4 Reasons Teens Should Fill Out Their Own Tax Return

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Tax season is upon us all, not just for us adults, but also for our children with part-time jobs. I was reminded of this fact when I opened the mailbox and found my son’s W-2. He wants to get his taxes done as soon as possible as he knows he will likely get a refund. I could just sit down and quickly pound out his taxes, but I want him to be involved in the process. There are several reasons kids should be involved in the process of filing their taxes. Understand Amount of Taxes Paid Teenagers typically looks only […] Read more »

I Want My Daughter To Quit Her Job

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My daughter, a junior in high school, has a fantastic part-time job as a food runner blocks away from our house. They work with the students to ensure they get the time off they need for school activities and family functions. Many of her friends work there as well. She earns $10 an hour, but after tips are counted, it’s closer to $20. This all sounds great, but she wants to quit. I support her 100%. Learning Skills My daughter is taking a class in which she learns the skills preparing for the certified nursing assistant exam. She has almost […] Read more »

My Daughter Is Taking A Personal Finance Class!

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My daughter asked me to look over her class registration form for her senior year in high school. We made sure she had all the required classes first, then discussed electives. I was tickled when she stated she thought a personal finance class was a good idea. I think her exact reasoning was, “So she can be a smart, independent woman.” A quote from somewhere I’m sure. Financial Education Is Important If high school prepares students for the rest of their lives, giving them the skills needed to be productive successful adults, then personal finance should be a required class. […] Read more »

I’m Forcing My Daughter To Go Shopping

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I told my daughter to plan to go shopping at the mall this Saturday. I encouraged her to engage in a full on shopping spree and spend a significant amount of money on herself. Yes, you read correct. It may not seem like very financially responsible advice, but I sincerely believe it’s exactly the right thing to do. My daughter got her first part-time job over the summer, working one night a week. She did such a good job, they wanted to expand her hours when school started.  Balancing schoolwork, being on the cheer team, and the job has been […] Read more »

Provisional Credit And How It Could Cost You

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I saw a transaction marked as provisional credit in my son’s checking account history. My son disputed a charge for an online purchase that never actually went through for $80. A provisional credit was issued as the bank investigated the matter. Looking at his balance, I knew we had to have a talk not only for education’s sake but also to avoid an overdraft fee. What Is A Provisional Credit? Provisional credit is a temporary credit issued by your bank into your account when a transaction cannot be verified or is being disputed. Provisional and Real Credit Overlap When the […] Read more »

7 Financial Lessons A First Job Can Teach

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My teenage daughter has her first official part-time job. While helping her fill out her paperwork I discovered that her first job will give her much more than a good work ethic and a paycheck every two weeks. Just having a job will force her to learn quite a few skills useful for the rest of her life. How to Read A Pay Stub Everyone should know how to read a pay stub, especially hourly wage workers. Pay stubs show important information such as: Pay period dates Hours worked Hourly wage Net amount paid Employees should verify this information is […] Read more »

6 College Apartment Expenses Other Than Rent

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Teaching your child about finances doesn’t stop once they go to college. In fact, the stakes get higher and the lessons much more similar to real life. My son and his friends are moving into an apartment for his second year of college in the fall after living in the dorms his first year. His main focus is how to pay his monthly rent, but there are many other expenses he needs to be thinking about and planning for. Security Deposit Moving into an apartment requires a security deposit up front. This amount will be split among the roommates, but […] Read more »

Teens And Money: Developing Good Financial Decision Making Skills

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Sometimes we don’t realize just how much of adult interaction kids soak in. I’ve written in the past how sometimes teens can surprise us with great financial decisions, and I had another such situation occur over the weekend I just had to share with you. My daughter and some friends planned to travel an hour and a half to an amusement park to celebrate a birthday. They were first meeting at the mall to have lunch and then hitting the road from there. Just as I got to the gym for a workout, I received a text from my daughter. […] Read more »

Teaching Your Teen How To Eat At A Restaurant

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My daughter’s high school recently held their annual homecoming celebration. All the usual activities were included such as the football game followed by fireworks, and the homecoming dance the following evening. One activity not on the official list, but I added to my daughter’s agenda was a life lesson in finances. \My daughter and her friends spent the afternoon putting on makeup and doing their hair, and planned to go out to eat before going to the dance. She and her friends sat in a corner booth, while my wife and I took a table across the restaurant. We were […] Read more »

Teens And Money: Using A Waiting Period Before Significant Purchases

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A spending waiting period can prevent a person from throwing their money away on something they won’t get a significant amount of value from, or something they just flat out don’t need. Whether the waiting period is 24 hours or a week, the concept is the same. Before making a significant purchase, wait a period of time to really reflect upon the purchase. If after the waiting period has expired you still want the item, buy it. This same method can simply prevent a person from making a bad decision when it comes to what product to buy, or whom […] Read more »

Teens And Finances: Online Subscriptions

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If you’re going to be successful in managing your finances, you have to budget.   It’s a skill that parents need to teach their children, now more than ever before.  It used to be that kids would only have bills that their parents pushed on them.  For example, my son owes me a predetermined amount each month for his phone and car insurance.   These are what I like to call “responsibility payments” as I pay the bills each month, and he just gives me his portion.  If for some reason he could not pay them, it would be a discussion we […] Read more »

A Little Embarrassment Can Be A Great Financial Teacher

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It felt great to be able to come to the rescue for my fifteen year old daughter. As young adults progress through their teen years they want more independence, and rely less and less on their parents. So when the opportunity arose for me to swoop in and save the day for my daughter I latched on to it and took full advantage of it. It also gave me the opportunity to give my daughter a great lesson in personal finance. I had gone to the mall for some shopping, and brought my daughter with me. Once at the mall […] Read more »

How to Become a Stay at Home Mom (or Dad!)- 16 Tips to Get Started

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How to Become a Stay at Home Mom (or Dad!)- 16 Tips

Becoming a stay at home mom ( SAHM ) or dad is an important decision a lot of families struggle with.  Making the decision to stay at home with the kids while the other spouse works takes plenty of consideration and planning if you really want to make it a blessing for your family. If you don’t consider the advantages and disadvantages of staying home with the kids, you can very quickly end up stressed, unhappy and broke! How to Become a Stay at Home Mom (or Dad)! That’s where this post comes in! Below I’ll show you everything you […] Read more »

What A New Cell Phone Will Teach My Son About Personal Finance

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No contract cell phone options have been around for awhile. A few years ago we actually switched to a no contract plan with AT&T which significantly reduced our cell phone bill because the four phones in my family were all considered paid in full. We enjoyed the lower cell phone bill for about six months, then we all upgraded our phones. When we upgrade our phones, our monthly bill went up significantly. The bill went up significantly because monthly payments for the phones were now included in our overall bill. I kept my eye on the date where the phones […] Read more »