That’s the email I received this morning in my in box.  I was stunned.  $150???  For a Valentine’s Day gift???  In today’s world $150 can be what a family has to spend on a week’s worth of groceries.

I love (excuse the pun) Valentine’s Day as much as the next person, but cannot get over the “deal” that is made over this holiday.  Sure, a gift to someone you love is a great idea.  But what kind of gift?  And does it really need to cost a lot of money to say “I love you”?  I don’t think so – in fact, I know so!

Here are a few “kid-friendly” ideas that I have come across over the years that fit the bill, at a lot less than $150: Read the rest of this entry »

I recently wrote an article for the Live Simply segment on cozi.com, a website created to help busy families manage all the things they do.  In the article, I list a few tips to help families talk about money to help start off the new year - especially if the holidays took a toll on your bottom line.  Kids can get confused if during the holidays the gifts were overflowing and now in the new year there’s “cut backs”.  Here’s a link to the article to help you and your kids start off the year right.

How to Talk to Kids About Money Strategies for Tough Times

Start spending.  I know, this sounds strange coming from me - but I really mean it - start cashing in your gift cards and certificates now.   Behavioral economists warn us that when we are presented with no immediate deadline, we are likely to save the gift card and never use it, thus contributing to the millions of dollars in gift cards that go unused.  Not a nice way to treat a gift from Grandma.

So why don’t gift cards get used?    Read the rest of this entry »

I was at lunch the other day with a few octogenarians.  Seniors with savvy money advice.  One gentlemen, 87 years old, told me that his mother taught him how to live life frugally.  ”Use it up, wear it out, make it last or do without” was her advice.  As a result,  he learned to look for quality.  Fewer purchases were made and were of a quality that would last. 

Fewer purchases and longer use allowed him to save and then invest more of his money.  Now, how do we teach kids the same lesson so they can thrive just as well as my senior friend?  Start by asking your child a few questions each time they say they want or need something new. Read the rest of this entry »

The Monday Savvy Pig made it on The Early Show just before the end of the year.  A special “thank you” to Maggie Rodriguez, co-host of the show, for selecting  the Money Savvy Pig as a “Maggie’s Favorite Thing”.  Here’s the clip.

This month the results of a National Financial Capability Study was released by FINRA Investor Education Foundation.  The results establish a base measurement of Americans’ ability to manage their money.  Here are a few interesting facts: Read the rest of this entry »

This week, the U.S. Treasury Department, in conjunction with the President’s Advisory Council on Financial Literacy, announced its upcoming National Financial Capability Challenge (formerly the National Financial Literacy Challenge).   http://www.challenge.treas.gov/ 

What is the National Financial Capability Challenge? Read the rest of this entry »

Just before we left for church this past Sunday, I came down to see both my charming, intelligent, good-hearted and level-headed teens “dressed” and ready to go. I was pleased.  There they were, no complaints and already had breakfast with 10 minutes to spare before we had to walk out the door.  Then I saw what they were wearing to church.  Clean, yes.  Appropriate, not so much.

I made a few suggestions, the gray or purple sweater, over a nice top?  How about the darker jeans sans the store-bought holes?  Just a few helpful suggestions so they knew what I wanted. Read the rest of this entry »

Trent Hamm’s blog - The Simple Dollar - shares some great advice about introducing an allowance to children.  And how he’s using the Money Savvy Pig to help his son get started!  Bravo! 

http://www.thesimpledollar.com/2009/11/17/starting-a-lifetime-savings-journey/

A reader recently asked me a good question about allowance:

I have two children (8 & 10 years old) and I would like to give them an allowance.  How much money do you recommend for these ages?
Thanks!  W Read the rest of this entry »

I was at the library the other day, checking out a New York Times Bestseller to read (I have sworn off the bookstores and my Kindle for my own reading for now), when I overheard a mom telling her young daughter that she could watch the video they just checked out right away.  I assumed she meant when they got home.  Coincidentally, I was walking out to my car as they were and watched the child, about three I would guess, point to video and say “Now!”  I looked over as the mom obediently took the video out and placed it in into the car DVD.  Wow - right away meant RIGHT AWAY.  Not a good start for teaching the life skill of delayed gratification. Read the rest of this entry »

This weekend, after many discussions with both my girls about the cutbacks we need to make in our family expenses, we find ourselves at the mall.  Frankly, it is a place we have all avoided as of late.  What we do not see, we do not want.  But, we were taking my mother out to lunch and shopping, her two favoirite things to do these days.  Once at the mall, our “talk” about cutting back was put to the test.  We passed - but just barely. Read the rest of this entry »

Market is down and I would suggest that the time is right to buy stock for your kids.  Time is on their side.  And time = money.

If your child is old enough, use this purchase as a teachable moment.  Read the rest of this entry »

“Nudge” by Richard H. Thaler and Cass R. Sunstein is a book about how people make choices.  (I apologize to the authors for the oversimplification of their work.  This a great book and worth the trip to the library to check the book out and to take the time to read.)The authors state that the things that influence people’s decisions are not always rational and further, that people are not always aware of what is influencing them: “Consider the black flies painted in the urinals in Amsterdam’s Schiphol Airport.  Men using urinals often don’t aim well and make a mess. However, if you give them a target, even a painted fly, spillage plummets (in this case, by 80%).” Read the rest of this entry »

Grandparents are an excellent resource for money education.  I grew up with my grandmother and everything she said, even if it was identical to what my mom and dad said, sounded better. 

Leverage the grandparent resource by asking your parents to talk to your children about the Depression.  Firsthand experience in the form of a story will be heard by your children.  Seeing that your parents have survived and thrived the Depression will help your child cope with what they are hearing and fearing about today’s economy. Read the rest of this entry »