Gifts of money are often received (and spent) with joy and appreciation that lasts about as long as it takes to get to the mall or log onto Amazon. But there are better ways to give that can provide valuable lessons about financial responsibility, stability, and charity—gifts that may improve your loved one’s quality of life for years to come. Here are some alternative ideas to add meaning to your holiday gift-giving: Experience Gifts Experiences are thoughtful gifts that can last a lifetime. Whether it’s a concert, theater performance, or sporting event, shared experiences create lasting memories. Enrolling your loved one in a cooking class, art workshop, or sports clinic…
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Fall Financial Tips for Families
As the leaves turn and the cool breeze sets in, fall brings a season of cozy gatherings and family fun. It’s also the time when holiday spending starts to creep in, with Halloween and Thanksgiving just around the corner. But don’t worry – this season is also a great time to teach your kids some valuable money lessons through fun fall activities, all while keeping your budget on track. Here are a few creative ways to help kids of all ages learn about money! For Young Kids (Ages 3-7) Fall is such a magical time for young children, with pumpkin patches and costume parades filling their imaginations. It’s also a…
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Smart Savings
Children enrich our lives in so many ways, but they sure don’t come cheap! Every parent knows that expenses related to child-rearing can feel endless. From covering essential needs like diapers, food, and clothing to managing their many wants and must-haves, and planning for their future, the financial demands can quickly add up. Fortunately, there are many convenient and accessible ways to save up for your child’s future to make these demands more manageable. Let’s take a look at several popular savings options you can open for your kids, and the benefits and factors to consider for each one. 1. 529 Savings Plans A 529 plan is a tax-advantaged account…
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Shop Smart and Save This Back-to-School Season
Did you know the average American parent will spend about $700 per child this back-to-school season? If that’s likely to put a damper on your summer, take a deep breath and relax.You don’t need to spend yourself into debt just because everyone else seems to be doing it. Instead, take a proactive approach when shopping for the new school year and spend much less than the national average. Budget Back-to-School Shopping Expenses When compiling your household budget for the year, make sure to include back-to-school as a line item. Calculate what each of your children might need during the entire school year for different categories, such as clothing and supplies.…
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Kids and Allowance
Learning a new skill takes practice. For instance, if you want to teach a child how to ride a bike, they will need a bike to practice on. The same is true of money skills. If you want your child to learn how to save money and spend it wisely, giving them an allowance will help them practice.Here are some ideas to help you and your child get the most out of their allowance. Timing is everythingWhen your child starts to understand the concept of money and its purchasing power (usually around age 5 or 6), it might be a good time to consider introducing an allowance. If they can’t…
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Summer Fun On a Budget
Keeping the kids entertained while on summer break can be an expensive endeavor. Registrations for summer camps, daycare, and recreation programs are only the tip of the iceberg. You also need to consider transportation costs to and from these programs you don’t normally attend during the school year. However, summer break doesn’t have to break your budget. You can still take some quality family time and you can do it all on a dime. Here are some great ideas to keep your children entertained while you are at work, and some fun family activities, all of which are economical or free! Camp out in your yard If you can’t take…
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How Do I Prepare My Teen for His or Her First Job?
Q: My teen started looking for their first official job and, as their parent, I’d love to help them through this process. How can I prepare my teen for their first job? A: You sound like an involved, responsible and caring parent. Preparing your teen for their first job will help ensure their foray into the working world is as smooth and successful as possible. Here’s how to prepare your teen for their first job. Talk about their goals Help your teen hash out their goals before looking for their first job. Sit down with them and ask what they hope to achieve with their job. Do they want to…
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Assess Your Stability During Financial Literacy Month
Americans say their financial health is a top priority. Maybe a top source of anxiety, too, as three quarters of us admit to being stressed about our finances. Many of us have become financially unhealthy, or just not acquired the proper money management skills. But that can be remedied in April, which ushers in National Financial Capability Month (It’s a real thing: Congress proclaims it every year). Financial capability and financial fitness go hand in hand. Fitness means effectively managing your money to meet your short-term and long-term needs and wants. The Financial Counseling Association of America (FCAA) says it involves handling your finances in a way that allows you…
