Kids and Money | Enemy of Debt: Where Behavior Meets Reality

Kids and Money – Credit Cards for 2 Year Olds?

Written by Brad Chaffee on January 16, 2012 · 21 Comments

Do you want your 2 year old “learning” to swipe a credit card? This Christmas Noah (our 2 year old) was given a Shop and Learn Cash Register. At first I was excited. The nerd in me eagerly opened it up and secretly drooled over the idea that Noah was going to start learning about money. It had buttons, sounds, lights, a working coin drawer, a scanner and groceries to ring up. Perfect fun right? Then I noticed it also came with a credit card. I’d rather it not have a card at all — debit or credit — but [...] Read more »

Tags: credit cards, Kids and Money, learning toys, money

Just Say No to Inflatable Santa’s

Written by Suzanne Cramer on December 8, 2011 · 9 Comments

“Mommy please can we get one of those inflatable Santa’s?” This is the plea I have heard from my eight year old son since we began to decorate (with our already purchased) holiday decorations the day after Thanksgiving. My answer remains constant, “Not right now buddy, we don’t need an inflatable Santa.” Unfortunately millions of Americans apparently do feel they need inflatable Santa’s, two Christmas trees, and thousands of twinkle lights to adorn their homes so they can feel the magic of the holidays. According to a Bloomberg report, “This year U.S. consumers will spend $6 billion on decorations, the [...] Read more »

Tags: Behavior, budget, Budgeting, Christmas, credit, credit cards, debt, Debt free, debt freedom, Economy, goals, Kids and Money, money, pay off debt, saving money

This Year Just Say No to Chia Pets

Written by Suzanne Cramer on November 10, 2011 · 13 Comments

The holiday season is rapidly approaching; Christmas, Kwanzaa, Chanukah, whatever you call it, is about spending time with friends and family, enjoying a meal, and the true meaning of the holiday you choose to celebrate. It is NOT about who spends the most, who has the biggest pile of gifts, or who got the most Christmas cards. Many of us take the true meaning and purpose of the holiday season and turn it into a spending spree only to find the credit card hangover in January lasts until next year when it starts all over again. The Target, Our Children [...] Read more »

Tags: black friday, budget, Christmas, credit cards, Kids and Money, Priorities

Personal Finance For A Nine Year Old

Written by Travis on October 20, 2011 · 17 Comments

A few weeks ago, one of my daughter’s friends got a new computer game, and the two have been playing it ever since. However, my daughter, Tori, cannot play it unless her friend brings it over to our house, or she goes down her her friend’s house. So, naturally she wants her own copy. She had recently spent all her saved allowance money, so she was starting from scratch saving up the $20 for the game. Last Friday afternoon, when she got home from school, she exploded through the front door, ran up to her room, and grabbed her piggy [...] Read more »

Tags: kids, Kids and Money, Money Management, personal finance

Are Your Actions Setting Up Your Children for a Lifetime of Debt?

Written by Jessica on October 15, 2011 · 3 Comments

avoid giving in to a child be a positive role model

When my oldest son was little I was a frequent customer at places like Target, the mall, and Bed Bath & Beyond. Shopping for me meant a lot of things. It was therapeutic, especially when I was feeling depressed (oddly enough, depressed about my lack of money was often the case). It was in search of bargains, which in hindsight ended up not being much of a bargain by the time I left. And it was a social activity. My then-husband and I would go shopping whenever we were bored. We said it was just to look around but we [...] Read more »

Tags: financial behaviors, financial literacy, habits, Kids and Money, lack of money, lifetime of debt, role model, shopping

When is it the Right Time to Let Your Kids be Financially Responsible?

Written by guest on September 12, 2011 · 4 Comments

I am not the kind of person who likes to tell other parents how they should do their job. Everyone has their own methods when it comes to raising children and in most situations there is no right or wrong way of doing things. But conversations between parents are often an invaluable source of ideas, so I’m going to offer some thoughts on the process of how to help your children become financially independent as they grow into young adults. The behaviors that turn children into fiscally prudent adults can begin at a very young age. From spending and saving [...] Read more »

Tags: car insurance, financial responsibility, Kids and Money, young drivers

Do Our Parents Money Decisions Define Us?

Written by Suzanne Cramer on September 1, 2011 · 15 Comments

From a young age I was given the ability to choose how I would spend my money. I was raised in a “typical” family unit with two hard working parents and a younger sibling. We weren’t rich, we weren’t poor we were considered middle class, I suppose. My dad worked long hours as a small business owner (he was a mechanic) and my mom worked part-time so she could take care of us. The family business was passed onto him by my grandfather who came to the states with nothing except the clothes on his back. Read more »

Tags: accountability, debt, Debt free, goals, Kids and Money, Motivation, personal finance, savings

Are You Teaching Your Children to Avoid a Financial Stomach Ache?

