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How to Teach Kids Smart Money Habits – Smart Money Smart Kids

Lolli — Tue, 22 Apr 2014 17:44:00 +0000

These tips on how to teach kids smart money habits and giveaway of Dave Ramsey and Rachel Cruze’s new book, Smart Money Smart Kids is sponsored but all thoughts and opinions are my own. Please scroll to the bottom of this post if you’re here for the giveaway!

Preparing and teaching – have I done enough?

In a few weeks, my oldest daughter will graduate from high school. In a few months, I’ll be driving her across the country and dropping her off at college. I fear that if there’s something I’ve neglected to teach her while she was a kid, it’s too late. Yes, I’m sure that she will pick up the phone every once in a while to ask me a question or text me for some quick advice. I’m sure she’ll even email asking for a few of my recipes that she hasn’t already written down. I know that my job as a parent is far from over just because she’s moving out of the house and moving on to college.

Luckily, she seems to be heading down a path that should lead her to success and happiness – that’s what we all want for our kids, right? She has successfully managed her own checking account and debit card for over a year. She has been working (a star employee!) and saving her hard-earned money for a year. She has diligently applied to colleges and scholarship programs and has even secured a job working at school already.

She is on her way.

I can’t take all the credit. A large portion of her success goes to the example of my hard-working husband and much of it can be attributed to her self-motivated, driven personality. But still…I can take some of the credit, can’t I?

I have thoroughly enjoyed reading the new book, Smart Money Smart Kids by Dave Ramsey and his daughter, Rachel Cruze this past month. It officially released for sale today, and I thought it was the perfect time to talk about some of the tips that the Ramseys and I have in common where kids and money are concerned.

3 Tips to Teach Kids Smart Money Habits

Teach your kids to work – This is not only about going out and getting an after-school job (though that is certainly a worthy goal when the time is right). Teach your kids from a young age that running a house and family takes work and as members of the family, they have the responsibility to pitch in. Teach them to clean, to take care of pets, to work in the garden, and to plan and cook meals for the family. Not only does teaching kids how to handle jobs around the house help alleviate the pressure of one person having to do it all, but it helps give kids a sense of responsibility towards what happens in the home.

Be an example of wise spending – Let your kids see you save and budget and shop frugally. Also, let them make small mistakes with their money. If they beg to spend their last pennies on a popsicle from the ice cream truck, let them do it and “feel” the consequences. The lessons they learn with smaller dollar amounts will help them when they are older and dealing with bigger numbers.

Teach your kids to save – Saving teaches patience and goal-setting. I love what Dave and Rachel had to say about this topic:

“We’re living in a culture of instant gratification. We don’t want to wait for anything anymore, and technology keeps feeding our “get it now” attitudes…..you are a lot more cautious when it comes to a purchase if you take the time to actually save up and pay cash for something. When that happens, you’re learning delayed gratification…This is a great lesson to learn early in life.”

I could go on and on with tips and tricks that resonated with me from Smart Money Smart Kids but I’ll stop there and let you discover it for yourself!

Win a copy of Smart Money Smart Kids by Dave Ramsey and Rachel Cruze

Enter to win a copy of Smart Money Smart Kids in the Rafflecopter form below. This giveaway will run through May 6 and a winner will be chosen at random and notified via email. Good luck!

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Note: Amazon affiliate links are included for the book.

Teaching Kids the Value of Managing Money Wisely

Lolli — Mon, 28 Nov 2011 11:00:08 +0000

Of all the things I’ve taught my kids, especially those things I’ve taught them over the last few years of financial struggle in our family, one of the most valuable lessons has been that of frugal living.

I was raised with plenty. I never considered my family rich, but we had everything we needed. Before I got married, Candyman expressed his concern about the “life of ease” that I was accustomed to, and then, later, expressed his surprise that I was one of the most frugal people he knew. I am grateful that my parents taught me the value of money and the way to save, share, and spend money wisely.

My family’s financial situation right now is quite a bit rockier than my own experience as a child, and so it has been even more important for me to teach my children how to manage their money, and how to respect the money that Mom and Dad earn.

Last month, I was approached by Kidworth, an online money management tool for families, to review their website and services, and I couldn’t be more excited to share it, especially in light of this statistic:

Did you know kids get an average of $25,000 in gifts and cash from 0-18? Yet most children have a net worth of zero when they leave home.

