How to Talk to Your Children About Money
Above all other lessons, strive to model healthy money management behaviors in your own finances. Many of us may make a mistake or two along the way regarding our credit, incurring excessive consumer debt, or failing to honor our financial promises. However, the effort of trying will be noticed by your children. Be honest and proactive when discussing money with children. Let them know it’s important to you. Continue reading “How to Talk to Your Children About Money” »
Personal Debt Reduction Strategies
Dealing with Your Debt
Debt, the cursed four letter word that it is, carries a different meaning for each of us. Therefore, there are different solutions for resolving our debt based upon our needs and various financial situations.
Here are some basic strategies you can use while working on getting yourself out of debt. Continue reading “Personal Debt Reduction Strategies” »
Teaching Children Finances – Children’s Books about Money
Children’s Books about Money
Here is a list of books that can help your child understand certain financial concepts. The books are in alphabetical order and age levels are provided for each book.
A Bargain For Frances by Russell Hoban. HarperCollins, 1970. Age 5 and up. Frances saves and saves for a china tea set. Her friend Thelma tricks her into buying an old plastic tea set. Thelma says there are no “backsies” on the bargain. Frances finds a way to get what she really wants. Continue reading “Teaching Children Finances – Children’s Books about Money” »
Teaching Children Finances – www.kids.gov
Here are a collection of links provided by www.kids.gov that are focused on teaching America’s youth everything from the history of money and how it is made to how to invest it and save.
Continue reading “Teaching Children Finances – www.kids.gov” »
Financial Resource of the Week – My Money Management Calculators
While researching personal money management calculators I came across the website www.mymoneymanagement.net and thought I would share them with you.
My Money Management is described on their website as:
“At My Money Management, our mission is to help you prosper by knowing how to make sound financial choices. We’ve collected some of the best information, tools and resources to tackle challenges like foreclosure and managing debt…” Continue reading “Financial Resource of the Week – My Money Management Calculators” »
Teaching Children Finances – Budgeting Worksheet for Children
Budgeting is a valuable lesson that we can teach our children at an early age.
We can begin by creating an allowance and helping teach money management values through various hands on examples.
MoneyandStuff.info is self described on their website as a free financial resource from the financial experts at Ohio’s Credit Unions.
They’ve created a budgeting worksheet for children, as well as teens and adults. You can view and download the ‘Sample Monthly Budget for Kids’ by Clicking Here.
The worksheet is simple and helps a child identify what their ‘wants’ are and what is needed to reach their goal. The worksheet also asks the child to identify why they want something, which can lead to critical thinking such as ‘Is this worth it to me?’ Continue reading “Teaching Children Finances – Budgeting Worksheet for Children” »
Teaching Children Finances – Jump$tart Coalition
The Jump$tart Coalition is self described on it’s website as a national coalition of organizations dedicated to improving the financial literacy of pre-kindergarten through college-age youth by providing advocacy, research, standards and educational resources. Jump$tart strives to prepare youth for life-long successful financial decision-making. Continue reading “Teaching Children Finances – Jump$tart Coalition” »
What It Means to Be Rich
Today, I read a good blog post about the 3 Ps of True Wealth and felt to add some of our own insight into the concept of wealth and riches. People, Passion and Purpose make up Jason’s 3 Ps, though all of them revolve around building relationships and the people with whom we interact day to day.
I added a comment regarding what we teach about being rich. In a way similar to the 3 Ps standing for true wealth, being rich involves setting personal goals that require money and then making your money work for you in order to reach those goals. Continue reading “What It Means to Be Rich” »
Love and Money
1 Key to Personal Finance Partnership
There are so many great ideas for improving one’s personal financial situation. But that’s just it. A lot of those tips are for “one,” not for partners. There are some books (e.g. Financial Bliss by Bambi Holzer) and studies out there regarding love and money, but not enough.
However, I personally believe that one simple step, more than everything else, would do more good in a couple’s personal finances than anything else. And in spite of the fact that we teach budgeting every day at the National Financial Education Center at Debt Reduction Services Inc, it’s not a budget. Continue reading “Love and Money” »
Savings Strategy for Those Living on Main Street
Here’s a comment I left on a CNN Money post about a couple who have been living on half of their income for years and tout the values of frugality. Several comments referred to those not in a financial position (lower income, greater expenses, job instability, etc.) to have the luxury of such frugality. Continue reading “Savings Strategy for Those Living on Main Street” »