The Money Blog: Adding Even More Sense for Your Cents!

The End of Overdraft Fees?

Wed, 10 Mar 2010 20:04:06 GMT

Despite many of our best efforts to keep tabs on what we've spent and where, admittedly there are times when you forget about that $50 trip to Target. You don't write it down in the check register or remember to check your online balance to see what debit card transactions (and checks) have posted. Then you buy $10 of gas - which puts your checking account in the red. Mostly, instead of being declined, your gas buying will get approved...and you get socked with an overdraft fee of $25. Has this happened to you? Even the best recordkeepers can get surprised by these fees. The fees, which tend to compound your errors instead of acting as a saving grace, have also been a great source of revenue for banks. Many consumers and consumer advocates, though, feel like these do more harm than good especially as people are shifting to more and more debit card use. They don't stop consumers from overspending, and in fact, can cause even more damage to family budgets. The latest news here has Bank of America is going to stop issuing overdraft fees on debit cards. It's expected that many other banks will do the same. So, come this summer, you won't have to worry about those overdraft fees still having their own budget category. That doesn't get any of us off the hook for keeping track of spending, though. If you don't have enough money in your account, these debit card transactions will now get declined unless you have overdraft protection (which is where you can link your checking account to a savings account and have automated transfers if you need them). Bank of America indicates that this change to their debit card policy is largely driven by their customers. Even if you are not a BofA customer, what do you think about this change? It could be coming to your bank soon.

What is National Consumer Protection Week?

Tue, 09 Mar 2010 15:01:56 GMT

This week, March 7th through the 13th, is National Consumer Protection Week (NCPW). Being a smart consumer by not falling for scams and bogus offers is an important part of financial literacy and growing your money instead of losing it. To that end, President Barack Obama included the following goal in his proclamation: "I call upon government officials, industry leaders, and consumer advocates across our Nation to share information about consumer protection; and I encourage all Americans to learn more about marketing and business, whether they are shopping at their local store or in the global online marketplace." What does this mean for you and your family? It can be a great reminder to focus on being a knowledgeable consumer and becoming more aware of the pitfalls of the financial world. There are a variety of options to help in that goal.

Check out the local events occurring as part of NCPW and see if there is one in your area that you might be able to attend.
Watch a video or two on fraud by visiting DeliveringTrust.com. Here you will find free fraud education and prevention videos about identity theft, work-at-home scams, internet fraud, foreign lotteries, investment scams and more.
Test kid and family smarts about online safety including quizzes on spyware, ID theft, online friends and investing at www.onguardonline.gov.

Many of us take consumer protection for granted - until we or someone we know has an issue. Using the tools above and remembering to be a smart consumer can be a great way to increase your family's financial security.

Financial Literacy Around the Globe

Mon, 08 Mar 2010 19:42:25 GMT

It's no secret that I live in the United States. Most of what I observe is somewhat limited to the questions that face my home nation. I'd like to think that this is true of all of us during non-crisis times (natural disasters in other nations being the obvious exception). Still, I've noticed that the financial literacy issues that have faced the U.S. are not an isolated one. That is not to say that the issues themselves are not different across the various places around the globe. I don't know for certain that the mortgage and housing mess that is plaguing most parts of America is being repeated in Australia, Canada or parts of Europe. But there is a growing emphasis on financial literacy through a variety of ways. Here are just a few:

Appointed in June 2009 by the Minister of Finance, the Canadian Task Force on Financial Literacy is comprised of 13 members, drawn from the business and education sectors, community organizations and academia. Canadians are invited to share their views on financial literacy with the Task Force until May 13, 2010.
The Australian Securities and Investments Commission manages the Financial Literacy Foundation. The Foundation has a great website covering all aspects of financial literacy, including this section on families and money and a handbook on Understanding Money which hits the basics on key financial areas for adults such as budgeting, saving, loans and protecting your money.
The Investor Education Fund established by the Ontario Securities Commission runs the GetSmarterAboutMoney.ca which is an outstanding resource on nearly all financial topics. Be sure to check out this great section for parents and this one for students. This is such a great website I think everyone should check it out no matter where you live.
The Australian Bankers' Association also has a focus on financial literacy and provides several resources including a series of booklets that can be downloaded covering home ownership, planning for retirements and taking control of your finances.

How is financial literacy being addressed in your part of the globe? Is it an issue - and is it getting attention?

Are You are Private Label Shopper?

Sat, 06 Mar 2010 15:06:41 GMT

Store brands or private labels have gained more popularity as people are looking to trim their family budgets. Shopping this way has gained more steam with the economic conditions of the past year or two. A recent Nielsen survey shows that sales of private label goods have jumped 8 percent since 2007, while brand names have declined roughly 4 percent. Plenty of shoppers find that basics such as sugar, shredded cheddar, and milk sold under store labels can cost up to 40 percent less while tasting just as good as national brands. Some items are even made by the same manufacturers. I know our family is buying more store brands. In some cases, this is because the store brand offerings have gotten better (or we've gotten less picky!). In other cases, there are actually new products being introduced. Sure, there are some things that we won't buy in a private label - peanut butter and ketchup among them. Still, there are plenty of other things that are great. Interestingly, there can be more than one private label option. In our area, there are both Best Choice and Always Save brands on the grocery store shelf. Plus, Target and Wal-Mart both offer private label brands that have great selection and quality. Many store brands are also cashing in on the organic food trend, so the product selection is growing even more. What about you? Have you increased your shopping for store brands as part of maximizing your food budget category?

