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Think Your Kid Understands Money? Think Again!

  Piggy banks, chore charts and job magnets: all popular ways to teach kids about money. In fact, most parents introduce their kids to money using one of these methods. It’s how I got my first introduction to saving and spending. Those methods might work when kids are four, but too many parents haven’t transitioned their kids to the next level. Have you? Do you have a teen who knows how to fund a savings …

Is Your Allowance Preposterous?

Ask most parents if they give their kids an allowance and they’ll hem and haw…   “Well, we give them money occasionally when they need it.” or “Kind of, we tried it once but it didn’t really stick.” But then there’s another group. The group who proudly declares: “YES! We give the kids a dollar a week per year of age.” This is actually the hardest response for me to hear. Yes, it’s great they …

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The Sweet Harmony of Jobs and Chores for Kids

Jobs or Chores? Chores or Jobs? Which one should you have in your house? GREAT NEWS, PARENTS!!!! Sharpen up those pencils and start making lists because you get to have both! Think of it this way: CHORES are the tasks around our house that everyone needs to do in order for the house to run smoothly. This includes: Doing dishes Sweeping the floor Feeding the pets Emptying the trash Mowing the grass Cleaning the common …

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What makes a $60,000 family budget remarkable?

Ryan Broyles may not be a household name. In fact, as a mom who no longer has football players in the house, it is almost guaranteed that I would have never heard of him. Except for one thing. Brolyes, a wide receiver for the Detroit Lions, is doing something very unusual for a professional football player.  He’s living on a family budget of just $60,000 a year. While that may not seem like a big …

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Be Consistent! Schedule Allowance Meetings Today!

School days, school days  Dear old Golden Rule days ‘Reading and ‘writing and ‘arithmetic Taught to the tune of a hick’ry stick… My mom delighted in singing that song to us on the first day of school. Top of her lungs, completely out of key. It INFURIATED us. We’d bury our heads under the covers and pretend it wasn’t true. She did it every year. About some things, she was extremely consistent. Regardless of whether …

Sheepish reminder: Talk to your kids about money (especially theirs)!

Last year our youngest son started school out of state. There’s a story behind this, but before you ask, No, we didn’t send him away and No, he didn’t do something wrong. He’s actually a terrific kid and letting him go there was one of the hardest things I’ve had to do as a mom. He was 14. During the year, I was pretty impressed with the way we found to communicate with each other. …

Clear Your Family Calendar: Introduce an Activities Allowance

Using an Activities Allowance

You can feel the excitement in the air: mothers can almost taste the freedom that arrives when the kids go back to school. Gone are the long days of summer when moms are responsible for entertaining kids. Soon, routine will set in and families will happily return to the safety of the calendar. Not so fast: let’s fast forward to that Thursday night in October when you’ve got three kids who need to get to …

Squeaky Instruments and Teaching Kids About Money: Almost the Exact Same Thing

So you’re no good with a budget. Maybe you hate thinking about money. So what? As parents we do a whole of things we don’t love: Wiping out the nooks and crannies of the high chair Wiping little behinders to avoid a painful rash Listening to them learn a new instrument Investigating the source of that awful smell! Here’s the deal. There are very few* people who L-O-V-E, love, LOVE working with budgets and spreadsheets and …

When $100 Makes You Rich

$100 bills

When Bret first told me we needed to start budgeting I was, um, slightly resistant. You can read more about that here. It probably isn’t going to happen that way with your kids. At least at first. “$100?” I’m going to get $100 a month? That’s so cool!” Our son leapt off the couch and started to do a sort of strange 8-year-old boy version of a fist pump. “I can’t wait to tell my …

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Teaching Kids to Manage Money is Just One Important Skill They Need to Learn

Why is it so important to teach your kids about money? I mean, there’s the financial benefit, sure. But what does that really mean? What does it mean to have a kid who’s financially literate? Who understands money? For most parents it means a feeling of overwhelming relief. Relief that they won’t have to worry that their kids will be broke in their early 20s. Relief that they won’t be asked to bail out their …