I recently shared 5 money tips to teach kids this summer for a special financial literacy insert in USA Today. I decided to expand on these tips and share how our family has put these tips into action. In case you missed the first tip, here’s the link to Tip #1: Choiceand how we applied that tip in our own family. Now for Tip #2:
Tip #2 – Set goals. Teach your child to set goals for each money choice. Kids need to know what they are saving for to maintain their interest. Goals help them delay the gratification of spending right now.
My friend Farnoosh Torabi forwarded a great testimonial from a mom who was trying to find a way to introduce allowance to her 8 year old daughter. Here’s how she tackled it using our Money Savvy Pig bank – and how it inspired her daughter. Enjoy!
My daughter is 8 and keeps asking about allowance but we have not seemed to have really gotten serious about it. I looked around for apps and didn’t find anything I liked that well, she doesn’t have personal electronic devices yet so I didn’t really have a desire to connect her to somehow electronically track a cash balance or something. So we went old school with something that’s been on my radar before that’s a recommended tool for teaching kids about money management (Money Savvy Pig – Pink) Read the rest of this entry »
But I thought I would expand on these tips and share some examples of how our family personally applied them as well:
1. Teach choice. Introduce the four choices for money (Save, Spend, Donate and Invest) to your child using a divided bank or jars. Teach them that there is more to do with money than just spend. Present opportunities to make choices with their money as well.
USA Today included a good article in today’s paper that offers a strategy for how college students can start building a good credit history and score. I thought this was pretty good advice, so I thought I’d pass it along to you as well. College is an excellent time for young adults to use credit carefully and wisely and in a manner that will serve them well after they graduate. Here’s the article:
The May 2015 issue of Money Magazine has an excellent article with money advice for couples. In the June 2015 issue a pastor who counsels married couples writes in a letter to the editor that this article is something every young couple about to marry should read. I agree; this article provides solid advice for all couples, about to be married, newly married or veteran couples. And couples who practice these money skills will be in the best shape to help guide their kids when it comes to money. Enjoy:
As parents, we often try to provide all we can so our children – especially teens – have all they need to succeed. But sometimes in the process, we create a situation we did not anticipate – teens taking our money for granted. A few years ago, I offered some tips to a family struggling with this specific challenge on the Dr. Phil show. So if you are struggling to find ways to help your teen to not take your money for granted, try these tips to help you and your family:
I am usually not good about talking about the work we do – we just keep our head down and do the work. But, this week’s visit to a Chicago Public School was pretty special.
The kids in this picture are third graders from Ray Elementary. Ms. Linda Sue Collins is the teacher-librarian (back right in photo) that teaches the kids the Money Savvy Kids curriculum as part of the 2015 Financial Education Initiative in CPS. The really tall guy in the middle is Illinois State Treasurer Michael Frerichs Read the rest of this entry »
Happy Financial Literacy Month! To kick off this high, holy month of financial literacy, I shared some tips with Beth Pinsker at Reuters on how to help kids learn how to save. Here’s the result of that interview. Thanks, Beth, for including me in this conversation with your readers!
With all the conversation about “deflation” leading up to the Super Bowl this year, we thought we’d have a little fun and offer a positive twist. To help your kids “re-inflate” their savings, we launched our Super Bowl Giveaway for your chance to win a Money Savvy Football Bank. We are drawing names DAILY – so you have a great chance to win too! But, the giveaway ends February 1st at Midnight, so enter now at: www.msgen.com.
Grandparents I hear from are deeply invested in shaping money smart grandchildren, as many feel they fell short with their own kids.
Often, when I am working with parents on this topic, parents ask me how to involve their parents in the financial education of their kids. They, the parents, want to “manage” nana and papa’s input in a good way –
I know firsthand the power of a grandparent as I grew up with my grandmother in our home and everything she said – even if identical to my mom and dad – was brilliant. Everything mom and dad said, well, it was suspect!
To help grandparents leverage this role they play in their grandchild’s life, here are a few ideas from grandparents who have written to me Read the rest of this entry »