KIDS SAVINGS

  • 7 SIGNS YOUR CHILD MIGHT HAVE A SHOPPING/SPENDING ADDICTION

    CATEGORY: Chores, kids & budget, kids savings, money & technology, teach kids about money

    The phrase “spending addiction” might conjure up images of adults happily swiping credit cards and swimming in bags of merchandise, but the reality is that kids make up an increasing percentage of addiction cases. If you see these warning signs in your kids, it might be time to have a heart to heart about their spending habits. 1)    Your child returns items frequently. It’s normal for kids to take products back to the store once in a while if the items are defective or not what the children expected. Kids who hit the service desk on a routine basis, however, often aren’t using enough rationalization in their decision-making process. They easily give in to the emotional urge to buy in… Read More →

  • SO…WHAT’S INHERITANCE, ANYWAY?

    CATEGORY: give to charity, kids & budget, kids & money, kids savings, teach kids about money

    Inheritance doesn’t just affect adults. It can affect kids, too. Knowing the basics of what inheritance is and how it works thus should be part of any child’s financial education.   The Simple Definition Inheritance, in terms of finance, is something that another person arranges for you to have after they die, or which you have a legal right to claim after someone passes away. It is also called a portion, birthright or heritage. Different Forms Inheritance can come in many different forms. Usually, it has a cash value. Good examples here are jewelry, a house, land or stocks and bonds. Sometimes an item you inherit wouldn’t be worth anything to anyone except for you. For instance, your grandma’s old… Read More →

  • WHAT TO SAY WHEN YOUR KIDS ASK YOU FOR A LOAN

    CATEGORY: kids & budget, kids & money, Kids Allowance, kids savings, teach kids about money

    When kids just need a little bit of extra money or don’t qualify for loans on their own, they typically go to the Bank Of Mom And Dad somewhat by default. This shouldn’t necessarily be a habit, but if you handle the situation properly, it can be a great way for you to teach them about responsible borrowing. Depending on your circumstances, a few different questions might be appropriate before you open your wallet. What are you going to use the money for? No bank or credit union provides loans without knowing the purpose behind them. Prepare your kids for this and insist that they tell you where the borrowed money is going to go. Even if the item they’re… Read More →

  • 5 WAYS TO KEEP YOUR KIDS FROM SPENDING TOO MUCH

    CATEGORY: Activity, Chores, Education, kids & budget, kids & money, Kids Allowance, kids savings

    A major goal in teaching kids to be responsible with money is getting them to control how much they spend. If they can do this, budgeting is much easier, and the risk that they’ll get into debt dramatically decreases. These five techniques can lend a hand as your kids develop this skill.   1)    Give them cash or set a card limit.   Many children keep on swiping their plastic without checking account balances. Get your kids to recognize their limits by letting them spend only cash for a while. Cash cannot be replaced if lost or stolen, so it’s best to give them small amounts at a time. Once your kids are showing good responsibility with cash, go ahead… Read More →

  • 5 THINGS YOUR CHILD MUST UNDERSTAND ABOUT DEBT

    CATEGORY: kids & budget, kids & money, kids savings, teach kids about money

    As any seasoned parent will tell you, it doesn’t take kids very long to start asking for stuff. Eventually, they’ll learn that some things cost more money than they have. Most caregivers make the best suggestion of saving up for want their kids want, but this isn’t the only option kids have. Instead of always having them save, you might take the “I want…” moments as opportunities to teach them to handle debt well. Along the way, you’ll want to pass on these five key points.   1)    Just because debt is common doesn’t mean it’s okay. Although the number of people in debt varies from country to country, in the wake of the Great Recession, having debt is almost… Read More →

  • 7 KEY POINTS TO TEACH YOUR CHILD ABOUT RETIREMENT

    CATEGORY: kids & budget, kids & money, kids savings, teach kids about money

    Retirement can be a pretty abstract financial topic for kids to tackle, especially since it’s so far into the future. Still, they need to know what it is and start planning for it early, especially since they’re likely seeing you putting money aside for it, too. These are the key points you should hit when trying to explain retirement to your kids. 1)    What retirement means Retirement usually means that a person chooses to leave the workforce or a specific career on a permanent basis. Most people make this choice when they are older, so retirement has come to be associated with being elderly and, to some degree, being physically or mentally unable to continue performing professional tasks. In fact,… Read More →

  • THE TOP 6 THINGS YOUR CHILD SHOULD KNOW ABOUT BANKING

    CATEGORY: Education, kids & budget, kids savings, money & technology, teach kids about money

    Eventually, you’ll want your child to move away from a basic piggy bank and explore working with a regular bank. These are the key points you’ll want to touch on as your child gets ready to open his first account.   1)    You don’t lose your money when you deposit it.   Very young kids tend to think very concretely, developing their ability to reason and think abstractly over time. At first, it can be difficult for them to understand that they still keep ownership of the money they put in the bank. You’ll need to explain to your child that the bank is like a piggy bank on a much bigger scale, and that bank tellers and related workers… Read More →

  • MONEY AND OWNERSHIP: GETTING KIDS TO UNDERSTAND THE LINK

    CATEGORY: kids & budget, kids & money, Kids Allowance, kids savings, teach kids about money

    Small kids who don’t understand money often take small items off shelves in stores—many small toys and candies, for example, are easy for a child to put into their pocket in a blink as you pay your bill at the register. In their minds, simply wanting something and having it be available is a good enough combination to take. Why Your Kids Are Stealing Accidental stealing happens mainly because kids don’t realize that access to something requires an exchange or trade. What they want, without necessarily knowing the label for it, is ownership rights to the product. In order to get those rights, they have to give up some of the money they have. It’s common for caregivers to emphasize… Read More →

  • WHAT SAVING REALLY MEANS TO KIDS

    CATEGORY: kids & budget, Kids Allowance, kids savings, Make money, teach kids about money

    Ask any financial expert what kids should learn early on about money and he’ll tell you to teach your child how to save. This is excellent advice, but the reality is that saving means different things to different kids. Your child might not see the saving task the way you do, and that translates into the need to be very conscious of how you go about engaging your child in saving strategies. Growth For some kids, saving money means only making it “grow”—i.e., your child can get latched on to the total saved. In his mind, the objective of saving doesn’t go beyond seeing how high that number can get, which can translate to money hoarding. To avoid this problem,… Read More →

  • WHY PARENTS NEED TO BE ON THE SAME FINANCIAL TEAM

    CATEGORY: Education, kids & budget, kids & money, kids savings

    When it comes to money, it’s not unusual for one parent to feel a little less experienced or skilled, or for one parent to have more time for financial education lessons. Even so, it’s well worth ironing out these wrinkles so you can be on the same team with your partner as your kids learn. Here are just a few good reasons to work together: Your kids might work the system. Don’t let them fool you. Kids are way smart. When you and your partner don’t work together with the family money, then your children might figure out very quickly how to work around what each parent says. For instance, if you’re a spendthrift and your partner is a big… Read More →

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