Keeping Tabs on Your Teen’s Allowance

Once you’ve started handing over cash every month, your next goal should be working out how to keep track of your teen’s allowance.  Don’t worry, we’re here to help with some pretty simple ideas. (Don’t worry, this will be fun!) If your teen receives an allowance, you need to have frequent accountability conversations to ensure everything is going according to plan.  These conversations will help you accomplish several important goals: You will know where your teen is …

2

Your Kid’s Allowance: Five Secrets for Success

Starting your teen on an allowance Would you like to start your teen on an allowance, but don’t know where to start? Or is your teen already on an allowance that’s not working, and you want to get it back on track? I’ve got some good news here that should get you on the right path. Here are the five things you need to know to find success with your kid’s allowance: 1. An allowance …

Save Money on Kids’ Sports

Our son started a new school this year. The football coach explained via email that all equipment is provided for the players. I asked my son to email the coach back and clarify if that meant cleats as well.  This caused a discussion. “Mom, he said ALL equipment!” “Really?” I replied.  “Because it seems to me that it would be pretty tough to provide enough different types of shoes to fit the feet of 30 …

Want Your Kids Gone? Gotta Let Them Fail!

“I hope when my kids are in their 30s, and I’m in my 60s, that they come back to live with me for a few years.” Said no parent, ever. Why are so many kids moving back home?  And why are they now moving back home not in their 20s, but now in their 30s? A recent Pew analysis of 2012 numbers found that 36 percent of young adults aged 18 to 31 were living …

Eight Reasons to Hate Your Mortgage

I used to have a lot of respect for The Wall Street Journal.  They’ve got some pretty smart writers there.  I saw an article recently, though, that blew my mind.  The gist of the article is revealed in the title: “Nine Reasons to Love Your Mortgage: There’s an Upside to All That Debt” There are no reasons to love your mortgage.  Teach your kids this.  Personal debt is an evil – or at the least, …

Psst! Your Kids Are Probably Spies!

In case you haven’t realized it yet, I thought you should know:  If your kids are anything like mine, they are probably spies.  They might as well have a direct line to the NSA. They’re always watching you, monitoring your movements, your spending habits, and your conversations.  They are profiling you.  It’s not because they have some nefarious plans to overthrow the household (well, they might, actually) but because it’s their job.  They are hard-wired …

2

What Caused Me to Kill My Kids’ Allowance?

Last week we held our annual family meeting (details were given out in our June newsletter, which you can still receive by entering your email in the box to the right on our site), and I threw a surprise on the table that shocked everyone: I told them that there would be no allowance paid this summer. I’ll admit, it was a spur of the moment decision. Tracie and I didn’t talk about it before hand. I …

Unique Ways for Your Kids to Earn Money This Summer – Kid Businesses

Babysitting, lawn mowing and dog walking are all things that are commonly thought of as summer jobs for kids.  There are so many other ideas out there that get overlooked, especially for kids that are teens but not quite old enough to get job outside the home.  Summer jobs are a great way for kids to continue their financial education and to practice managing a budget. A weeks ago, Twin Cities Live, an afternoon talk …

Free Summer Fun? Here Are 8 Easy Ideas

It’s summer again!  Here are 8 easy ideas for some free summer fun: 1. Geocaching All over the world, people are hiding little treasure troves (caches) for you to find.  It’s free!  All you need is a cell phone with GPS — it can even be an old one with no service — and a list of local cache locations from geocaching.com.  You’ll also find detailed instructions there, as well as the rules and ethics of …

Why We Teach Kids About Money: Part Two

Just a few weeks ago, the new and revised copy of Investing in Your 401k Kid was released in paperback.  Yippee!  If you’d like a copy, you can snag one here. One of the additions we made when releasing the print version was to add a Preface.  We’ve commonly explained our reason for coming up with our kids’ budgeting plan as a way to teach kids about money, but there was another reason why we’re doing this …