The March Money Messenger Is Out!

Fri, 05 Mar 2010 06:08:17 GMT

The money-and-kids.com monthly newsletter, The Money Messenger, is available for March and focuses on saving and investing. Feature articles in this issue cover:

What Is Investing Anyway? Talking to Your Kids About Saving and Investing
Easy, Low-Cost Ways to Start Investing

Plus don't miss Ask the Editor! where I answer questions from YOU the reader. John wants to get his kids and family started on the investing path - or at least the investment education path. Ideally, he'd like to do this as a family so they can all learn together. The issue? The kids are 9 years apart in age with one being 5 and the other 14. How can a family learn investing together with these age differences? Get some ideas on how to manage all this in my response. For this month's helpful resources around the web there are four new suggestions. Ever hear of YouTube? This great video-sharing website not only has entertainment value is also has some great educational (and short) videos to help increase financial literacy for everyone in the family. Be sure to check out the the videos along with the 3 other sites in the newsletter! April showers bring May flowers...and Financial Literacy Month! Next month's issue will focus on various topics related to financial literacy and what it means to kids, teens and families. Sign up for your FREE copy now at this subscriber page.

The National Financial Capability Challenge

Wed, 03 Mar 2010 03:13:46 GMT

The National Financial Capability Challenge is joint program of the U.S. Department of the Treasury and the U.S. Department of Education. It is an awards program designed to increase the financial knowledge and capability of high schoolers across the United States so they can take control over their financial futures. During February and March, educators teach students the basics of personal finance, inside or outside of the classroom. They can use the free Educator Toolkit, their own materials, or a combination. By April 9th, students will take a voluntary online exam designed to show what they have learned as well as assess their financial knowledge. In April, educators and top-scoring students will receive award certificates, and schools and states with the highest participation rates will earn special distinction. All educators working with U.S. high-school aged students (ages 13-19) are encouraged to register for the Challenge, download the Educator Toolkit, prepare their students, and administer the online exam. The goal is for 1 million students to take the Challenge. To make that happen, lots of educators from all across the country will need to sign up and prepare their students. This is a free program. Registration ends on March 14, so please spread the word to high school educators in your local community. They may already be signed up! If not, they can learn more about it here.

Saving Money on Summertime

Mon, 01 Mar 2010 19:59:51 GMT

In many places there is still enough snow on the ground, that it is not even beginning to look like sprint let alone summer. But thinking about your summer plans can sure make a winter day go by a little faster. While you are daydreaming and planning for those warm weather activities, it might be time to dust off that family budget and take a look at the personal budgeting categories for summer entertainment and fun. To make the most of those dollars, consider purchasing a season pass. Many season passes are now relatively close to the same price as a one-day admission. A great example of this is the Six Flags parks. The difference in admission rates between season and one-day passes can be as little as $5. Go for two days and you come out ahead. Here are a couple of other places to check out to maximize that family budget for vacation. Be sure to check them out in the next month or two as many expire as we get into spring.

Six Flags' season passes has some added benefits that make that season pass price even better. You get free admission to all 15 of the parks with your pass. So, you could buy a pass for your hometown park and use it when you travel during the summer. That includes the seven parks with water parks inside of them.
Knott's Berry Farm season passes are $6 more than the price of a single day for adults. There is more of a difference for kids 3-11 (it's odd but the age brackets for the single day and the season pass are slightly different), taking you 3 visits to pay for a kids' season pass vs. the less than 2 for adults.
Cedar Fair, owner of a number of amusement parks including Knott's Berry Farm, Cedar Point and Valleyfair, is offering a platinum pass that buys admission to all its parks for $160 for adults. At an average price of $80 for each single day pass, this season pass would be covered in two visits.
Some Disney Parks offer discounts to residents living in the same state as the park. For instance, California residents can pay as little as $169 (vs. $299) for a season pass to a California park.

Saving money on the admission prices is a good start, especially when you start adding in the cost of parking, eating and souvenirs. There are options on the last two but not the first. So, before you buy any passes, keep that summer thinking going and take a good look at your plans and your budget. Also, be sure to consider teens that might be working this summer plus any other commitments. Getting a good bargain isn't really that great if you don't use it!

Building Financial Literacy with Girl Scouts

Sun, 28 Feb 2010 23:03:17 GMT

Do you have a Girl Scout in your family or know one? In addition to many of the great things we parents may remember about scouting (and not just the cookies!), today's scouting includes programs that teach real-world skills. That includes plenty of options on learning about money and financial skills. Here are just a few of the choices available:

The Penny Project is for younger girls in Brownies. It focuses on basic money understanding and learning the responsibility that goes with it. The Penny Project workbook is narrated by Penny, a cute coin with blond pony tails, who leads readers through a girl's room to find her friends, Nisha Nickel, Delia Dime, Quentin Quarter and Daria Dollar. Within the workbook are counting and math exercises, examples of savings (for a friend's birthday) and being a smart spender. It is a great way to get kids to think about money at this age.
CentsAbility is for girls from age 9 to 11. The projects included in this kit offer opportunities for girls to learn and put into action personal money management skills. They will learn to set a realistic goal, create a budget, and establish a savings plan plus other key concepts.
Studio 2B is for preteens and teens from ages 11 to 17 and includes a series of 4 books that have topics ranging from saving and investing to running their own business. This also has an online option where girls can do interactive activities - scroll down until you see "Making Cents of Her Life". Once inside, girls can choose a character that is best for her age.

