Time to Get Sorted

These school holidays, we decided it was time for our children to learn some real life financial concepts.  Like most parents, we find with the younger generation that one of the best ways is to use the internet.  Kids love researching information on the internet.  What really makes their day is if they find some games to enjoy.

One useful financial website is the one provided by the retirement commission, www.sorted.org.nz.  It is a website suitable for people of all ages.  Most of us will have seen that crazy mouse that features in the television commercials.

For some people, the mere mention of retirement commission or retirement commissioner is a real turn off.  This is because they think that it is all about being old and retired.  It is essentially about how to provide for future needs.  These are not necessarily long term needs.  It may be about planning for the cruise that you would like to take your family on.

The retirement commission is taking a special interest in children and students.  The website has some great commonsense ideas.  Currently featuring are 8 rules for Sorted parents. 
1. Encourage your kids to save for things they want. 
2. Use everyday encounters to help kids learn about money. 
3. Be aware of money personalities.
4. Explain interest. 
5. Talk about money with your kids. 
6. Be consistent. 
7. Keep records. 
8. Find out what's happening at school. 
There is also a money quiz for kids that will provide some pretty interesting information about your child’s money habits.  Of course, you would know if they were a continual spender, or a saver.

There are some great games that the kids can play on the website.  Most importantly they are educational and will provide some really valuable life skills.  It is in all our interests that children learn about finances at an early age.  Few parents would be happy to see their children grow up and all that they manage to accumulate is debt.

The sorted website has of course plenty of information that is relevant to us all.  For example there are calculators for mortgage repayment comparisons, areas where a basic financial plan can be developed, and calculators to work out how much you need to save for your retirement.

Two areas where people procrastinate the most over are formalised savings, and dieting.  Most of us know that we really should be saving; similarly many people know that they are overweight and it would be good for their health if they lost some weight.  Saving, like dieting takes discipline.  The first step is to plan, and a non threatening way to do this is via the internet.  Make use of the information on websites such as www.sorted.org.nz.  This will help with the basics, and make you feel confident enough to seek professional advice tailored for your own unique financial situation.