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.
Recently I overheard a young boy ask his mother for a quarter. The mother looked at him, “What would you do with a quarter?” The boy replied, “I’d go to the store and buy Star Wars stuff.” In this brief dialogue, this child shows that he has figured out what money is and what it does.
Along with taking down the holiday decorations, one of our family traditions is to create a financial summary of the past twelve months. Granted, hauling the Christmas tree to the curb may sound exciting compared to analyzing a year’s worth of financial information. Yet, in terms of knowing where your family is going, a financial summary is a vital exercise.
As I write this, our Congress has not yet passed the bill to determine how much you and I will pay in taxes for 2011, which is only two weeks away. We elect people to make wise and timely decisions, especially about something as important as spending our tax money.