As my oldest daughter heads off to college this Fall, I experienced my first college freshman “buying season”.  From laptops and bedding to carpets and refrigerators, the list just seems to grow each day.  My colleague Steve Rosen, Kids & Money columnist with The Kansas City Star, and I talked recently about this experience, and he included some great tips in his latest column on this specific topic. 

As a parent of a college-bound teen, my own advice:  Educate your kids on the costs of all the “essential” stuff before plunking down the money!  Here’s the link to Steve’s column that parents of any college-bound kid will find helpful:

http://www.kansascity.com/2010/07/16/2089018/ways-to-save-as-you-head-off-to.html

I had a great interview last week with Tony Chen at SavvyDaddy.com about how he could appoach tough money questions from his own 4-year-old son.  (SavvyDaddy is a web community and great resource for dads wanting to make a difference in their kids’ lives.)  Here’s the link to the blog and the ten tips I shared with him to help talk to kids about money:

http://www.savvydaddy.com/content/moneyandkids

Reading a note from a single mom that read my recent blog  “How to say no to student loans but yes to college” and how she helped her child say “no” to student loans - truly an amazing story with great tips for all of us.  Here is the approach she took:

“Hooray for your common sense approach to funding college.
 
When my daughter was a freshman in high school, I sat her down and told her that as a single mom who worked as a baker, I simply couldn’t afford to pay for college.  So, we worked out a plan.  (more…)

Is it impossible for a child to graduate from college free and clear of debt? Nobody even talks about a “debt-free” matriculation. Most of us just assume that graduation and debt go hand-in-hand.

According to the Project on Student Debt, the average debt level for graduating seniors with student loans rose to $23,200 in 2008 – a 24% increase from $18,650 in 2004. What’s more, 67% of students graduating from four-year colleges and universities have student debt. Add to this debt load the inevitable credit card debt kids accumulate and well, it’s getting harder to defend the decision to get a college education if the price is really that high – especially in light of the grim prospects of getting a decent job once you graduate.

Many college students today who take on student debt see no way around this mess. Citing “no parental support” nor access to funding from the university they have chosen, they face only one other option – loans from Sallie Mae.  “A couple of months before I moved East, I examined my finances,” writes Emily Schmitt in her story “Student Loans: A Bitter Financial Lesson.” “I had two options: first, not to go to grad school; and second, to fund most of my education with student loans. NYU ain’t cheap. My tuition runs upwards of $15,000 per semester,” she explained.

Emily took out the loans. Emily felt she “had no alternatives.” Really Emily? (more…)

Hats off to the folks at mint.com for this amusing, entertaining video that teaches the importance of budgeting and the smart use of credit.  Watch this one with your kids!

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. (more…)

Brian O’Connor, a reporter for The Detroit News, recently interviewed me regarding how to handle allowance with your kids during these tough economic times. This is the perfect time to talk with your kids about how your family may be facing budget challenges, but including them in finding the solution can help them feel less scared about the situation. Here’s a link to the full article: http://www.detnews.com/article/20090914/OPINION03/909140353/1001/BIZ

The cost of raising children today has become almost overwhelming, especially with all the after-school activities and how fast they outgrow their clothes, toys, books, etc. Here are a few simple, creative ideas on how you can save money on children’s expenses. (more…)

The Baltimore Sun ran a great AP article about teens who earn money with Summer jobs and what a teachable moment it is. (more…)

The Sunday paper is very good to us today! Take a look at the great article in USA Weekend today, April 5, 2009, under ParentSmart — Raising frugal kids: A timely lesson — by Clarie Green, president of Parents’ Choice Foundation.

The Money Savvy Pig is referred to as a “update on a classic piggy bank.” Go to www.msgen.com to see one for yourself!