Talking about money management, former Guns N’ Roses bassist Duff McKagan has finally discovered that he needs to be financially educated.  He has finally started his own wealth management firm.  He is much focused on enforcing money management schemes for musicians.  His main objective is to teach rock enthusiasts on how to deal with their finances the appropriate way.  He wants them to be financially stable when they reach retirement because many rockers retire broke.  He tells them to plan ahead so they can have enough when they retire.  This person’s experiences will truly inspire today’s new rockers to start financially literate.

Excerpt:

“I’m not a financial planner — I was just trying to figure this out for myself,” he says. “I didn’t want to be 60 years old and broke, having made all this money in my twenties…that was my simple goal.”

Original article can be found at:

http://money.cnn.com/2011/03/04/pf/duff_mckagan_meridian_rock.fortune/index.htm

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Most people keep their money for long years to avoid paying for financial penalty.  Some individuals still make use of the deferred sales charge that allows the consumer to keep his money in a fund family for seven years without paying penalty.  Use an RBC dividend fund as an alternative; it is a no-load with a five-year return.   There are other methods to keep money and still get it out anytime you need it.  Open up a high interest savings account.  You can earn from its monthly interests and it can accumulate for years.  Other options can be found in the internet; just be patient in looking for them.

Excerpt:

“I don’t want my investments locked away in solitary confinement, especially when there are good alternatives available that don’t keep me from my money.”

Original article can be found at:

http://www.theglobeandmail.com/globe-investor/personal-finance/ted-rechtshaffen/locking-up-your-money-can-be-an-investing-crime/article1928292/

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It is unpleasant to hear that you are saving for food costs when you have small kids to feed.  We are all aware that little children need enough food and nutrition because they are still growing.  Perhaps, choosing the right food for these kids is the most appropriate way.  Look for more nutritious foods for every member of the family at affordable prices.  Shop around and look for sales and discounts offered in markets and other grocery stores.  Be a member of a loyalty program to earn points and avail of free products.  Bring a calculator while in the supermarket; it will help you maximize your purchases according to your budget.

Excerpts: “She has adopted a few habits to help keep her spending in check, including carrying a notebook with her when she shops, in which she keeps track of the stores that offer the best prices for the products she buys the most often.”

“She also pays attention to the Scanner Price Accuracy Voluntary Code, which states that if the scanned price of an item is higher than the displayed price, the customer is entitled to receive the item free, up to a $10 maximum.”

Original article can be found at:

http://www.theglobeandmail.com/globe-investor/personal-finance/home-cents/cut-your-food-bill-with-these-tips/article1932441/

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The economy of most countries is still unstable, people should continue searching for methods to earn and save for future purposes.  Small savings can help a lot and can accumulate in due time.  If we all have the discipline in controlling and minimizing our spending, we can experience a simple way of life from the cash we saved.  Our savings can help put our children to a good university when they reach college.  Savings can also help us obtain a home of our own.  If we could also find other means of earnings, we can add some for our savings.  Get the whole family involved in creating a financial plan.  They are the ones who will really benefit from this scheme.

Excerpt:

“I think it does because it changes your whole mindset about money. What we’ve become accustomed to in our culture is that when you want something you just automatically go out and get it. Credit is so easy to get. Those small things seem insignificant on a day-to-day basis, but if you keep track of what you actually spend, you will see a huge difference and then you can put more money toward your debt. It definitely does add up.”

Original article can be found at:

http://www.theglobeandmail.com/globe-investor/personal-finance/frugality-get-used-to-it/article1934749/

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It is not really surprising to hear when a family is working together to save enough for future reasons.  It is much easier to succeed when all of the members contribute to their objectives.  You must create a plan to make your goal to work.  Inform the children of their plan of saving cash to pay for their regular expenses.  A good heart-to-heart talk will help the kids understand why they are doing this.  Tell everyone that they have to start spending less.  Teach the children on how to spend their money wisely.  Parents must be financially literate because they are the immediate example for their children.

Excerpt:

“Good intentions don’t equal good results unless you have a plan of action to help you get there. A goal without a plan is like a meal without utensils—it might look temptingly good, but there’s no way to get in there and enjoy all the benefits of what’s set before you. Your family needs to know about this plan to save money in order for it to work.”

