Helping Kids Get Smart About Money

The Priceless Gift of Time

April 23rd, 2013 | Add a Comment »

gift_boxApril is an odd month to write about giving gifts.  Usually, I reserve this topic for the holiday marathon we all go through in the fourth quarter each year.  But the reality is that we give gifts all year–birthdays, anniversaries, milestone achievements and of course, the many “other” holidays we are called upon to memorialize with a gift.  (Note to my dear daughters: Mother’s Day is right around the corner.)

Our first impulse on any of those occasions is to head to the store to buy something, wrap it and proudly deliver it to the person of honor.  Maybe it’s time to think about gift giving differently. Would you rather have another sweater, gift card or tchotchke? Or some uninterrupted quality time to spend with the people you care about?

I began to ponder this during a recent mega gift-giving moment in the life of my own family: The celebration of my father-in-law’s 90th birthday.

Our goal: an intimate immediate-family-only dinner party to celebrate this age milestone. Sounds simple, right? It is simple–until you factor in the realities of modern family life.  The 10 members of our family are spread across six states. All five grandchildren are in college or boarding school and, in April, on the nail-biting edge of finals.   Getting everyone to dinner involved expensive airfares, complex logistics and a willingness to endure a little more stress than usual.

As you would suspect, an enormous amount of time was spent emailing family members,  arranging and paying  for travel, setting up our house to host the family, preparing food,  packing and travelling. All that time went into phase one of this simple family birthday dinner.

Once everyone agreed to the date – a feat in itself – we focused on the dinner and including the birthday boy’s favorites. Dover sole for dinner and pink tulips for decoration, neither easily obtained in April in the Midwest. More time invested in the details.

When the celebration weekend–and all of the houseguests–arrived, we still had not settled on a traditional “gift.”  After some discussion, one daughter settled on champagne; a son on a box of chocolates.  But, I wondered, were those purchased gifts even necessary?

That night at the birthday dinner, Papa regaled us with stories of his life. He was at Pearl Harbor in the Navy when the bombs dropped – and was not amused when he was turned away recently at the Pearl Harbor memorial because of the reduced hours due to budget cuts. He told the grandkids that he saw the Navy as an adventure he was keen to take on when he graduated from college and before he began his professional career – a risk he never regretted taking.
He ended his night of story-telling saying “thank-you” to us and explaining how he ends each day by saying a prayer for each one of us every night.

There it was again- time as a gift.  His gift of time to us in story-telling and prayer each night; our gifts of time listening, showing up, arranging the event.  Time.  The best gift with the highest rewards.  The one that is – often- the hardest to give.  The gift that cannot be bought or wrapped.  The gift we all cherish the most, but tend to value the least when we give it to others.  I closed my eyes that night wondering why it was so hard to consider time a gift – especially when that is what people want from us most of all.

My all-time favorite gifts in my life, the ones that I cherish and remember even today?  The “love-letter” I asked for and got from my husband for Christmas, 2005.  The many homemade cards, even when she was long past the craft stage, from my oldest daughter Allison. And the set of playing cards, on a ring, from my youngest entitled: 52 reasons why I love you – with a reason on each and every card.  All these gifts took time, more time than money, and mean more to me than any store bought gift I have ever received.

So, this summer, give the gift of time with greater confidence.  Know that it is a true gift that pays you back so much more profoundly for your investment than the store-bought versions.  Know that the receiver of this gift of time places great value on the gift. Slow down and make a few memories. Set an example and make time for those you love and those who need your time the most. Look around and I am sure you will see opportunity abounds for the investment of your time in others.

So happy birthday, Papa.  And thanks for the reminder that time has great value, pays extraordinary dividends when invested in others and is the most priceless of gifts one can give.

Do you have a priceless gift story?  If so, please tell me about it.  I’d love to hear your story!

Susan

Does Allowance Work? Please Give Us Your Opinion!

March 28th, 2013 | Add a Comment »

As we head into National Financial Literacy Month in April, we would like to hear about your own experiences to help teach your children about money.   What has been successful – or not so successful – in your quest to help your children learn the basics of personal finance?  We’ve created a short survey with a few questions about allowance to better understand your challenges and triumphs so we can provide you with advice and tips this year that  truly will help your family.

Please take our short survey.

 

Q & A with Susan: How Much Money Goes Into Each Money Choice?

March 7th, 2013 | 1 Comment »

Boy putting money in MSPig - Blogger imageRecently I received the following money choice question from a parent:

My child will soon start to learn about money with the Money Savvy Pig. I would like to teach him that a percentage of each dollar goes into each category. Can you recommend a percentage for each category? I realize this is really a personal choice but would really appreciate your suggestions when considering what I would like to teach him.
Thanks for all you do!
Kelley

 

My response: Read the rest of this entry »

Financial Literacy Finds a Home in the Classroom (Time.com)

February 27th, 2013 | Add a Comment »

Financial literacy finally finds a place to call “home” in the classroom.  Thanks to Dan Kadlec for shining a light on this very important idea.  Thanks to all who work to make financial literacy education a priority for our kids.

The Best way To Teach Kids About Money? Slip It Into Math and English Classes - Time.com

 

 

Why We Said ‘No’ to Our Daughter’s #1 College Choice (KC Star)

February 19th, 2013 | Add a Comment »

Thanks to my friend, Steve Rosen at the Kansas City Star for allowing me to speak my financial mind:

Why We Said ‘No’ to Our Daughter’s No. 1 College ChoiceKansas City Star

Tips for College Renters by My Daughter

February 13th, 2013 | Add a Comment »

My oldest, Allison, is a gifted writer.  Allison is a rising senior in college and a creative writing major. Her writing has been commended for her frank, sometimes touching and often humorous insights into her topic. I asked her to submit the tips below to a writer friend of mine and this was the result.  I liked hearing these novel tips from the “boots on the ground” so to speak – where her insights were learned the hard way and very personally – as I am sure you will as well.

8 Tips for Landlords, Renters in the Under-30 Crowd – Money Under 30

 

Money Savvy’s Story Featured on Debt.org

February 8th, 2013 | Add a Comment »

Life has a way of surprising us – and our last 13 years as entrepreneurs did exactly that!  Always appreciate a good journalist who really listens like Bill Fay and helps us get our message out about the importance of reaching and teaching kids about the choices they have for money!

Former Bank Senior Vice President Teaches Kids Basics of Finance – Debt.org

Kids Need to Have Skin in the Game – Even with College Costs

February 1st, 2013 | Add a Comment »

I have always believed that it’s only when kids of any age spend “their” money that they pay close(r) attention to the cost.  And the recent article by The New York Times adds further support to this theory! 

So parents, partner up on the cost of anything with your kids to help them understand value.  All kids, at every age, need to have “skin in the game” to care – even when it comes to college. 

Parents’ Financial Support May Not Help College Grades - New York Times

Helping Kids When They Make Money Mistakes

January 30th, 2013 | Add a Comment »

We all make mistakes – that is how we learn.  Writer Terri Cettina asked me how to handle kids money mistakes and was surprised when I cheered the idea!

How to Handle Kids’ Money Mistakes – Eqiufax

 

Happier Teens Earn More Money As Adults (WSJ)

January 22nd, 2013 | Add a Comment »

Attention parents!  According to a recent Wall Street Journal article, research suggests that a happier teen earns more money as young adults.  “Students who described themselves as happier at age 16 and 18 and felt more satisfied with their lives at age 22 earned more income at age 29.” 

Here’s the full article if you are interested in learning more…

Read the rest of this entry »