If your child's Girl Scout troop hasn't used these resources yet, this could be a great way to volunteer your time. Each of these programs has plenty of resources for volunteers (leaders or guests) to use to teach the girls some great skills for their level. Check them out and let me know what you think.

Kid Shopping Online, Kid Spending

Sat, 27 Feb 2010 22:18:23 GMT

Making kid shopping online part of their money education is a key to those being good buying decisions.

Roth IRAs for Teens?

Wed, 24 Feb 2010 19:57:02 GMT

IRAs are individual retirement accounts. In some form or another, they've been around for a number of years. There are deductible IRAs, non-deductible IRAs, rollover IRAs and Roth IRAs. It's this last one that is the newest version. There are a couple of big selling points to a Roth:

The money you put in grows tax-deferred. Yes, this is a pro to all IRAs, but with a Roth, you pay no taxes on withdrawals, meaning all growth is tax-free.
There are no required distributions when you reach 70 1/2 as there are with other IRAs.
You can get to the money you put in without a withdraw penalty at any time for any reason. You can only touch the earnings after 5 years (or if you reach age 59 or have a qualifying reason).

As good as those things all might sound to working adults, none of those really seem to apply to teens. A recent AP article makes some good points, though, as to why teens might want to rethink that (or their parents might want to think about it and encourage accordingly). Here are a couple of highlights:

To open a Roth IRA, you do need to have earnings from wages. Those can be either from self-employment or working for someone else. You can contribute an amount equal to all you make up to $5,000 (in 2010), even if the actual cash comes from another source (like parents or grandparents).
The younger you start, the longer that money has time to grow without paying taxes. It's a classic math problem on compound interest. In this case, you can save $2,000 for 10 years (say from age 15 to 25) and stop. Your friend can start saving a similar $2,000 at age 25 and save for 20 years. Assuming the same rate of return for both, at the end of 30 years, you will come out ahead by about $16,000 on $20,000 less in contributions.
It establishes a good savings habit. Sure, most teens can't fathom the idea of saving money for their own retirement. But a Roth a is a great way to get into the habit of savings in general. With its flexibility, a Roth can be a way to save for a variety of things, including college, even though its primary intent is for retirement (it is still an IRA). This can be a teen's first introduction to a truly long term savings goal.

There are other good points and some examples of real ways to make this work for your teen in the full story at msnbc.com. You can also check out more teen money management tips here.

Giving Back: One Family's Story

Wed, 24 Feb 2010 02:00:15 GMT

Every person, every family has their own way of giving back. It might be kids who are youth volunteers or families that are working on a project together. I continue to be surprised (pleasantly, of course) by all the options that kids, teens and families come up with to meaningful contribute to something they value. One such family took this to a whole new level. The Salwens of Atlanta, GA were living comfortably, really comfortably by many standards when daughter Hannah challenged the family on it. Fourteen years old at the time, Hannah was upset about the differences between the haves and the have-nots in the world. And she was willing to give up alot. As it turns out, so was the rest of the family: They decided to sell their dream house, downsize by half (in price and size) and donate the difference to charity. Wow. This is the starting point for what become a journey that brought this family closer together in a number of ways. You can read even more details in this recent Parade magazine article. But, even that is just a glimpse into the whole process of what the family learned and how it changed their lives and so many others forever. The ongoing part of this - which is the real challenge for many of us in our day-to-day busy lives - is what you do next. How do you go forward? How do you continue the cycle, pay it forward, encourage others? The Salwens have done two things to that end. First, they have a blog that details their ongoing involvement with plenty of posts from now 17-year-old Hannah as well as dad, Kevin. Second, they wrote a book, "The Power of Half: One Family's Decision to Stop Taking and Start Giving Back" about the experience. Even if your goal of giving back is not quite as daring as the Salwens (mine isn't...yet), they are inspiring and can help you think more creatively. Why not check out their blog and The Power of Half: One Family's Decision to Stop Taking and Start Giving Back? Who knows what volunteer inspiration you might find? If you already have your story, share it with others here.

National Entrepreneurship Week: Celebrating the Next Generation

Tue, 23 Feb 2010 05:02:43 GMT

The 4th annual National Entrepreneurship Week is "...a celebration of the heritage of entrepreneurship in America and NEW opportunities for a NEW GENERATION!" according to its website. Sounds good enough - but what does that really mean for kids and teens? The key is not just in what this particular week in February means to entrepreneurship but what the sponsoring Consortium for Entrepreneurship Education is doing all the time as part of their mission. They want to mix entrepreneurship into all school subjects and to get students thinking with an entrepreneurial mindset. An entrepreneurial mindset doesn't just have to be about starting a business either. It's about problem solving in general and finding unique solutions. Even if teens aren't starting their own businesses, what business owner wouldn't love to have them as employees? To get some idea of what the Consortium is doing, check out their website. Here you will find:

A link to current and back issues of Future CEO Stars Magazine which contains lots of great articles - mostly written by kid and teen entrepreneurs. The articles discuss not only their businesses but lessons learned and tools used. And it's free!
Student Success Stories - which are also featured on the Consortium's home page.
A list of activities - some of which might be in your backyard.

As if that's all not quite enough, the Small Business Administration is hosting a series of free Youthpreneur webinars celebrating both National Entrepreneurship Week and America Saves Week. These happen from February 23rd to February 25th with a variety of topics and speakers including talks on why every student should be an entrepreneur and youth entrepreneurship and financial literacy. Check them all out here. Whew! It's a busy week with all these options. Plus, there are also the resources right here at money-and-kids.com including an entrepreneur quiz to see how it might fit you, business ideas, and how to write a kid or teen business plan. Happy National Entrepreneurship Week!