Written by Travis on July 20, 2011 · 13 Comments

Photo credit: newyork808 During the last week of school, my twelve year old son went on a class trip to the Nickelodeon Universe theme park inside the Mall Of America. When I picked him up from school, he told me that he didn’t go on any rides the last hour because he didn’t feel well, and still didn’t. Trying to determine the cause of his stomach issue, I asked him what he had for lunch. The conversation went something like this: Tristan: “I wanted Subway, but there wasn’t one in the food court where we went to eat. So we [...] Read more »

Tags: children and money, financial lessons, financial responsibility, Kids and Money

Got Kids? Start Teaching Them Solid Financial Principles

Written by Brad Chaffee on March 24, 2011 · 11 Comments

Got kids? If so, you should really consider teaching them solid financial principles as early as age 4. (we started at around three and a half) Why? Well, because if you’re anything like most parents, you desperately want to help your children avoid what you have had to learn the hard way. DEBT SUCKS! Give them a rockin’ head start by helping them understand the money principles that will keep them from making avoidable financial mistakes. Help them: learn how money works learn about debt and why it should be avoided about what expenses are learn about savings and why [...] Read more »

Tags: commission worksheet, Debt Elimination, head start, Kids and Money, money principles, personal finance

Teaching Kids About Money – Here’s What Helps

Written by Clair Schwan on September 27, 2010 · 6 Comments

Photo Credit: Memory_Freak This is a guest post written by Clair Schwan. I can’t say that I have a lot of experience with kids, but I have a lot of experience with money, and part of my childhood involved what I thought was a good training program about the value of money and how it might best be handled. I had four of the best teachers I could possibly ask for – two grandparents who were young adults in the Great Depression, and two parents who grew up in it and struggled through the challenging economic times surrounding World War [...] Read more »

Tags: financial training, Kids and Money, personal finance, teaching children, teaching kids about money

Children and Money: A Basic Plan To Teach Financial Responsibility

Written by Brad Chaffee on April 7, 2010 · 30 Comments

Have you been wondering how to start teaching your children about money? If you are counting on the schools to give them anything in the form of financial training, you’re wasting your time. You’re better off doing it yourself. If schools taught solid financial principles, many of us would have never got into the financial trouble we ended up in. To make matters worse not only did we make a mess ourselves, but for most of us–myself included, we continued the stupidity for more than a decade. I plan to stop that nonsense right now with my children. As Dave [...] Read more »

Tags: commission, excel spreadsheet, Kids and Money, work

Manage Your Money Week 2 – Teamwork, Accountability, and Kids

Written by Brad Chaffee on March 8, 2010

WOW! Out of the 44 that signed up, only 12 showed up, leaving 32 people MIA. That’s alright though, there is still a chance to redeem yourself. Don’t give up before you even start! How are you going to change things if you don’t do the work? I know it’s hard! I know you’re scared! I know you’re intimidated! But you have to make some changes, and you may as well start now. You are still welcome, and can win some prizes. Make the changes now! To the ones that showed up, and blew me away with their honesty and [...] Read more »

Tags: accountability, Budgeting, children and money, Kids and Money, teamwork

Children And Money: Are You Helping Your Children Learn The Basics?

Written by Brad Chaffee on October 14, 2009 · 23 Comments

Teaching Your Kids Early On Is The Best Way To Ensure Financial Responsibility Since approximately February of 2009 we have been adding small amounts of change to Isaac’s piggy bank periodically. He gets money for doing certain things like cleaning up after himself, helping around the house, etc. He loves to help and we want him to learn the value of hard work. If he works he does get paid, and if he doesn’t work then he doesn’t get paid—just like the real world. We have a pretty loose system as Isaac is only 3, but as he gets older [...] Read more »

Tags: Giving, Kids and Money, Saving, Spending

Warren Buffet Invests In Educating The Children, Will It Pay Off?

Written by Brad Chaffee on July 30, 2009 · 3 Comments

Warren Buffet And Investing For Kids I found the video below on The Wall Street Journal website. Apparently coming this Fall, AOL will be featuring an animated series where Warren Buffet teaches kids about investing. (Pay attention kiddies!) You Should Know Smart investing is something you definitely want to learn, and it is REALLY important to remember that whenever you are ready to invest, KNOW AND UNDERSTAND your investment. Don’t put your money into anything if you don’t understand how it works. Also, contrary to what you will hear EVERYWHERE, there are no “secrets“! There are tips and strategies based [...] Read more »

Tags: Investing, Kids and Money, Warren Buffet