Helping kids appreciate money
How much allowance should I give my kids? What do other parents do? Is giving an allowance even a good idea?Many experts will say $1/week multipled by your child’s age is the “right amount”. To this, we say nonsense! Here is some quick information that really will help.
Read MoreI received this in an email and thought it provided a great, easy way to picture our national debt by comparing it to a household budget.
Read MoreChristmas and birthdays are often a time when kids get a windfall of cash and gift cards. Should you let them run right out and spend it all? Whoa. Not so fast. An incredible teaching opportunity for your kids has just presented itself. Check out Bob's interview with Murray Feldman on Fox 2 Detroit about teaching your kids how to handle the gift of money.
Read MoreI'm giving my 6 year old a cell phone for Christmas. Whoa! Hold on. Let me explain. My daughter is really 6, and it's a real cell phone, but it's not going to have any cell phone service. I'm "repurposing" a gently used Android cell phone to provide a FREE and pretty darn sweet handheld gaming device for her for Christmas.
Read MoreWant your kids to make healthier food choices when they are out? Have them pay cash.This is a somewhat surprising finding in a study by the USDA. In the study, college students that paid with cash made healthier food choices than those paying with an unrestricted debit card. And not only did they make healthier choices...
Read MoreToday’s kids will be tomorrow’s adults and we keep on hearing that so many young adults don’t have a clue how to write a check. We’re here to help! For the next goal your child achieves in FamilyMint, rather than whipping out the debit or credit card at the store, take your checkbook with you and make it a learning opportunity.
Read MoreWhen it comes to being savvy about money, the line between what teens think and reality is as wide as the Grand Canyon. Most teens surveyed believe they are financially savvy. But when asked about specifics such as establishing good credit, balancing a check book or what a credit score is, the majority of teens were in the dark.
Read MoreFollow the story of Goldilocks in her search for an imitation bear skin rug and how she decides which one is just right for her and that buying something because it’s cheap will often make you weep, and to purchase to impress never works out for the best.
Read MoreThe Envelope System is a popular method of budgeting, and for good reason. The process is dead-simple.
Read MoreIt feels great when your kids earn their first paychecks in their coveted summer jobs. Their first instinct might be to rush out and spend away. But what happens when school starts? The money is long gone. The best way to make that money last through the year is to set up a budget.
Read MoreOne of our earlier blog responders suggested that “budget” has negative connotations these days, so he prefers “spending plan.” He suggests that this indicates that the planner is in control of his or her own financial destiny.
Read MoreStatistically, we as adults don’t do very well when it comes to managing our own money, so are we laying the right kind of foundation the generations to come? Watch this video a find out for yourself. Real statistics. Real solutions.
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