America Saves Week

Mon, 22 Feb 2010 02:50:44 GMT

America Saves Week starts today, February 21st. It is - you guessed it - a whole week devoted to encouraging and assisting people to take a look at their savings progress and take action to move it along. The goal is to improve the financial security of individuals and families. This week is spearheaded by America Saves and has plenty of useful features on the America Saves Week website. Check out these pages...

Take a quiz to see how your savings knowledge stacks up. (To be fair, you really need someone to quiz you since the answers are right after the questions. You'll probably learn something no matter what - I certainly did! - but where's the fun in just reading it?)
Real-life stories of other people who have taken the savings message and acted on it. Be sure to check out the story of a Georgia teen who has changed her own future as well as that of her family.
Assess your own progress by answering the questions and using the resources here.

You can also check out these ideas for getting kids to save money and helping them open a bank account. The key is to use America Saves Week to jumpstart the savings habit with your kids (and maybe the entire family)!

Teaching Kids to be Smarter Consumers

Fri, 19 Feb 2010 01:41:20 GMT

Teaching kids the value of a dollar (or ten) seems to get harder each year. There seems to be an endless array of commercials, gadgets and games vying for their attention and money. While being a smart consumer is just one part of teaching kids about all aspects of money, it is a pretty important part. One great place to start (besides money-and-kids.com of course!) is the Federal Trade Commission's You Are Here website. This site is great for 5th to 8th graders and is set up as a virtual mall with a variety of places to explore and learn something at the same time. There are also extras for parents and educators. Here are just some of the highlights:

The West Terrace is all about marketing including target marketing (be sure to check out Claire at Target Market Wireless), advertising techniques and suspicious claims.
The East Terrace is all about offers and products that aren't as they seem from bogus modeling offers to miracle products. Don't miss the Free Vacation wheel spin!
The Parents and Teachers section that has great resources and lesson plans that go along with the various areas on the site. The lesson plans are a great way to point out things (and maybe even learn a few yourself) whether you are in front of a classroom or in your living room.

Teaching kids to be smarter consumers can be an uphill battle. There are plenty of temptations and lots of money being spent by the companies and stores who want to sell you and your family stuff. This site is a great step in getting everyone more educated about how key consumer concepts affect you each time you see a commercial, advertisement and go shopping. Get started here!

Grocery Store Economics

Wed, 17 Feb 2010 02:23:04 GMT

Steve Rosen, a writer for the Kansas City Star, recently wrote an article about teaching kids economics at the breakfast table. He calls it "Eggo-nomics." Simply put, the waffle shortage caused by manufacturing plant shutdowns are a great chance to teach kids about supply and demand. There are all kinds of other lessons in here, too, but you can keep it simple if you choose. (You can read the whole article here.) By focusing on the simpler aspects of fewer waffles being produced than those ready to be bought by families like yours, you can teach kids about money principles they may not often get to see. In this land of plenty, especially in the grocery store aisles, these moments can be few and far between. Use this one to your advantage. Start by reading the tags that have become familiar fixtures under the shelves where Eggo waffles used to be stacked in various flavors and choices. Ask your kids what that means - to the store, to anyone who would want to buy the waffles and to the company that would normally make them. Then ask them what people who want to buy these waffles, but now cannot, should do. Take time to figure out which option might make the most sense. If waffles are not on your family's menu, you can make it hit closer to home by using the waffle crisis as the starting point but then changing it to your favorite cereal, french fries or snack food. Making it personal should help the discussion and bring out more creative ideas. If you have teens, this may work better with something that's not even food. What are your thoughts? Have you talked to your kids about the waffle crisis and what it means?

360 Degrees of Financial Literacy

Tue, 16 Feb 2010 03:40:36 GMT

The American Institute of Certified Public Accountants has a solid website on financial literacy for all ages, including kids and teens. 360 Degrees of Financial Literacy has lots of resources for all ages - and you don't need to bring along your own accountant to make sense of it. Here are the parts of it I liked best:

The Life Stages area which lets you pick a specific area or time in your life (or your kids' lives) about which to get specific information.
The In Your State section which typically links to specific financial literacy site from your state CPA society. There are currently 33 states represented, and I viewed 10 of them. Some were really good with a variety of resources focused on financial literacy and education. Others were links within the society's main site with little new content from the main 360 Degrees site. It's still worth checking out as you may be in a state with a great site (or in a state that is catching up on its content).
The Financial Guidance Book is an online walk-through of key aspects of an adult's financial life. It includes sections on budgeting, tax planning, home ownership, retirement and legal needs.

Overall, I really liked this site and I'd encourage you to check it out. Whether you like to get your information from a variety of sources or rely on a few solid options, 360 Degrees of Financial Literacy is worth considering for either view. (In fainess, it is probably not everything you'll want or need (most sites aren't), but that doesn't mean it is not worthwhile). The AICPA is a highly reputable organization which is what really makes this site worthwhile - at least for a test drive. Take a view and let me know what you think.

