Recently 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
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!
The holidays are just around the corner, so it’s time to start thinking about how you can start saving now to get all those gifts on your family’s and friends’ wish lists. My friend Andi guided me to a post by Lila Quintiliani on the Military America Saves site which offers some great tips to help you get started.
Last week I shared some money tips with journalist Kim Palmer of U.S. News & World Report. Here is the full list she published to help families get off to a good start this school year. Let me know what you think of these tips and some other things your family does to get off on the right foot each school year.
#6 of 10 things NOT to say to your kids about Money: “Yes”
When we should say…”No.” Most kids are trying to learn what is okay and what is not okay when they are asking for things. Each request is a teachable moment for parents to introduce the difference between “wants” and “needs” and how to best plan for those needs and wants.
#5 of 10 things NOT to say to your kids about $$$: “Do as I say, not as I do.” Seriously? Kids do what they see us do and they know our actions as parents are more genuine than our words. Remember that first smile? It was a reflection of our own smile. We taught them that smile through our actions.
What you should say is… “Watch me and learn how money is to be managed wisely. Watch me save, spend wisely, put the “do” in donate and invest for the future. Let me show you how.”
In this past Sunday’s Chicago Tribune, our award-winning app for kids, Savings Spree, was featured in an article about apps to teach kids the basics of savings and spending wisely. Here’s a link to the article: “Thrift? There’s an app for that”
Thanks to our friend, Lou Carlozo of Reuters, for including our app in this great resource article for families. If you haven’t tried Savings Spree yet, here’s a brief video demo to see how kids can learn about money choices and the impact of those choices with the Money Savvy Pig as the host:
If you want to see more, here’s the long version of the demo:
My youngest is a gifted young woman. From a very early age she has been able to be that pal or friend of a special ed kid and not have that child think they are any different than any other kid. She is also completely turned on by mission work. Her idea of fun is to spend an entire summer going from one desperately in need town to another helping other high school kids paint houses, build porches, change out flashing on a double-wide and so on. Her dream career is to work with special ed kids in some way – we haven’t gotten that all worked out just yet – but we are definitely seeing a trend here.
As she applied to colleges this Spring, we discovered that her gifts were not measurable by ACT, SAT or GPA. There was no box for “tireless special ed volunteer”, or “youngest member of church council”. (more…)
USA Today ran a front page story recently on the impact of financial illiteracy. It raised the issue of how not learning money lessons before you head out to the workplace can cause added stress and challenges, especially in a down economy. A recent PNC financial survey found that young adults, around age 20+, have roughly $45,000 in debt, and unemployment for 18-24 year olds stands at 12.4%, above the national average of 8.2%. Sobering stats.
If you have someone in your life that is headed into this tough climate, start helping them now to network their way into a job. Show them how to use the connections in their lives and yours to get employed. If you have a child in your life that is even younger, years from this battleground, then start teaching them about money now so they can avoid adding crippling debt to their list of challenges as they launch into the adult world after college. (more…)
Recently I received the following money choice question from a parent:
#6 of 10 things NOT to say to your kids about Money: “Yes”
#5 of 10 things NOT to say to your kids about $$$: “Do as I say, not as I do.” Seriously? Kids do what they see us do and they know our actions as parents are more genuine than our words. Remember that first smile? It was a reflection of our own smile. We taught them that smile through our actions.