I have watched my own kids develop their own, unique tendencies toward money. Some of my kids get birthday cash and can’t wait to go out and blow it all in one shot. Others are natural savers and are eager to put their money away for a larger goal. Kitkat has impressed me with the money jar in her room. Every time she spends a little bit of cash, she puts the change in a jar and so far has collected over $50 in coins.

I have watched Twizzler opt against buying a toy in favor of saving his cash for a “better deal” or a larger toy that he could buy with a little more money.

Teaching kids to save and spend wisely is tough, and each child is different. I think it is crucial to give children the experience of setting financial goals and the opportunity to work towards those goals.

What is Kidworth?

Kidworth is a free service for parents to help teach children money management that will last a lifetime. Kidworth’s service allows parents to set up accounts for their children, create goals each child is working towards, and invite family and friends to help via emails, social sharing, and invites.

Kidworth’s mission is to teach kids to set financial goals and help them achieve their goals. Family members and friends can pitch in for their goals for holidays and special occasions through a private page that is set up for your child.

I signed each of my kids up for a free Kidworth account and talked to them about what they would like to save their money for. Here’s an example of a Kidworth profile page:

Now, grandparents, aunts and uncles, friends, and even Mom and Dad can put money into the kids’ accounts toward the specific goals that the kids are working on. And the kids each get to experience the thrill of saving, planning, and working towards a goal.

Why use Kidworth this holiday season

With our extended family spread out between the West Coast and East Coast, I can expect to get a few calls and emails asking what the kids want for Christmas or their birthdays. So often, what the kids really want is more than an aunt or uncle would typically get for them, and it’s also frequently an item that wouldn’t ship well. I’ve also noticed that the older my kids get, the more they want to pick out their gifts themselves, and they seem to appreciate the gift of money more than a random present.

Sign up for Kidworth: Now is a great time to set up a Kidworth account, and invite family and friends to give the gift of financial responsibility.

Join the weekly twitter chats with Kidworth

I will be co-hosting a twitter chat with Kidworth on Tuesday, November 29 at 1:00pm EST. I would love for you to come join the chat! Just follow the hashtag #Kidworth. Kidworth will be holding live chats every Tuesday at 1:00pm and every Thursday at 9:00pm EST. The chats are sure to be fun and very informative!

Connect with Kidworth on twitter @Kidworth and on the Kidworth Facebook page.

Disclosure: This is a sponsored post, written by me on behalf of Kidworth. The opinions expressed are my own.

Thrift Store Shopping Do’s and Don’ts

Lolli — Wed, 11 May 2011 17:10:06 +0000

I was born with the thrifting gene. It was passed through my mom directly from her mother, my Grandma – Queen of the Thrift Store. I grew up hearing stories of Grandma finding cribs and high chairs and clothes for all of the pregnant ladies in her neighborhood and at church. If someone needed to find something on a budget, they’d call my grandma to keep her eyes open. Most of the time, she’d deliver the requested items (along with a few extra blankets she’d found and a pair of knitted booties) the next week.

I don’t know if it was my grandma’s influence and enthusiasm, or if it was simply something I was born with, but I rarely get as excited as I do when I come home from the thrift store with a bag (or two or three) of fantastic finds.

Take yesterday’s shopping trip for example. With two camping trips coming up, and summer on it’s way, I needed some extra sleeping bags and flip flops for everyone. And of course, I’m always on the look-out for clothes for me, because I never buy myself clothes at the mall. It’s always nice to start the season off with a few new items.

Since Grandma is now gone, I have taken on the Queen of the Thrift Store title. I was thrilled to come home yesterday with everything I was looking for and more for just $76. I got two sleeping bags in great condition (one is Eddie Bauer), a swimming suit for Reese, the exact pair of jeans I was looking for (brand, style, and size), 5 shirts for me, a ton of yarn for making hats and headbands, two plush towels to replace the spares that are looking embarrassingly old, shorts for two of my kids, two DVDs, and 6 pairs of sandals – all in great condition.

