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

 

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.  

 5 Tips for Saving Before the Holidays – by Lila Quintiliani MilitarySaves.org

Do you have other tips you’d like to add? Please add your comments below!

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.

 “The Best Back-to-School Money Lessons for Kids” from U.S. News & World Report.

#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.

Click here for #1 of 10, #2 of 10, #3 of 10 ,#4 of 10 and #5 of 10.

#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.”

Click here for #1 of 10, #2 of 10, #3 of 10 and #4 of 10.

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:

Here’s some advice I give on how to unspoil your kids.  This ran on the Yahoo! Financially Fit website featuring fellow financial expert Farnoosh Torabi.

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…)

Over 5 years ago I met Chicago City Treasurer Stephanie Neely when we both volunteered as Principals for a Day at a south side elementary school in Chicago.  I gave her a Money Savvy Pig so she could give it to her then 4-year-old son so they had something visual at home to help them talk about money.  Over the holidays, the Treasurer shared her story with the Chicago Examiner of the impact the Money Savvy Pig has had on her son becoming a “determined saver”.  Here’s a link to the article:  http://www.examiner.com/city-hall-in-chicago/federal-program-teaches-youth-about-money

Since that first meeting, Treasurer Neely has become a wonderful partner and advocate to help reach young Chicago Public School students with lessons of financial literacy.  With the Treasurer, through The Money Savvy Generation Foundation, we created a truly unique and rewarding program called the Financial Education Initiative for Students and Families.  To see a video of the impact from the 2011 program, click below.

Thank you, Treasurer Neely, for sharing the Money Savvy Pig with your son – and for making financial literacy a priority in Chicago. Because of you, and the other program supporters, over 200,000 Chicago Public School elementary students have learned about the basics of personal finance over the last few years.  Lessons that will last a lifetime.  Thank you!

USA Today reporter Jayne O’Donnell called me just before Thanksgiving to discuss some ideas to help parents address some of the challenges with the many gift requests from their kids this holiday.  What resulted was a great column that ran over the Thanksgiving weekend.  Here’s an excerpt from Jayne’s piece:

“If your child is asking for Ugg boots, a pricey hot toy or a smartphone for the holidays, it’s time for a teachable moment.  Even if your kid has less lofty tastes, the holidays are still a great time to hammer home some important financial lessons.”

So true!  To read the rest of this article that includes tips on how to help set limits this holiday to keep your family’s budget on track, click here.

Jayne did a video based on this column as well:

Thank you to Jayne and USA Today for sharing these tips with families this year!  Hopefully it will help lead to a less stressful January.