Saving Money on Books: Try DailyLit.com

Mon, 15 Feb 2010 01:40:04 GMT

Reading books, whether due to time or money issues, can be a challenge for many of us. Heck, I find it hard to get through a magazine article uninterrupted. I do manage to read my email, though. The founders of DailyLit.com had the same issues and priorities. So they did something about it: they started a service that delivers books in email installments. You can log in using Facebook, Twitter, Google, Yahoo, Windows Live, Myspace, AOL and OpenID making it even easier to get to those books on your list. Getting started is a cinch and it's free to sign up. The site is supported by sponsors and publishers to make all books available without charging the users. Sure, many of the titles are classics (602 of the current 903 titles are in the "Classics" category) - but I bet alot of them are on school reading lists and this is a manageable and budget-friendly way to get the kids to read those books. Plus, this adds a nice little tech spin that might help them get started in the right direction. It should also help cut down on those library fines and pricey book store trips. It is also a great way to for parents to get some reading time in on their own while not having to put a book category in the family budget. With this kind of free service that is easy to sign up and use, why not give it a try? Go to this registration page to get started now.

Valentine's Day: Spending...or Not

Sat, 13 Feb 2010 13:09:37 GMT

As one of the more fun holidays approaches (although I guess that depends on your view), various statistical organizations are trying to predict whether spending will be up or down. Bloomberg says down; IBIZ World says up. This seems to be the latest way to take a pulse on how the economy is doing: how much are people going to spend on their loved ones, friends and even pets on Valentine's Day. Isn't this stretching it just a bit? As with most statistics, what matters to most people is not what the collective average is doing but what is happening in their own wallets and budgets. I know a teen who spent $50 on a heart necklace for his girlfriend. It's his first big Valentine's purchase. That's a 100 percent increase for him, and $50 is not a drop in the bucket for this 15 year old. There are also plenty of teens and adults opting not to buy stuff but rather to spend it on a nice dinner out. Depending on your situation, that can be a great treat. How do the statistics measure these types of things in their averages? Is it really possible to capture all the details of our financial lives in a survey? I don't think so, and in some ways, I think it can a little iffy to rely on such surveys to figure out how everyone is really feeling about their finances. What do you think?

Teen Credit Cards: Changes are Coming

Fri, 12 Feb 2010 17:13:36 GMT

Does your teen have a credit card or have you thought about them having one? According to the JumpStart Coalition for Personal Financial Literacy, an educational organization, nearly a third of high school seniors reported having a credit card of their own or one co-signed by a parent. Most tracking organizations don't officially keep track of how many teens have such cards since anyone under 18 must have an adult co-signer. But there are plenty of teens with credit cards - and balances to prove it. According to a recent Sallie Mae study, 84 percent of college undergraduates had at least one credit card, up from 76 percent in 2004. On average, students have 4.6 credit cards, and half of college students had four or more cards. The average (mean) balance grew to $3,173, higher than any of the previous studies. Median debt grew from the 2004 total of $946 to $1,645. Yikes. Many college students will also graduate with student loan debt in addition to their credit card debt. That can be a heavy financial load to lift when you are just starting out. Heck, it can be heavy enough to lift even if you are older. On May 22, 2009 President Barack Obama signed the Credit Card Accountability, Responsibility and Disclosure, or Credit CARD, Act of 2009 into law that includes a provision to help teens not get in over their heads with debt before they are ready. Why does something that got signed back then matter now? Several major components are effective on February 21st. Among them is that consumers under age 21 who cannot prove an independent means of income or provide the signature of a co-signer aged 21 or older, will not get approved for credit cards. That knocks out both the population under 18 as well as the teens in college who have been showered with offers of easy credit in the past. The idea is to protect young people who lack the means or the knowledge to handle credit cards from drowning themselves into debt. It cannot hurt, and it is certainly a step in the right direction. But why not start the education process earlier and helping teens make better decisions on their own?

Financial Education in Schools plus Poll

Thu, 11 Feb 2010 01:14:06 GMT

Does financial education belong in schools? Or should teaching money and financial literacy be done at home?

Teach Kids About Money, Shopping With Kids

Tue, 09 Feb 2010 23:42:40 GMT

Shopping with kids provides a wealth of opportunities to Shopping with kids provides a wealth of opportunities to teach kids about money.

Refresh Everything - How Your Charity Idea Can Get Noticed

Tue, 09 Feb 2010 01:13:37 GMT

The Pepsi Refresh Project is a new spin on family and youth volunteering. It is looking for people, businesses and non-profits with ideas that will have a positive impact. They are accepting 1,000 ideas each month. Those ideas are then voted on with winners receiving grants to help make their ideas real. Pepsi intends to award up to $1.3 million each month in this program. More nitty-girtty details:

There are six categories you can apply to: health, arts and culture, food and shelter, the planet, neighborhoods and education.
Ideas should be feasible and completed within 12 months after receiving the first funds from the grant.
There is a new round of submissions every month with ideas being accepted from the 1st through the 15th or until 1,000 ideas are submitted for that month. If you miss the cut off one month, you can submit it the next month.
Any legal resident of the United States over the age of 13 can apply.

Interested? The best way to get started is by downloading the toolkit - a great little booklet that walks you through the process. Looking for inspiration? Check out a couple of the current ideas being voted on that were done by teens including the Scooter Girls, Kids in Motion and Justine Reid. These are just some ways to get involved and get your idea recognized. Not quite ready for the Pepsi Refresh? Share your idea with other visitors to this site here. P.S. Even if you decide not to sign up for your own idea, be sure to vote to the great ones that mean something to you. That is a great way to help too!

