Managing Your Family's Finances

Money management is a skill that is best learned when a person is young. This does not mean it is too late to begin applying these skills. Even if you are over 50, the finance system you begin today can make a difference.

Finance Your Family's Security With Life Insurance 

While every adult should have life insurance, it is essential when you are older. If you do not have a suitable life insurance policy, now is the time to make a purchase. 

There are a number of policies from which to choose. While term insurance will benefit your family in the event of your death, a whole life policy offers additional benefits. If you find yourself short of cash in an emergency, or wish to contribute to a family member's college fund, whole life policies build up a cash reserve. You can borrow against the policy if it becomes necessary; yet not lose your coverage. 

Finance Your Security With A Savings Account 

When you are still working and have a steady income, open a savings account. Choose an account that offers a high rate of interest. Higher interest means more money accumulating in your account. 

If a savings account is to be useful, deposits must be made regularly. One method is to decide how much of each paycheck you plan to devote to savings. Each time you are paid, deposit that amount in your savings account before spending any other part of your check. 

A second method is to have savings automatically transferred into your account. You can finance your account without any effort if you choose this method. 

Choose the method you are comfortable with, and your savings will grow. 

Your Income Should Finance Your Retirement 

There are numerous options for funding your retirement. A sensible approach is to discuss your preferences with your spouse and your banker, and choose the option that works best for you. 

One popular option is a CD. There are various forms of CDs. A certificate of deposit requires a minimum principal. If you do not cash your CD before it matures, you will have the accrued interest in addition to the principal.

The interest rate for certificates of deposit are based on nine month, twelve month, or eighteen month terms. When you choose a longer term CD, the interest rate will be higher. It is an excellent way to finance your retirement. 

Finance Your Future With Sensible Money Management 

You do not want to enter your golden years with debt. One way to avoid debt is to use credit wisely and sparingly. You should not use credit to finance goods and services that you cannot otherwise afford. 

If you must make purchases on credit, always pay the bills in full, and on time. You should also take this approach to bills that do not involve credit. From utility bills to car payments, pay everything on time. This will eliminate late fees and other unnecessary problems. 

Help Your Family Members Manage Their Finances, Too 

Many older people often find themselves in the position of being asked for financial help from family members. While it is fine to assist your children or grandchildren when they have a special need, everyone can benefit if you help them learn how to be responsible with money. 

Whether you make cash a gift or a loan to younger family members, let them know you are not a bank. You cannot take away your own financial security for individuals who are irresponsible. Instead, you can encourage them to learn effective money management skills. Both your future and theirs can be financially secure.

Author Bio
Joshua Turner is a writer who creates informative articles in relation to business. In this article, he offer family finances tips and aims to encourage further study with a GARD Master’s Project Management Online.

How Money Flows in Game Theory

English: The original controller for the American Xbox video game console, sometimes called the "Duke" controller. (Photo credit: Wikipedia)

Gaming has become a phenomenon that has now seeped into the daily life of the average individual. In Ontario, almost 61% of all households have a gaming console. This excludes those that play on computers and not on consoles. The total number of gamers is far greater. With over $ 1.7 Billion spent according to the RateSupermaket infographic on video gaming cost, Canadians are looking to get out and get amongst the action.

The average games spends roughly $ 900 on gaming. This includes buying consoles and an average of fifteen and a half new games a year. Currently, the Nintendo Wii U is the cheapest console as compared to the Playstation 4 and the Xbox One which are 400 and 500 dollars as each. Consoles depreciate a lot too with resale prices being as low as a hundred dollars for the previous Xbox 360. Canada being the third largest gaming population in the world, almost $84 million being spent on games alone.

This brings to light the growth of the gaming industry which has shifted from its niche arcade roots to games which are as grand as movies, both in conceptualization as well as making. The domain of the rich has had the addition of the geeky gamer in it and the wealth of that gamer is still to grow. In 2010-11, the gaming industry in Canada grew almost over 11 percent making it a market which is not only large with almost two billion dollars being spent in Canada alone but also a market which is growing at a steady and strong rate.

It is not a phenomena now, it is a proper player in a market that is growing with promise. Perhaps the greatest factor is the fact that there are a lot of people who don’t put a price on entertainment, which is primarily what the games cater to. The amount of money they spend on entertainment is a large amount to say the least.

With games such as FIFA and Need for Speed running successful franchises which have been running for over two decades, the demand is undying. And it is a blatant lie to say that only young people game with Canada’s average gamer being over thirty years old. Another surprising fact is the number of females that now play games. In what has been called by draconian sources as a predominantly male society, and in an industry which manufactures and caters to a net worth of close to two billion dollars, females comprise of over 46 percent of the total gaming population.

The gaming industry has created a subculture with its own financial system to ensure that the previously underground circuit now receives as much attention as required. The marketing costs for some game titles run into millions and rival those of automobile manufacturers making much more expensive products. For the potential gamer there are now better and more prudent finance decisions that are available. Buying used games has become an alternative way of tapping into the market of previous titles. Consoles become much cheaper and for the gamer who is simply learning the ropes, getting a decent rig is relatively inexpensive as compared to the amount of entertainment that can be gained from it. According to RateSupermaket infographic on video gaming cost over $300 CAD, over 90 percent of Canadian children are gamers. This observance states that the market for the spending gamer is going to increase massively. If 90 percent of children play a computer game then a lot of them will continue to do so when they become adults and active participants in the market. Hence the way to go for games is only up.