Forbes has a great article on money lessons you should be teaching your kids, with milestones for ages 5, 10, and 15. Let’s see how I’m doing with my kids:
Money Lesson Goals for 5 Year Olds
- Savings Goal – a savings goal has three elements: (1) what you want to buy, (2) when you want to buy it and (3) how much it will cost at that time.
- Bank – a place that helps us safely store, organize and manage our money
- Check – a way to pay for items where we write a note asking our bank to send our money to someone to pay for our purchases
- Bills – notes letting us know how much we owe for our purchases
- Trade Off – A decision we have to make when we are considering whether to save for something or spend our money
This post is sponsored by T. Rowe Price and Scholastic. The ideas and opinions are my own.
I am so happy to be joining Scholastic and T. Rowe Price to help parents teach their kids personal finance. I noticed from my kids that each came forth into the world with an innate sense of money.
My oldest, Grasshopper and Sensei, is an artist, and I’ve worked with her on how to earn money using her talent. She sells hand painted greeting cards, and is thinking about expanding her business by printing T-shirts. Her inclination towards money is:
- Spend it if you have it (thus she needs reinforcement to save).
- Art supplies are more important than food (thus she needs to work on her choices).
Thank you College Ave Student Loans for sponsoring this post. Be sure to check out the College Ave Student Loans financial tools and parent loan options at collegeavestudentloans.com!
My oldest is just two years away from going to college. Yikes! How did that happen so fast? She wants to go to art school so I’ve been researching art and design colleges for her. To get in, she needs to focus on her art portfolio. Winning art competitions will make her more competitive as well.
Visiting Rhode Island School of Design museum with her about-to-turn-80 grandmother!
Our next steps are visiting art and design colleges. We’ll see a few when we go to California this summer for my mother-in-law’s 80th birthday party, and we need to go to New York City to visit a few more. This summer, she will do the Pre-College program at Rhode Island School of Design.
My daughter at Mass College of Art Xtreme Week Teen Art Program. Read more…
ScholarshipOwl was founded by veteran tech entrepreneur Kenny Sandorffy, who believes passionately in the need to transform the application process, so students can get the aid they need to pay for their education. Sandorffy became frustrated after completing a single aid application took longer than applying to his college.
The college application process is already time consuming enough! But scholarships can help pay for college so it’s worth taking the time to apply. Imagine if you could use one registration form to apply for dozens of scholarships and they are targeted to you?!
PickyKidPix is now 13-years-old and has shown interest in the stock market for quite some time. Recently, she asked me if she owned any Disney stock. I had purchased a handful of shares when she was born with the money her grandmother (my mother) had gifted to her. My mother had also set up a custodial stock trading account for each of my kids as well. It was her way of helping them with college tuition.
PickyKidPix tells me that she’s been tracking Disney stock (DIS) and that it’s at an all time high. “Can I sell some?” she asks. I spent last summer transferring the kids’ stock accounts into my brokerage account to put all the accounts under one roof, so to speak. I figured that now is a good time to let my daughter trade. I closed her savings account and moved the money to her brokerage account, and figured out the user name and password so she would be good to go. Read more…
What do we need to teach our kids about personal finance NOW when they are still too little to credit card or handle a checking account? And what about do as I say, not as I do? What if WE don’t have great personal finance skills ourselves? Does this mean our kids are doomed to a life of poor financial management?
I remember when I graduated from college and was trying to be responsible. I paid my credit card bill monthly — I didn’t pay it off but I made a payment. But once I stupidly paid my bill a few days late but with a higher amount that normal thinking that it’s better to pay more off and that a day or two late won’t matter. Boy was I wrong!
I also applied and received too many credit cards. I didn’t know carrying a multitude of credit cards actually lowers your credit score! Read more…
Please welcome my guest blogger, Barbara Stapleton, who teaches middle school students about personal finance. Today, she is going to be sharing her lessons on how to teach tweens about credit cards versus debit cards because this is not the kind of personal finance lesson you want your kids to learn the hard way!
p.s. I have another related post: Top 10 Life Skills Kids Need Before College.
I’m thrilled to be joining Sun Scholars and 99 other bloggers for 100 Days of Play! Need play ideas? Please join us as we explore ideas for playful learning!
With nice weather finally arriving in New England, I’ve seen numerous lemonade stand ideas pop up in my neighborhood. It’s been fun to support the neighborhood kids and sample their wares. Some have been selling lemonade and brownies. Others have more traditional stands.
One thing that struck me is how much the pricing varies. I thought I would teach entrepreneurial finance for kids today for my 100 Days of Play contribution by looking at pricing your [successful] lemonade stand.
Pricing Lemonade for Your Stand Read more…
Discussing Money and Business with Your Kids
“…According to recent studies… Only 32% of the boomers in a new survey from U.S. Trust, for instance, had fully disclosed their financial situation to their kids, and just 44% of parents over 67 had.” CNN
Yesterday, PickyKidPix and I drove to her soccer tournament almost an hour early. I had the time wrong by 15 minutes and I always give myself an extra 15 minutes to get lost but this trip was smooth sailing. Her game, a 5:50 start time, was late and she sat around at home all day in her jammies, restless. So we left early and sat in car and she grilled me on my failed business, a women’s golf clothing line, that I started 20 years ago. Read more…