Monopoly Going Hi-Tech

Mon, 08 Feb 2010 01:12:57 GMT

Darn. Even the tried-and-true Monopoly is getting a radical technology redo. Versions of Monopoly that don't use play money (the paper kind) have been around for several years. The rest of the game, including Monopoly Junior Edition fun versions for kids that use lemonade stands instead of hotels, has remained pretty much the same though. Not so with the latest update called "Monopoly: Revolution Edition". In the version due out in fall 2010, the board is round, the values have been updated ($2 million for passing Go!) and it's all electronic. There are also clips of popular songs that play after certain actions. It will surely appeal to the younger generation who will deal less and less with cash than even the twenty year olds today. It may be quite another thing for Mom and Dad to get on board. What do you think?

The Money Messenger for February is Hot Off The Press!

Fri, 05 Feb 2010 03:05:13 GMT

The money-and-kids.com monthly newsletter, The Money Messenger, is available for February. Feature articles in this issue cover:

Kids and Teens: Spring Chores and Updating Those Lists
Teen Summer Jobs: Getting A Head Start

Plus don't miss Ask the Editor! where I answer questions from YOU the reader. Gwen would like to know how to increase financial literacy for everyone in her family, but especially her 10 and 12 year old sons. Are there any ways to learn as a family that are fun? Get some ideas on how to make it fun and learn something at the same time in my response. For this month's helpful resources around the web there are four new suggestions. One of them helps teens find out more about jobs in the "real world" as well as helping them understand why the stuff they are learning in school actually applies, check out the new Junior Achievement Student Center which has some really great resources. Be sure to check out the 3 others in the newsletter! March is waiting to come in like a lion in a few short weeks. Next month's issue will focus on teaching kids of all ages about saving and investing. Whether they are just starting with their first savings account or playing the Stock Market Game at school, all kids can benefit from learning about saving and growing money in addition to earning and spending it. Sign up for your FREE copy now at this subscriber page.

Learning About Money as a Family - Your Tips

Fri, 05 Feb 2010 02:11:43 GMT

Do you have a great top to share on learning about money as a family? Share it here!

Cookies and Financial Literacy

Wed, 03 Feb 2010 11:50:44 GMT

What do cookies and financial literacy have in common? Sounds like an odd combination, doesn't it? I sure don't usually think of cookies and learning about money in the moment. That is, until, you think about Girl Scout cookie sales. Nearly all of us have bought, eaten, helped sell or deliver these yummy treats each year (my personal favorite is Thin Mints!). Some of us have done it both as kids and as parents. But what does this all have to do with financial literacy? For starters, it is a little bigger than just learning about money. It's also learning about business in general: advertising, selling, ordering, customer service and fulfillment. Girls involved in cookie sales now can use the Internet to get the word out (even though they can't actually sell via e-mail or over the Internet). They can also do the cold-calling we were all used to - whether at a table in front of Wal-Mart or by going through the neighborhood with their parents. Then there is the true aspect of dealing with the money. Girls need to make sure they collect the right amount from customers, add it all up to turn it in and earn prizes at different levels. Those prizes can be a great motivation - not much different than a sales bonus for adults. And while some critics argue that these sales have turned "professional" and that the childhood part of the experience is being lost, I still believe that all the skills the girls are learning put them ahead. Do you have a Girl Scout in your family or neighborhood? What do you think - are they learning valuable skills or is this just one more area of competition and perfection?

What Is RSS?

Tue, 02 Feb 2010 03:49:47 GMT

What Is RSS?

It's National Job Shadow Day

Tue, 02 Feb 2010 03:36:45 GMT

Most of us think of February 2nd as Groundhog Day, but it is also National Job Shadow Day. In conjunction with this day, a new virtual job shadow tool is being launched to help teens get an inside look at life on the job at some of the world's top companies. There are some great features here including first-person videos that take students behind the scenes to see what really goes on. There is lots of additional information about educational requirements and future job outlook as well as showing how today's high school academic subjects connect to these real jobs. This great new tool is located on the new Junior Achievement Student Center and is a joint project of Junior Achievement, DeVry University, and Career Corner Digital - creator of VirtualJobShadow.com. Be sure to check it out along with your teen.

The Stock Market Game

Fri, 29 Jan 2010 00:33:06 GMT

The SIFMA Foundation (part of the Securities Industry and Financial Markets Association) is teaming up with JP Morgan Chase on this year's Stock Market Game. The Stock Market Game is the foundation's fantasy investment game that has been played by more than 12 million students since it was introduced in 1977. The game stimulates a genuine investment experience by giving classroom participants a hypothetical $100,000 in stocks, bonds and mutual funds to manage. Students that have participated in the program in the past show higher test scores in math than other students. Plus, students get the chance to experience a hands-on approach to learning about investing without risking their own money. Participation is through schools or local sponsors, so be sure to check out the details for your area here. Even if your kids don't participate directly in this Stock Market Game, think about creating your own version. That's what my daughter's after-school program is doing. They have their own accounts with $10,000 with which they are buying stocks. Then they are tracking them and talking about dividends, returns, and gains (or losses). Most of the kids have chosen companies they know: Nike, McDonald's, Disney or the company a parent works for. What about playing this game as a family or even with a couple of other families? It can be a great opportunity for everyone to learn together while having homework that is a little bit more fun.

