instead. Whether your boss does or does not allow you to telecommute, there are many things that you could outsource saving you time and therefore money. Elance.com is a great website that connects with independent contractors from all over the world to complete all kinds of jobs, and many of these jobs can be completed for as little as $2 (American) per hour. Why not use them to research your competition or develop a website for you instead of spending days doing it yourself? Or, why not simply use them to research business grants or college scholarships instead of struggling to find them yourself?

TIP 7 – REEVALUATE YOUR DUES

It is a good practice to look at your insurance every year. Premiums generally increase on your anniversary date. By simply “shopping around,” you may find that you can get a better rate somewhere else. If you choose to stay with the company you are with, you may be able to bargain them to a lower price by simply having their competitors’ quotes in your hand. Also, ask them what their best-discounted specials are. You may find that by adding another policy, you can actually save money. For example, State Farm Insurance offers a large discount on auto insurance when you add life insurance or homeowners insurance to your policy. Often, the discount is large enough to pay for the new policy while also giving you a discount and protecting your assets. Reconsider your networking fees, Internet fees, telephone and cell fees…anything you regularly spend money on. By shopping around, you will be able to renegotiate and cut expenses instantly.

These are just a few things to look at today. Hopefully, they will inspire you to reevaluate your spending habits and find where you can increase your cash flow. Also, check out article 2, “Keep Your Money to Yourself – Part 2: Get the Best Deal” on ways to always get the best deal on what is on your shopping list.

Keep Your Money to Yourself – Part 1: Cut Your Expenses was created by and is property of American Consumer News.