Kids and Money – Credit Cards for 2 Year Olds?

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 »

The Magic Teddy Bear; When Money Finally Clicked for My Daughter

I've struggled to get my daughter interested in money. She's 10 years old which should be plenty old enough to "get " money but for whatever reason she just didn't. She didn't care to earn it or spend it. I've tried all the tricks to get her interested. I give her spending money to spend when we are on vacation. Nothing. I pay her for chores. Nothing. The kicker is that she will do the chores but then doesn't even care to get paid! We have a chore chart on the fridge and after a chore is done the kids have to mark it off. Then once a week we pay them for the chores they have done. I know my daughter does her chores but she never has any marks on the paper and therefore doesn't get paid. Meanwhile my 5 year old son is all about checking off his chores and getting his allowance. Read more »

Under Pressure: Teaching Our Children a Lesson in Wants vs. Needs

“Mom, can I have a DS? Please! Everyone else has one.” I have heard this off and on for a couple years. My son really wants a Nintendo DS Handheld game system. He has asked for one for every holiday and birthday for years. I have been reluctant to purchase one for a few reasons. First, he doesn’t need it. He does have an older model Gameboy that was given to us for free. Second, I would rather he spend his time reading, playing outside, interacting with his family and using his imagination. Also, I just don’t have the money. However, […] Read more »

Personal Finance For A Nine Year Old

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 »

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

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 »

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

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 »

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

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 »

Got Kids? Start Teaching Them Solid Financial Principles

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 »

Teaching Kids About Money – Here’s What Helps

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 »

Children and Money: A Basic Plan To Teach Financial Responsibility

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 »

Book Review & Giveaway: Give Me Get Me Buy Me

Give me, get me, buy me! Does that sound like someone you know? It sounds like a lot of people these days which is why this book is so perfect for today’s day and age. The entitlement mindset has to be one of the most self destructive mindsets one could adopt for themselves, yet many do. Today I am reviewing a book written by Donna Corwin and it is titled, Give Me, Get Me, Buy Me – Preventing or Reversing Entitlement in Your Child’s Attitude. Talk about stopping something before it starts, now’s the perfect time to turn things around. […] Read more »

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

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 »

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

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 »

Your Children Will Handle Money, The Way You Handle Money

Money Management In Public Schools? I recently read an article that talked about how Cincinnati Public Schools plan to start teaching money management classes, in grades K-12, starting in 2014.  Now on the surface, this doesn’t sound like a bad idea, but I think that there is another way of looking at it.  Personally, I believe that while teaching kids about money is important, I think that it is more important to know who’s ideas about money management are being taught. My objection isn’t that money management will be taught, it’s about what that will include.  If they are just […] Read more »