Financial Literacy Poster Contest

Wed, 27 Jan 2010 23:29:44 GMT

One way to make learning about money fun is to find a new way to share it with others. With all the latest buzz about financial literacy and kids, this contest timing is perfect! The National Foundation for Credit Counseling (NFCC) is once again holding the Be Money Wi$e National Financial Literacy Poster Contest in 2010. The contest is a great way to get students thinking about how to manage money effectively while offering them a creative outlet to show what they know. The theme for the 2010 contest is "$mart Money Choices = A Brighter Future" with kids and teens from 3rd through 12th grade being eligible to participate in their own categories. These three grade categories are:

Elementary - 3rd through 5th Grades
Middle - 6th though 8th Grades
High - 9th through 12th Grades

Kids and teens can be homeschooled or in public or private school. The deadline for entry varies by state but all are in February 2010. For more information, including specifics on the poster requirements and how to enter in your state, visit the poster contest rules page here.

Teen Chore Program, Teen Chore Success

Wed, 27 Jan 2010 11:39:54 GMT

You can design your own teen chore program right now - with success.

Time Magazine and Financial Education

Wed, 27 Jan 2010 03:04:05 GMT

In the January 25th edition of TIME magazine, author Barbara Kiviat writes an interesting article on how to teach kids about money. Among many of the points brought up in the article, I found this one particularly thought-provoking:

A growing number of researchers and educators agree that a more radical approach is needed. They advocate starting financial education a lot earlier than high school, putting real money and spending decisions into kids' hands and talking openly about the emotions and social influences tied to how we spend. I couldn't agree more. What about you? (Read the full article here.)

Donating to Haiti

Mon, 25 Jan 2010 01:55:29 GMT

Feeling torn or confused about donating to charities that are helping with the aftermaths of the earthquake in Haiti? It would be hard not to be confused or concerned that your money or other donations would get to those in need. You can donate via text message, download the performances from the recent telethon or contribute in other ways. Many schools are coordinating donations of needed goods, so you may be seeing requests come home in backpacks. So many organizations are good, but there are unfortunately others that are taking advantage of this. How can you decide which charity is the right one? First, focus on the causes that you normally support. Do you prefer to concentrate on hunger issues? Or maybe you want to make sure there is plenty of medical care. Second, be sure to check out any charity on CharityNavigator.com and read this page on charity ratings overall to know what to look for as you review the details of each charity.

The January Money Messenger Is Now Showing!

Tue, 19 Jan 2010 18:35:41 GMT

The money-and-kids.com monthly newsletter, The Money Messenger, is available for January. Feature articles in this issue cover:

Family Money Resolutions for 2010
Teen Money Management Earning It

Plus don't miss Ask the Editor! where I answer questions from YOU the reader. Mike writes that he is struggling between focusing on fixing old money habits while trying to build some new ones. Which one is more important - or can you do both at the same time? Get some ideas on how to balance all your goals in my response. In addition to all this, a new feature for helpful resources around the web has been added. One of these is for teens starting their own business. The Small Business Administration and Junior Achievement have joined together to create www.mindyourownbiz.org. Be sure to check out the 3 others in the newsletter! Moving on to next month...February can seem to stretch out forever even though it's one of the shortest months. The gray days of winter can drag on while wait for spring - only broken up by Groundhog's Day and Valentine's Day. That can make it a good month to look at what is coming in spring and how you might need to update chore programs or plan for spring and summer jobs. Sign up for your FREE copy now at this subscriber page.

What is Your Biggest Challenge?

Tue, 05 Jan 2010 02:02:06 GMT

What is your biggest challenge when it comes to teaching kids about money? Is it starting an allowance program? What about getting that first teen chore contract? Here's your chance to tell me what you need by taking this quick survey. It's a short, short survey but can help build money-and-kids into more of what you need.

Family Money Management, Family Budget, Household Budgeting

Wed, 30 Dec 2009 05:12:20 GMT

Family money management happens in your house and life everyday. What is the best way to take all the stuff happening everyday and use that to teach kids practical money skills?

How to Set Goals You Can Achieve

Wed, 30 Dec 2009 05:06:00 GMT

Have you wondered how to set goals that you can achieve? These helpful tips can make goal planning work for you.

Setting Your New Years Resolutions

Wed, 30 Dec 2009 05:04:17 GMT

How can you make New Years resolutions work for you and your family instead of against you?

The Money Messenger for December is Here!

Mon, 14 Dec 2009 18:24:13 GMT

The money-and-kids.com monthly newsletter, The Money Messenger, is available for December. Feature articles in this issue cover:

2009 Savings Goals: Was It Hard to Save Money?
Helping Kids and Teens Start Investing with Gift Money

Plus don't miss Ask the Editor! where I answer questions from YOU the reader. Katrina writes that she gets stuck when it comes to teaching her kids about money. It's not that she doesn't have ideas. It's that she has LOTS of ideas. In fact, she has so many ideas that it can be a little overwhelming on where to start and that makes it even more challenging. Get some ideas on how to start slowly and not get overwhelmed in my response. January is often considered a time to start anew. From New Year's Resolutions to 2010 goal setting, January starts off full of promise. Next month's newsletter will ideas for setting goals for kids, teens and families for 2010. Sign up for your FREE copy now at this subscriber page.

A Great Day to Volunteer

Fri, 20 Nov 2009 11:29:59 GMT

Saturday, November 21st is a National Family Volunteer Day. Whether you get involved in an organized community activity, pick up trash in a local park with the family or visit a nursing home, volunteering as a family can create great memories and a way for your family to connect. It is also a powerful reminder of ways to use money during this holiday season beyond the typical gift buying frenzy. Even though volunteering isn't about money as much as it is about spending time, there are great reminders in most volunteer activities about how money affects everyone. This can be both positive and negative which provides great learning opportunities for kids. Consider...

