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  • 7 TIPS TO HELP YOUR KIDS GIVE MORE DURING THE HOLIDAYS

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

    No matter where you live in the world, the holiday season—generally seen as November through December—provides a great opportunity for your kids to learn about charitable giving. The trouble is, many families are facing increasingly tight budgets, which can put a serious crimp in your children’s plans to help out. With a little planning, it’s still possible for your kids to make a big effect and feel great about being generous. 1)    Have your kids look at what they already have. Even though some organizations or drives request new toys or clothes, many will readily take gently used ones. Have your kids go through what they have and pick out a few items in great condition to give away. Ones… Read More →

  • 5 QUESTIONS TO HELP YOUR KIDS TELL A “NEED” FROM A “WANT”

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

    Financial experts almost unanimously laud teaching kids how to tell the difference between “wants” and “needs”. The trouble is, they often stop their advice there, failing to give parents and caregivers some basic strategies that will help children make independent purchase choices. These questions can point your kids in the right direction and get them thinking through the purchases they make.   1)    Does this item keep me safe or healthy? Safety and health will be your children’s purchase priorities, not only in the present, but through their entire lives. At the top of the basic safety/health list is food and shelter, but there are rules even here. With food, for example, the general guideline is to aim for something… 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 →

  • HOW SEPARATE SPEND, SAVE AND GIVE BANKS HELP KIDS BUILD MONEY SAVVY

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

    For years, money gurus have asserted that, with help from parents, kids use separate spend, save and give banks with their money. Although the advice is sound, the experts who spout it rarely provide an explanation about why the technique works, let alone how it concretely connects to their financial savvy later in life. Here’s the breakdown that maps it all out for you. Concrete Thinking and Good Money Habits When kids are first learning about money, thinking abstractly or based on concepts—which sound financial management requires—is still challenging. They do better with real or physical tools until around age 7, after which they slowly start to develop their ability to understand logic. By age 12, most kids can work… Read More →

  • 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 →

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