4 Reasons Teens Should Fill Out Their Own Tax Return

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 »

6 College Apartment Expenses Other Than Rent

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

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

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

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

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

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

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

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 »

A Parent’s Job Is Never Done

I heard an interesting comment at a wedding over the weekend regarding the current generation. An acquaintance was talking about how his brother was working with some recent college graduates, and how they work really hard on the job, but when they go home all they do is play video games. He described them as intelligent and hard working, but lacked the common skills of shoveling a driveway because all they did in their off time was play games. I laughed a little bit, shrugging it off as your typical older generation looking down on the younger generation sort of […] Read more »

Seven Things My Son Needs To Know About Having His Own Debit Card

My son, who recently turned sixteen and got his driver’s license, also just scored his first part-time job. For the first time in his life he will have the responsibility of scheduled work shifts, but will also enjoy a biweekly paycheck. With a steady income, as well as the expenses of gasoline, car maintenance and insurance that come with driving privileges, he will be traveling new ground in financial responsibility. When he came home from the required drug test for his new job he was told that he could have his paycheck direct deposited into a bank account. My son […] Read more »

Are You As Financially Savvy As A 7th Grader?

My daughter and I always have a good time together. We have similar personalities, interests and senses of humor. She was aware of our situation as we fought to pay off over $109,000 of credit card debt, and even shared her perspective on our journey in a guest post here on Enemy of Debt. She apparently also paid close attention to how our view on money and what is important in life changed over the last few years have changed. I found this out through a conversation we had last weekend. We had gone to the mall to buy a […] Read more »

Your Kids are Watching, What Are You Teaching Them?

In a rush of memories recalled by the video being projected onto the wall, I was reminded of countless times my parenting skills didn’t qualify as Father Of The Year material. It was the last session of my son’s driver’s education class and parents were asked to attend the last half of the session. The instructor was attempting to drive home the point that the only way we will ever create a culture of safer drivers was for us parents to put in the time and effort to teach our sons and daughters how to be good drivers. The video […] Read more »