“Kids & Money” Archive

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Generosity…

The San Diego County Chula Vista Little League team won the Little League World Series…

But that’s not the big part of the story.

I was listening to the radio last week and the announcer spoke of the success of the fundraiser to not only pay the travel expenses of the team… but for their families as well. In this economy, where everyone is scraping nickels and pennies, residents were able to pool together well over $100,000 to be a part of a life changing event for those young boys.

The city actually STOPPED accepting money because they had MORE than they needed.

Congratulations to the Chula Vista Little League team but more importantly…

Congratulations to those who made the dreams of those boys and their families come true.

Posted by Beks on September 1, 2009 at 5:00 AM in General Personal Finance, Keeping Motivated, Kids & Money | 7 Comments »
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To all the mothers…

Mother’s Day is on Sunday (thank you to my sister for reminding me). I was going to write a Mother’s Day post on Monday but decided to help out those forgetful holiday folks like myself. You have two days to scratch out a note to dear ol’ ma… and if you can’t afford to pay cash for the gift, DON’T CHARGE ONE!! She’ll understand.

So here’s an open note to my mother – and I’ll try my best not to sound like a Boyz to Men song.

Mom,

Thank you for teaching me that children don’t need money to be happy. You made sure I knew love from my family was worth far more than the cash so frequently doled out to my friends from their uninvolved parents. I had the happiest childhood (and heck, adulthood) a kid could ask for and it was never because you showered me with the finest things in life – you knew you couldn’t buy joy. You showed me love, compassion, kindness, and at times… the back of your hand when I deserved it.

Thank you for teaching me responsibility. You didn’t teach me how to get into a financial mess, but you taught me how to own up to my mistakes and pay for them no matter how much it hurts. And speaking of taking responsibility… um… yes, I was the one who left the candle burning and set the counter on fire 11 years ago. Sorry about that.

Thank you for your faith in me. When we went on that college campus tour and I saw the $26,000 a year price tag, I told you it was a nice dream but it would never happen. You looked at me like I was insane and spent the next few hours with the financial aid department. They told me I had to keep a nearly perfect GPA and you told me you knew I could do it… and I did… but only because you believed in me more than I believed in myself.

I wish every kid could have a mother like you. The world would be a great place.

I love you mom

Posted by Beks on May 8, 2009 at 5:00 AM in General Debt, General Personal Finance, Kids & Money, Life Experiences, Living Frugal, Money & Relationships | 5 Comments »
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Junior Achievement Answers Your Questions

Earlier this month, Junior Achievement offered to do a question and answer with all of you. You gave them some great questions about kids and money. Here are their answers:

Mike D. asked:

“Are teens today more aware of the economy, and more aware of how important saving vs. spending is, compared to 10, 20, etc. years ago. Is this trending in any way (more aware, less aware).”

Our nation’s current economic crisis clearly demonstrates the need for financial literacy for our children, hopefully through our schools. Junior Achievement is so committed to ensuring that the next generation grows up with a fundamental foundation of financial literacy that we have created free, downloadable classes aimed at children in grades 5-12 and created lessons for parents and kids to do together. These resources are available at www.ja.org.

Here is the second part to Mike’s question:

“What do they think this recession will mean for that generation. Will it be more like the generation that came out of the great depression where they are less wastefull and got everything they could out of an item before getting rid of it, saving more, and using less debt? Or will this generation continue a lifestyle similar to what is in the economy now where people consider credit cards a way of life?”

It is difficult to know the ultimate outcome that our current economic crisis will have on the younger generation. The survey that we recently conducted in partnership with The Allstate Foundation shows that teenagers are feeling anxious about the economy and the poor economic situation is having an impact on their daily lives. For example, nearly half (49 percent) said their parents had discussed family finances with them as a result of the economy and 12 percent are contributing financially to the family budget.