Original article can be found at:

http://www.theglobeandmail.com/globe-investor/investor-education/book-excerpts/book-excerpt-living-large-on-less/article1916336/

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There are reports that more people in Britain prioritize paying off their debts rather than saving money for future purposes.  This report was stated in the new research by unbiased.co.uk.  Most of these debts are from personal loans and credit card balances.  This rush in debt payments hits the savings levels very hard.  Savings was reported to drop to 20% last year.  It is mainly due to the low costs of interests that encourages consumers to pay debts as an alternative.  In order for consumers to make the right move for their finances, they might need to get the services of a professional economic adviser.

Excerpt:

“Brits are rushing to pay off their debts rather than boost their savings accounts as consumers struggle with their personal finances in these turbulent economic circumstances.”

Original article can be found at:

http://www.moneyhighstreet.com/debt-help-news/brits-pay-off-debts-instead-of-saving/

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With the continuous instability of the economy of the country due to recession, more and more people in Canada desire to work until the age of 68.  They want to work longer to save enough for their retirement.  They can contribute more on their retirement plans from the additional years they plan to work.  The nearly retired individuals will benefit more but to others, especially the younger ones, it will be a detriment.  There will be fewer jobs available and the competition will increase.  According to older people, they would want to continue working because they need to maintain psychologically active and that they love working.

Excerpt:

“The study found those at the higher end of the income scale plan to keep working because they want to stay mentally active, or love what they do. Lower-income workers say they need to keep working to take care of basic needs.”

Original article can be found at:

http://www.theglobeandmail.com/globe-investor/personal-finance/retirement-rrsps/freedom-68-canadians-feel-retirement-dreams-fading/article1933557/

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More British citizens are turning to their savings to finance their expenses.  Lots of people are feeling the pressure of the continuous increase of the prices of basic commodities and the rising unemployment in the country.  Most of these individuals tend to use their savings to pay their expenses.  According to the head of banking at moneysupermarket.com, with present economic situation of the country, more people use their savings to pay bills; on the other hand, it is also very important that everyone continue to save so they can have something in cases of emergencies.  Savings of at least three months will be enough to support your basic needs in case you lose your job.

Excerpt:

“As energy prices and the cost of living rises, around a quarter of Brits are turning to their savings accounts to fund their everyday expenses and bills.”

Original article can be found at:

http://www.moneyhighstreet.com/personal-finance-news/brits-paying-everyday-expenses-and-bills-with-savings/

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More people in Canada, especially the kids, wait for the coming of the March Break.  Kids expect of a wonderful time spending this event.  With the continuous increase in the prices of fuel and other basic commodities, events like these are most likely to get affected.  To avoid upsetting the children of some changes during this year’s March Break, inform them of the changes in the first place.  Talk about budget saving for every member of the family.  Allow the kids to search for promos and discounts using the internet.  This way they get more excited in obtaining better deals for the much awaited occasion.

Excerpts:

“It’s easy to break the bank with a vacation. How should you be balancing your kids’ expectations for March Break activities with what you can actually afford?”

“Consider it a teachable moment along the road to financial literacy.”

Original article can be found at:

http://www.theglobeandmail.com/globe-investor/personal-finance/home-cents/kids-and-money-the-march-break-edition/article1933054/

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Lots of individuals are not aware of the importance of financial literacy.  This idea must be started to be learned at a younger age.  As young kids, they should start learning how to manage their money at an early stage.  They should learn how to spend and save what is left form their daily allowances.  If they have to earn from mowing lawns or babysitting, they should know how to use their earnings wisely.  Parents should know how to teach their kids about financial literacy.  They have to believe that it will help the child to manage his money.  Parents should show good examples of being financially responsible so children will believe in them.

Excerpt:

“But as Ms. Campbell pointed out in a telephone interview, it’s so much more effective to teach young kids new skills than it is to try to get adults to change their bad old financial ways (despite Bank of Canada Governor Mark Carney lecturing us regularly about credit card debt). Ms. Campbell calls this ‘behavioural economics’.”

Original article can be found at:

http://www.theglobeandmail.com/life/parenting/education/learning/to-teach-financial-literacy-get-em-while-theyre-young/article1869269/

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