Tips for making the most of out of your thrift store shopping

DO stop by the thrift store regularly. Because the inventory changes by the hour, you’ll be more likely to find what you need if you make short trips on a consistent basis.
DON’T be discouraged if you make a trip to the thrift store and don’t find exactly what you’re looking for.
DO be familiar with brands that you like and quickly scan through racks for tags and colors that you like. Check sizes and prices after that.
DON’T figure it’s a deal just because it’s at the thrift store. I’ve seen expensive items priced for pennies and worthless items priced too high.
DO know the sizes for everyone in your family. You never know when you’ll come across something perfect (or something that might have been perfect if you only knew the size).
DON’T pass by a great deal just because you don’t need it right now. If it’s something you know you’ll use (say, a coat for next Winter) then grab it up – most likely you won’t be able to find it when you’re looking for it in a few months and you’ll regret it (speaking from plenty of experience!).
DO check to see if your store has a discount day. My favorite store has customer appreciation day (25% off) every Monday and you can use a loyalty card to get the same discount every Thursday. On yesterday’s receipt, I saved over $24.
DO save up things you’ve grown out of to drop off at the thrift store when you go to shop. You save an extra trip out and clear up some space.
DO wash everything when you get home. No explanation needed.

What are your best tips for making the most out of thrift store shopping?

Disclosure: This post was written by me and sponsored by Coupon Castle – Everything up to 75% off. All thoughts, experiences, and enthusiasm for thrift store shopping are my own.

Teaching Kids the Spirit of Giving, Not Receiving

Lolli — Mon, 20 Dec 2010 17:25:07 +0000

As soon as Halloween is over, the Christmas decorations slowly make their way out in every store. By the time Thanksgiving is here, Christmas has officially taken over retail, television, and radio. Soon our neighborhoods are also reminders of the Holiday season. It’s hard to leave the house or tune in to anything outside your own bedroom without running into the material and commercial aspect of Christmas.

It’s hard enough for parents to stay focused on the joys and the Spirit of Christmas without getting overwhelmed with the Holiday hustle and bustle. But as a mother of five children, I am also concerned with the lessons and the attitudes that my kids take away from Christmas time.

Christmas is a wonderful time, one that I look forward to with great anticipation — even as an adult. I remember the magic of Christmas as a child, and the excitement surrounding the mysterious presents under the Christmas tree.

But I am also all too familiar with the ever-prevalent attitude of entitlement. When kids begin to expect certain things and complain when they don’t get what they feel entitled to receive, then we know we’ve got a problem.

In the 1988 movie “Scrooged,” a comedy version of Charles Dickens’ classic A Christmas Carol, Bill Murray plays a Scrooge-like television executive driven by power and success. So hungry for ratings and control, he schedules a live performance of “A Christmas Carol” to be aired on Christmas Eve itself, causing every employee in the company to miss spending the evening with their family because they have to be at work to participate in the show.

In the concluding scene, having just completed his run in with the ghost of Christmas Future, he bursts on to the set in the middle of the live show, in a half-dazed, half-euphoric state, happy to be alive with the opportunity that still exists to change the future.

While offering some of the most frank words of advice on how to be Christian, he says “get that extra blanket from the closet and just give it to someone. Just say “here you go.” Make a sandwich for someone and say “here.”

During this final monlogue, he poses the question of why Christmas is so special, which he answers:

“It’s the one night of the year when we act a little nicer, we smile a little easier, we cheer a little more. For a couple hours out of the whole year, we ARE the people that we always hoped we would be. It’s a miracle. It’s really sort of a miracle, because it happens every Christmas Eve.”

So how do we help our children to experience this Christmas miracle instead of the Scrooge-like grumpiness and entitlement?

Here are a few things that have worked with our family and others:

Instead of focusing on their “wish” lists, help your kids to craft a “giving” list of things that they can make, do, or give to others.
As a family, go through the “old” toys and books and pull out things that your kids are no longer playing with, outgrew, or grew tired of. Then think of someone who would love to give those toys and books a new home.
Involve children in family activities. Make the holidays more about the things you DO versus the things you get.
Set a budget for each person. As the kids are making their wish list, discuss the budget with them. Some kids will take off a large ticket item in favor of getting more little things. Other kids will vote for leaving off the little things in favor of one large item. Let them in on the financial planning part of Christmas shopping.
If you are financially able to be a Secret Santa for another family, let the kids shop for the other kids. Let them feel the joy of picking a gift out for someone else.

What are your tips for teaching kids the spirit of giving and banishing the spirit of entitlement?

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To learn more about how to have ‘the talk’ with your kids about financial responsibility– visit ivillage.com/thetalk, for tips & tools from iVillage.

For every “The Talk” Facebook share, iVillage will donate $1 to the Junior Achievement Scholarship Fund! (up to $5,000).