SmileyGirl asked:

“As teens growing up in today’s economy do you feel it benefits your personal growth to have to pay for part of your expenses (car insurance, gas, spending money, etc.) or should we as parents reward you more for saving your money. As a parent of a teen and two pre-teens, I struggle with the right balance of teaching my daughters to be responsible with their money by saving and at the same time showing them that life costs money and it is a priviledge to do things like drive, eat out, etc. I want them to realize that life is not a walk in the park where you can spend carelessly with no consequences but at the same time I don’t want them to feel so strapped financially that their years of youth are spent agonizing over money. Any advice?”

The way you choose to teach your children about money is very personal and often different for each family. What may work for one of your kids may not be as effective for the other. The most important thing you can give them at this age is a solid education and set an example through your own behavior (that is visible to your kids) in the basics of personal finance so that they can make responsible decisions as adults. If you yourself only talk the talk but don’t walk the “financial walk” it can be difficult for children to take your money management lessons seriously. If they’re not getting the financial education they need at school, take matters into your own hands. There are resources on ja.org that can help parents teach their children about money management.

Ken asked:

“What 2 or 3 basic things can I do to begin to teach my 2nd grader about money?”

Budgeting and money management can be abstract concepts for a 2nd grader. By this age, they are often very capable of identifying things that they want. Once they’ve identified a goal, be it a new toy, snack or a movie, work with them on a way that they can earn that item. Whether they have chores around the house, have extra good behavior or forgo other items they may want, help them understand the actual worth of the item they want.

Begin to exercise comparison shopping with your child as well. Next time at the market, give them a few items they’re in charge of buying, such as breakfast cereal, pasta sauce and juice with a set budget. See if they come within that budget, and then you can discuss comparing prices and when to splurge on a brand name and when a store brand can be just fine.

I also asked a few questions:

“The facts shared about teens and money concern me. Especially how some are stressed due to the economy. I can only imagine that stress can spread through an entire family(young children included) during rough financial times. How do you recommend dealing with rough times with children? They will notice that things are different than they once were.”

It’s important to begin teaching children financial literacy from an early age, as you’re never too young to begin learning how to manage your money effectively. That lesson is very different for a five year old versus a teenager versus an adult, but the vital action is opening that dialogue so that money doesn’t become a scary, taboo topic in your household.

“Do you have any suggestions for free learning material to print/download for children?”

Junior Achievement recently created new series of free, downloadable teaching tools to help parents talk to their children about smart money management called Junior Achievement $ave, USA. These lessons are divided out by age group and discuss topics such as budgeting, the importance of saving, understanding the cost of credit and how to use it, and planning how to pay for college. The lessons are sponsored by The Allstate Foundation and are crucial for children’s financial literacy education.

“If one was interested in volunteering with Junior Achievement and working in their local school, but there were no Junior Achievement offices nearby, what could they do?”

While a Junior Achievement office may not be located in your city, there are offices all over the country. By contacting the office nearest you, there should be local opportunities for you to participate in so that you can help make a difference in local children’s lives. To find the closest office near you, visit ja.org and click on the “JA Near You” button to find local volunteer opportunities.

I’d like to thank Junior Achievement for answering our questions!

Posted by Tricia on April 25, 2009 at 9:02 AM in Kids & Money | 1 Comment »
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Becoming Better Financial Role Models

I look back at the last three years and I realize how much my me and my husband changed. We are less materialistic and happier with the simple things in life. For a journey that was about reducing debt, it turns out that some of the sweetest benefits are not directly related to the numbers.

Our son is a big example of that. Sometimes we forget that he is like a big sponge – soaking in our actions and words. I’ve been grabbing quotes from him here and there and I have few to share with all of you.

Here’s something he said to me while I was drinking some water.

“We don’t drink pop anymore. We are saving money and getting healthier.”

Here’s something he says when he finds something he wants in the Lego catalog.

“Ooooh, I can save up my money to buy that big set!”

Here’s something he says in the grocery store.

”Mom, how about getting this one instead? It’s on sale.”

Here’s something he says when an infomercial is on TV.

”You don’t get the free one for free. It’s a trick to get you to buy it.”

