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  • 7 WAYS TO MAKE YOUR KIDS MORE FINANCIALLY INDEPENDENT

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

    Ideally, kids grow up to make good money decisions, working with funds without relying on anyone else. Getting them to this point takes work, however. These methods can lay a solid foundation for your kids’ financial independence.   1)    Make your money tasks a routine part of your schedule. Kids are masters of imitation. Whatever you do, they likely will copy. Set up a time at least once a week where they see you paying your debts, shopping for necessities (preferably with a list) and working on your budget. Approaching financial tasks with consistency in this way helps kids accept that money management is doable, normal and a regular responsibility, just like brushing their teeth or getting homework done. 2)   … 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 TIPS FOR TEACHING YOUNG KIDS TO COMPARISON SHOP

    CATEGORY: Events, Make money, teach kids about money

    Savvy adult shoppers will comparison shop before they make a purchase decision, but this behavior doesn’t happen automatically—it’s learned. Kids have the capacity to start doing it on a basic level quite early if you show them how. These tips can make the task a little easier for young children to understand and increase the odds they’ll continue to use the skill later in life.     1)    Keep it hands on. When kids are very young, they often need to see things visually or work with them physically, as their brains are still developing the ability to work in the abstract. As an example, suppose one store has 3 boxes of cereal on sale for $6, while another has… 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 →

  • WHAT YOUR CHILD SHOULD KNOW ABOUT PAWN SHOPS

    CATEGORY: Education, give to charity, kids & budget, kids & money

    If your child watches TV, the odds are pretty good that he’s seen at least one commercial for a pawn shop. In fact, because of how these businesses market themselves, he might even be more curious about them than other financial institutions he’s more likely to use long term, such as a bank. Going over how these companies work can help your child use them wisely in the future. How a Basic Transaction Works In a simple pawn shop transaction, your child brings in something of value, such as jewelry or an electronic item. The pawnbroker then tries to determine what the item is worth. He offers a loan based on the estimate. If your child takes the loan, the… Read More →

  • 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 →