Budgeting: A Teachable Moment with my Pre-Teen

budgeting kids and money Sep 21, 2019

What are you teaching your kids about money?

Have you considered what lessons you want your children to learn about money? As a financial advisor who works with people on some deeply ingrained money issues, I have thought A LOT about what I want my kids to learn about money. The thing is, if you don't think about it in advance, you could miss some great teachable moments.

My kids are all getting to the age where they are having a better understanding of money. Even at such a young age, they all seem to have a unique relationship with money. If I could share one ounce of wisdom with them, it's that they are in control of their own financial situation. It's interesting, though. My youngest, who is seven, seems to have the clearest concept of money. My daughter, who is ten, spends money the instant she gets it. I don't think she cares what she spends it on. She just loves to spend money.

My oldest, who is 12, is just starting to get the picture. I will say that his experience with Boy...

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Should you give an allowance? That is the question.

guest blog kids and money Aug 28, 2019

By Kelly Greene

It starts with the tooth fairy, right, moms? Your child loses that first tooth and you’re both so excited! The tooth fairy will be visiting! As your child is asleep you stress over how much the tooth fairy is paying these days for a tooth. Your friend maybe gave their kid a dollar or a quarter but what about that one mom who gave her kid a $20 bill?!? And so it begins…

Now flash forward a few years and your kids are older, they want money for things plus they live in your house and make their kid messes so they have chores. So, should you give an allowance? Should you pay them for doing chores? If you google this you will find so many varying opinions and methods, leaving you even more confused. Here are a few ideas:

1. Give them a weekly allowance along with a list of chores. The amount of this can be their age or an amount you feel comfortable with. Also, if you have more than one child the chore list may rotate. If you choose the amount to match...

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How to Be a Positive Money Role Model for Your Kids

kids and money Aug 07, 2019

We all grew up with various ideas about money instilled in us by our parents, some good and some not so good. How do we, as parents, model healthy financial behaviors for our children?

Teach your kids the value of money at an early age.  

I know how tempting it is to buy your child every single toy or book they want, especially around birthdays and holidays whether it's to avoid a tantrum or just because they’re so darn cute, buying your children anything and everything they want doesn’t teach them the value of money. 

Encourage your kids to save money.  

It can be very tempting to spend birthday and holiday money on one trip to Target, only for your child to be bored with their purchase a week later. Motivate your child to set a goal and save up for it. One of my sons is currently saving for a Nintendo Switch. It's a lofty goal for him, but I know he’ll feel a sense of accomplishment.

I recently took two of my kids to open up an account at...

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