I’m proud of how far we have come with reducing our credit card debt. But I hear my son say these things and I am proud and so happy that we are becoming better financial role models for him. That should have been included in the list of motivators I wrote a long time ago. It is going to serve as motivation for us for years to come.

On a side note, I can’t help but wonder what financial wisdom our son is now sharing with his friends

Posted by Tricia on April 22, 2009 at 7:28 AM in Kids & Money | 11 Comments »
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Q&A Opportunity With Junior Achievement

I was contacted not too long ago by Junior Achievement. They were wondering if I would like to do an interview with them on here. I’ve done interviews in the past, but I never felt like I asked the right questions. So I wrote them back asking if I could ask you for your questions to have them answer (like what I did with the authors of “On My Own Two Feet). They are happy to do a Q&A with you!

First of all, I should let you know more about Junior Achievement. From their site:

JA Worldwide is the world’s largest organization dedicated to educating students about workforce readiness, entrepreneurship and financial literacy through experiential, hands-on programs.

I realize now, more than ever, how important it is for children to learn life skills related to money. I try to fit in some personal finance tidbits when I can with our son and we are trying to be good financial role models. Sometimes it’s tough. With the economy the way it is right now, kids are feeling some of the stress.

Junior Achievement sent me some facts to share:

14 percent of U.S. teens 15-17 years-old report the need to contribute financially to the family budget.

One-third of all teens report less job availability.

53 percent of teens surveyed say they’re choosing activities that cost less money.

More than 50 percent say they talk about the economy with their friends.

18 percent of 15 -17 year olds polled said they have lost a job due the economy.

Nearly three-in-ten teens (29 percent) said that the economy is causing them anxiety.

More than three-quarters (77 percent) of the teens polled say that their parents are talking about the economy more than they used to.

Nearly half (49 percent) said their parents had discussed family finances with them as a result of the economy.

15 percent of teens said they have reduced extracurricular activities as a result of the economy.

With that, I’d like to open up the floor to you for asking Junior Achievement any of your “kids & money” questions. Just leave your question as a comment below. I’ll keep the comments open until Tuesday (04-07-09) at 11:59pm and then I will send them over for them to answer. Depending on the response – they might not be able to answer them all.

Posted by Tricia on April 6, 2009 at 7:08 AM in Kids & Money | 5 Comments »
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A Father’s Letter to His Daughter

I usually have a few links for Friday, but today I am singling out a link that Beverly alerted me to. It is a letter a father wrote to his daughter. He shared some parting financial wisdom with her since she was heading off to college. I thought it was so touching and informative. I’m a softie and I found my eyes swelling up even before I finished reading it.

I have a letter similar to that from my mom. It wasn’t related to finance but it was related to being a responsible adult. I still have that letter today, and every now and then I take it out and read it. It means a lot to me and you can bet that when my son is old enough he will get a similar letter from me.

A Letter to My College-Bound Daughter

Thank you Beverly for the tip and thank you mom for the letter you wrote me way back when

Posted by Tricia on October 24, 2008 at 9:15 PM in Kids & Money | 5 Comments »
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Let Your Kids Make Money Mistakes

Even though our main goal is to become debt-free and improve our financial situation, there is another goal that is almost as important. That goal is to provide our son with what he needs to be successful with managing his finances as an adult. We do not want our son to follow in our footsteps.

Chris sent me an interesting article that suggests that you let your kids make money mistakes. It’s definitely something to keep in mind as our son gets older:

A $5 or $50 misstep as a kid or teenager may prevent a $500 or $5,000 mistake as a college student or a young adult.

The key: you can’t bail the kid out. As difficult as it is for you, the child must live with the bad decision â€“ even if it crimps other activities.

[Via Minianville.com]

Boy, it will be difficult to let our son make mistakes. I will want to intervene before they happen. But the article has a great point about letting kids learn from their mistakes when they are young – and the stakes aren’t so high.

Thanks Chris for the link!

Posted by Tricia on July 3, 2008 at 10:45 AM in Kids & Money | 8 Comments »
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