Provide incentive for your teens to save money by offering to match what they sock away. This works especially well when there’s a big-ticket item they have their eye on that will take some time and effort to finance.
Tip of the Day April 13
If your child blows a whole month’s allowance on a video game and can’t afford to go to the movies with friends, don’t provide a bail-out—even if it means sitting at home with a cranky kid on a Saturday night.
Tip of the Day April 12
Over dinner, ask your kids what they would do if they had a million dollars. What should your school do if it had an extra million dollars? What if your state government got the windfall?
Tip of the Day April 11
Has your teen recently started a part-time job? Many banks have “teen account” options that allow teens to make deposits and monitor their own cash flow—under the watchful eye of parents who have full access to transaction records.
Tip of the Day April 10
Three great phrases you can use to teach young children about money: “People have jobs that pay money,” “Buying means trading money for things,” & “Money can only be spent once.”
Tip of the Day April 9
Every day 60 families are told they have a child with autism. If you know a family who is living with autism, ask how their child is doing and how the siblings are doing. Ask if parents are getting the break they need and how you can help.
Tip of the Day April 8
Help your kids set up a play grocery store by providing some empty cereal boxes and other food packages, play money, Post-It notes for price tags, and some recycled grocery bags. Let kids be in charge of setting up and running the store—you’ll be amazed at how much they learn as they play.
Tip of the Day April 7
How much allowance should kids get? According to Janet Bodnar, editor of Kiplinger’s Personal Finance, “Enough so that your children can squander it, but not so much that you’ll be upset when they do.”
Tip of the Day April 6
Engage your kids’ help in clipping coupons. Every now and then, let them redeem a coupon at the cash register and allow them to keep the cash they saved.
Tip of the Day April 5
Before a new school year begins, give teens a fixed amount of money for clothing and supplies and allow them to do the shopping. Living within a budget will challenge them to make tough decisions.