Teenagers want three things, according to parenting expert Mark Gregston, “To make decisions about themselves, to feel like they’re in control, and to have opportunities to prove their maturity and to show you that they can do it.”
For parents, the good news is that giving them those three things can make them better with money as adults. Teaching kids about finances is best done through experience. The lessons can be like getting a learner’s permit (with adult guidance) before getting a driver’s license (with complete control over the vehicle).
Parents who give their kids control over a portion of their money — and guide them in their decision-making — raise teens who are better prepared for the world. Here are some ideas for giving teens a framework for making money decisions.
Continue reading “5 Hands On Exercises To Teach Your Teenager How To Master Their Money”
If your child learns the value of a dollar early in life, she’ll turn her future income into wealth.
I’m a career financial planner and a mom, so money lessons were an important part of my kids’ upbringing. As I watch my adult children make money decisions today, I can see that they took the lessons to heart.
My son negotiated a $5,000 bump in salary after receiving his first job offer. As a result of that money move, he may make $600,000 more over his lifetime (according to a study by George Mason and Temple University). Another son saved all of his bonus money and bought himself a condo at age 27. He didn’t want his rent to pay for someone else’s mortgage.
Where do you start with your pre-teen, and what lessons should you teach them?
Continue reading “5 Hands On Exercises To Teach Your Tweens About Money”
Have you been thinking of trying online clothing consignment and thrift store – ThredUP?
I tried it and here’s the review of my experience for Tightwad Tuesday Episode #13
It’s amazing how much money slips through our fingers.
Once I started tracking my spending, I found my frequent trips to discount retailers added up. Buying a dress or blouse for $25 – $30 seemed like no big deal but take all together, the purchases added up to $120 – $150 a month. Until I started tracking my spending, I didn’t even realize I was spending so much money on “extras.”
Continue reading “3 Simple Questions To Ask Yourself In The Dressing Room That Will Blow Your Mind And Save Money”
Though workplace plans can be imperfect, it’s undeniably easier to save for your golden years when your employer offers a retirement account.
Unfortunately, not all workers have access to a retirement plan at work. According to 2016 research by Pew Charitable Trusts, over one-third of private sector workers (who are not self-employed, farmers, or in the military) do not have access to an employer-sponsored retirement plan.
Moreover, an employer match is a huge incentive for workers to save. According to the Employee Benefit Research Institute’s 2017 Retirement Confidence Study, nearly 3 out of 4 workers who were not saving in their retirement plans would welcome a match. The survey found workers would be somewhat more likely to save if they were offered one.
Continue reading “No Retirement Plan At Work? A Lousy One? Here Are 5 Ways To Make Up For It And Retire On Time”