Last week’s blog addressed the concept of not spending as a form of saving. This is a good learning experience for kids who, by nature, have short attention spans. The idea of saving for something next week or next month makes sense because it is within a kid’s perspective. How can you possibly talk about [...]
In my annual number gathering prior to filing our joint tax return one number in particular jumped out at me. $3.47. That’s the interest our checking account earned during 2011 with a monthly yield ranging from $.04 to $.73. We accumulated barely enough to treat one kid to an ice cream cone, which as of [...]
In September I wrote a blog Viewing national debt as a family budget. With America’s debt now at $14 trillion, most of us can’t get a handle on numbers with that 12 zeros. Here’s a different spin on the numbers, in the form of a fable parents can share with their kids. Taxpayer goes to [...]
Are you keeping track of your money? What about the invisible spending? What is invisible spending and how does it affect your money and marriage? Join Dr. Taffy as she interviews Lynne Finch, author of The No-Cash Allowance. Lynne will share what No-Cash allowance is and how it occurs. About the show: Money and Marriage [...]
According to a Nickelodeon/ Yankelovich Youth Monitor survey, the average allowance for a 6-8 year old is $4.80 per week, a 9-11 year old is $7.00 per week, and a 12-17 year old is $16.60 a week. Lynne’s comment: “The amount of allowance is less important that the reason why you are giving your kids [...]
Spending on and by teenagers will reach $208.7 billion in 2011, up from $189.7 billion in 2006, according to Packaged Facts’ “The Teens Market in the US” report. The spending increase is expected despite an estimated 3% decline in the 12-to-17-year-old population by 2011.
Teen spending will grow 3.5% annually to $91.1 billion in 2011, from $79.7 billion in 2006. Family spending on teens during the same period will grow 7% to $117.6 billion in 2011, from $110 billion in 2006 according to Packaged Facts’ “The Teens Market in the US” report.
Americans owe some $826.5 billion in revolving credit, according to June 2010 figures from the Federal Reserve. (Most of revolving credit is credit-card debt.) Student loans outstanding today — both federal and private — total some $829.785 billion, according to Mark Kantrowitz, publisher of FinAid.org and FastWeb.com.
A VISA survey found that 85% of parents said they want a course in personal finance to be a high school graduation requirement. In contrast, a Schwab survey of teens showed that 64% would rather learn through experience than in a classroom. Lynne’s comment: “Looks like our kids realize that money management requires experience outside [...]
Two of five respondents graded themselves C, D or F on the 2011 Financial Literacy Survey, conducted by Harris Interactive Inc. last month on behalf of the National Foundation for Credit Counseling. More than 25% of the 1,010 adult respondents reached by phone also reported that they are spending more than they were a year ago and more than half said that they don’t keep a budget or track their expenditures.