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  • THE DOLLAR STORE: AN UNLIKELY VENUE FOR GREAT FINANCIAL LESSONS

    CATEGORY: Activity, Education, kids & budget, teach kids about money

    Dollar stores offer many everyday household, business and automotive goods, as well as toys and entertainment products, at very low cost. Although these stores can lack a huge selection and sometimes put steep markups on some items, they provide a decent chance for you to approach multiple financial areas with your kid. What You Can Teach One of the biggest lessons kids can learn at a dollar store is how to inspect items for quality. Some items you’ll find at dollar stores, such as glassware or educational flashcards, are quite good and can compete with items you’ll find in any regular department or online store. Others, however, are subpar, such as non-alkaline batteries or electrical devices with weak wiring. With… Read More →

  • INTRODUCING KIDS TO THE IDEA OF A RAINY DAY FUND: 3 TIPS FOR SUCCESS

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

    One of the biggest problems most parents face when they’re trying to teach their kids about money is getting them to save. Getting children to start and maintain a rainy day fund is especially tough.   Want Vs. Need Most parents who want to teach their kids about saving generally start by having them set a goal. The key here is that the goals usually center around something that the child wants. For instance, your child might save his allowance to buy a new game. Saving for a rainy day fund is different because the focus is on saving for something that is necessary. Instead of just fulfilling a desire and making your child feel good, the money saved prevents… 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 →

  • THE DIFFERENCES BETWEEN DEBIT AND CREDIT CARDS—WHICH SHOULD YOUR KIDS HAVE?

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

    These days, the reigning way to pay is with plastic, but which is better for your kids? Figuring that out requires you to understand how these two types of cards are different. Borrowed vs. Personal Funds  With a debit card, your child is accessing money he already has in his bank account, not borrowing funds he has to pay back later. Subsequently, he doesn’t have to pay anything in interest on the purchases he makes, although banks can charge monthly fees like credit card companies do. Additionally, unless he gets overdraft protection, he can’t spend more than what he has in the account. Debit cards also won’t help him establish a credit rating because he’s not borrowing. Monthly Payments Your… Read More →

  • TOP CRAFTS FOR KIDS TO MAKE AND SELL TO EARN MONEY

    CATEGORY: kids & budget, kids & money, Make money, Uncategorized

    When kids don’t have much of their own to sell, one of the best options for earning some cash is to make craft items, which they then can sell at church bazaars, community fairs and other events. The key is to pick items that usually sell well just about any time, as this reduces the odds that your children will lose money on materials for items no one buys. These are some top picks. Hair accessories. There probably isn’t a girl or lady alive who doesn’t like to dress up her locks once in while. Have your child crochet, knit or sew adjustable headbands or spruce up some plain ones from the dollar store with fun beads or gems. A… 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 →

  • WHAT TO SAY IF YOU CAN’T AFFORD WHAT YOUR CHILD WANTS

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

    Even if your child doesn’t ask for much, there likely will come a point when he asks you for something that’s a little out of your reach financially. When this happens, it’s not the best route to jump and say you can’t afford the product or service. Other options are available and offer good teaching opportunities. Why You Shouldn’t Say “We Can’t Afford That” Even though you always want to be honest when it comes to money, you generally shouldn’t tell your child you cannot afford something. Doing so has a very present-based focus. It describes only what your situation is like in the moment. A week, a month or a year down the road, things could be different. Another… Read More →

  • WHY GIVING SECOND BEST MIGHT HELP YOUR KIDS FINANCIALLY

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

    Ask any parent or caregiver or parent what they want most for their kids, and you’ll likely get a generalized answer something along the lines of “I just want the best.” (A variation of this that appears with great frequency is “I just want to give my kids more than I had” or “I just want to give my kids what my parents couldn’t give me.”) Giving your kids the best of everything might be doing more harm than good when it comes to your children’s financial stability, however. Buying the best for your child teaches your child they don’t have to strive. Let’s just be honest and admit it: No one likes to work harder than they have to…. Read More →

  • HOW A PET HELPS TEACH KIDS ABOUT MONEY

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

    “Mom, can I have a dog / cat [or other pet]?” The question is almost inevitable from youngsters, who have a natural curiosity about other living things, and who see lots of other families with animals. A lot of the time, the answer is a resounding “no.” After all, there are plenty of reasons not to get a pet, such as members of the family not being home enough to care for it properly. The cost of keeping an animal is also a big deterrent for parents, but hold on a sec. Having an animal at home might have more of a financial benefit than you think. Here are just some of the ways a pet can improve your child’s… Read More →

  • HOW TO USE A FAMILY SAVINGS JAR

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

    Saving is one of the first financial lessons that kids learn, and many experts promote the idea that the earlier children can start putting money aside, the better off they’ll be. The logical progression from this idea is usually to have your kid putting some money in a jar or piggy bank on a regular basis. (Even better, your child should have three banks or jar, one for saving, one for spending, and one for giving/charity.) A family savings jar can be just as important to your child’s money education. What Is a Family Savings Jar, Anyway? A family savings jar is just a jar or bank that everyone in your family puts some money into. Whereas the other jars… Read More →