In an attempt to free up some cash flow I was looking into seeing if I would get a monthly savings by converting my car lease into a five year loan. Unfortunately as it turns out it would cost me more per month to own my vehicle than to lease it at this current time, so I am stuck looking for others ways to perform debt consolidation so I can have a little more breathing room in my monthly budget.
Parents it is your responsibility to teach your kids about fiscal responsibility, make sure you show them how income vs expenses are a constant battle and arm them with the tools they will need to get ahead of this financial game when they are young. Even my five year old is aware of earning versus spending and clearly is included when we talk about costs of items and things.
You don’t benefit your kids by shielding them or not teaching them about costs and sharing some information about costs and expenses with them, my parents could have given me far more knowledge and a head start had they been more sharing of the real world of finances when I was a teenager.
-Justin Germino
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Tags: children and finances, debt consolidation, fiscal responsibility, freeing up money, income and expenses, manage money, Teach kids about money
3 responses to Freeing Up Some Income
Good post. You can always check out wisebread or get rich slowly for other good money tips.
You aren’t kidding! Parents really need to be involved with making sure that kids know exactly what they are getting into, especially when purchasing on credit.
This economic downturn has a lot of people scratching their heads and wondering why the credit cards weren’t such a good way of spending.
I wish you the best of luck finding more wiggle room in your budget.
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If you are leasing your car you may be able to get a tax break on that. That can free up some of your cash. I guess it depends on why you lease your car instead of hire purchase it. Do you have a balloon payment at the end of the lease. many people do.
Another way is to get all your debts gathered into one debt and pay that off. But of course, you need to tighten your other expenses otherwise one can incur more debt as well as the one you have now.
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