As adults, we know how important our credit score can be. Many institutions, from lenders to potential employers, use this number to judge our level of responsibility. Unfortunately, youth that are just starting out rarely have a history of credit. I get a lot of questions from parents regarding how to help their children build credit without building debt, so …
In last month’s post on holiday savings, I mentioned that you may offer to help your child pay for holiday purchases. This doesn’t necessarily mean you have to fork over money you may never see again. In fact, you are well within your rights and providing an invaluable learning opportunity by offering your youngster a loan. Lending money to adult …
My parents had a love-hate relationship with the holidays when I was growing up. I couldn’t understand why they would be stressed about that magical time of year. After all, what’s not to love about snow, hot chocolate, and presents? When I became an adult and realized that snow can be dangerous, hot chocolate is fattening, and presents are expensive. …
Economists tend to think of people as rational and unemotional when dealing with money. As a parent, you know how difficult it can be to tell your child “no”. That can be emotional for you and your child, can’t it? Even if you never deny your child’s wants (yeah, right), common sense tells us that we aren’t robots that mechanically …
If you’ve been shopping lately, then you have probably seen the ubiquitous back-to-school ads: a subtle reminder that summer is winding down. Despite stores’ best efforts to help us save money, the costs of school supplies and clothing really add up and can take a toll on your family’s budget. Check out these tips for saving money during this expensive time …
If you’ve ever seen a budget, you know all those categories can be intimidating to some people, especially children. On the other hand, you probably know how important they are to financial health. As a parent, you try to instill positive habits in your child that will lead to successful adulthood, right? Learning to budget money and save for the …
Ask a high school student what they want their life to look like in twenty years and what response do you get? Probably a blank stare and “uhhh…” Teaching teens about values and how to live a life that aligns with those values is vitally important but, doesn’t get much attention in schools. I’ve had the opportunity to work with …
Hockey and soccer goals are great. Savings goals, however, are the best. Buying a new laptop, car, or house feels great, especially when you’ve scrimped and saved to make that purchase happen. This feeling of pride and satisfaction is something that most kids experience in their school or sports lives, but not in their financial lives. While finances aren’t as …
Help your elementary student combat “summer unlearning” by stocking the bookshelves with some great books that have a financial theme. Regardless of your child’s interests, he or she will almost definitely enjoy these titles. Berenstain Bears Get the Gimmies by Stan and Jan Berenstain – The bear cubs ask Mama and Papa for too much stuff in this story of …
I’m going to start with a disclaimer on this one: Personal finances are personal! Moral and legal principles prevent me from giving you specific financial advice. I can, however, refer you to a financial planner if you’re interested. Now that I’ve gotten that out of the way, let’s get down to business. You don’t have to be perfect to be …
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