A perennial question for parents is, “Do you pay your kids to do chores?” But the real question for you to think about is, “How does paying (or not paying) your kids for chores fit into your overall plan for teaching your kids how to manage money?” In my opinion, I believe that each time [...]
Why is the America’s national debt so high? A recent article presented an excellent graphic using a family budget to show the national debt as “credit card” debt, something we all can relate to. This visual explanation makes it easy to understand that as a county we overspend with little attempt to manage our money [...]
How can you help your kids learn to manage money? Discover the secret in The No-Cash Allowance, an easy to use money management system that helps kids learn how to manage money without cash. Kids are responsible for keeping track of their own money so the system doesn’t break down. It’s easier than you think and won’t cost you any extra money!
Parents often ask me, “How much allowance should I give my child?” Alas, there is no magic formula. If you really want to know how much money to give your kids, look no farther than yourself. As a parent, you are in the unique position to transform your kid’s allowance into one of your most [...]
Money is like fuel for a car; fuel is measurable, gets used up and has to be replenished. How does this compare with teaching kids to manage money?
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 [...]
As we were unpacking from a recent vacation, I asked my husband, “How much cash do you have left?” Guess what? Between the two of us, we had almost as much cash as when we pulled out of the driveway two-weeks earlier. Yes, we used credit cards, but because we keep good records we did not overspend our budget.
Parents often ask me, “When should I start teaching my kids about money?” The answer is, “The sooner the better.” Your kids know what money does before they even know what money is.
Here’s a multiple-choice question for all you parents. What do you say (or want to say) when your kid asks for money?
As parents we enjoy watching our children giggle, bounce and tumble through childhood. Yet deep down, we know our kids will grow up. We know it’s our job to guide them as they learn the many skills needed to become self-sufficient when they leave home.