There are lots of kids who volunteer on their own. So, even if the whole family can't join in, kids can make a difference.
Being a youth volunteer can be as simple as collecting old tennis balls for the local animal shelter or walking your elderly neighbor's dog.
Helping kids understand how to give money to charity - and checking up on charities to make sure that money is used well - is a money lesson that most kids can understand.

If you are stumped for family volunteer ideas, check this page out to get ideas (and be sure to hit the arrow to keep reading). You can also use additional resources such as www.FamilyCares.org, www.1800VOLUNTEER.org or www.volunteerresource.org.

Celebrating Youth Entrepreneurship

Thu, 19 Nov 2009 15:27:38 GMT

The week of November 16-22, 2009 is Global Entrepreneurship Week. This is sponsored in part by the Kauffman Foundation, the world's largest foundation devoted to entrepreneurship. During this innovative week, millions of young people around the world are introduced to entrepreneurship and encouraged to think of innovation as a way to pave their own futures. It encourages "...youth to think big, to turn their ideas into reality, and to make their mark." This particular week is a worldwide effort to get kids involved - through mentoring options and scheduled activities. Even if you are not part of the formal activities, there are plenty of ways to take part. Consider these options:

Brainstorm an idea
Take a quiz to find out how you might do as an entrepreneur
Write up a business plan for your idea
Check out the Global Entrepreneurship website for more ideas

No matter what your idea or your inspiration, young entrepreneurs are part of the future. Get started today!

Celebrate American Education Week...

Tue, 17 Nov 2009 01:31:52 GMT

...through money education for your kids and family. It's not exactly what educators had in mind since the focus of this week is really about creating great public schools for kindergartners through the 12th grade. But all types of education are important including the education kids get (or don't get) about money. Learning life lessons about something that will affect them every day is a big deal - even if it's not the primary purpose of public school. Here are some great ways to get started or keep going on that money education path:

Teach younger kids to count money or set up an allowance program using these allowance basics.
Help your preteen start earning her own money through a babysitting business.
Encourage your teen to think about starting his own business this winter. If chores are an issue, a teen chore contract might be worth a try.
There are also some great things to think about as a family including making or revising your family budget or coming up with some holiday money saving ideas.

What ideas can you come up with to "celebrate" American education week on your own?

The Money Messenger for November is Here!

Fri, 06 Nov 2009 19:59:39 GMT

The money-and-kids.com monthly newsletter, The Money Messenger, is available for November. Feature articles in this issue cover:

Holiday Budgeting for the Family
Helping Kids and Teens Understand Holiday Gift Costs
Consider Giving as Holiday Spending Alternative

Plus don't miss Ask the Editor! where I answer questions from YOU the reader. Greg writes that his family hasn't done a holiday budget before but that they plan to start this year. His kids are 8 and 10, and he'd like to make sure they are involved in making the budget and sticking to it. Get some ideas on how to tackle the budgeting and getting the kids involved in my response. December is a month of celebrations - Christmas, Hanukkah and Kwanzaa - as well as the month to start thinking about the new year. Next month's issue will look at both the year that has been - as well as some things to get ready for the new year. Sign up for your FREE copy now at this subscriber page.

How Kids Can Make Money: Andrew's Money Idea

Fri, 30 Oct 2009 19:23:09 GMT

Hi I am 9 yours old and I made 30 dollers as a pet sitter at home. First you get together with sum friends and buy all the things you need to take

How Kids Can Make Money: Start Cutting Grass

Fri, 30 Oct 2009 19:13:54 GMT

Kids can make money when they start cutting grass around their city. Cutting grass or doing other outside work can be a great summer job or even a

How Kids Can Make Money: Babysitting

Fri, 30 Oct 2009 19:07:03 GMT

I would like to start baby sitting in my home with my mom avaliable any time I need her. Babysitting can be a GREAT way to earn money, and having

How Kids Can Make Money: Open a Snack Shack

Fri, 30 Oct 2009 18:06:23 GMT

I made alot of money doing this. All you need is snacks and a neighborhood. This is a great idea! You could do it in combination with a lemonade

Reasons to Volunteer: Kid and Teen Inspirations

Tue, 06 Oct 2009 05:16:48 GMT

There are so many reasons to volunteer. The kids featured below found their reasons to volunteer in all different forms.

The Money Messenger for October Now Available

Fri, 02 Oct 2009 05:14:24 GMT

The money-and-kids.com monthly newsletter, The Money Messenger, is available for October. Feature articles in this issue cover:

Goal Setting and Money Skills for Kids
Preteen and Teen Goals: Fitting Money Into the Mix
Family Finances: Setting Goals Together

Plus don't miss Ask the Editor! where I answer questions from YOU the reader. Chris writes that her kids are clamoring for new Halloween costumes that aren't cheap while the Christmas spending season will start soon after. She would like to know of ways to keep expenses to a minimum and fit them into the overall family budget. Get some ideas on how to manage all this in my response. November marks the traditional beginning of the winter holiday season with the classic Black Friday shopping kick-off for Christmas. Next month's newsletter will continue on with the theme that Chris' question introduced by focusing on holiday spending and budgeting to help your kids and family enjoy the holidays in spirit as well as financially. Sign up for your FREE copy now at this subscriber page.

Opening a Bank Account: Finding the Right Bank

Fri, 04 Sep 2009 16:14:55 GMT

Opening a bank account with the right bank can be one of the keys to managing family spending.