Needs vs Wants

 

It's a great time of year to think about what you need versus what you want - write out a list. Use the list as a way to start planning for saving,  investing, donating, and spending your money. Talk about the list during your family gatherings. Everyone can share their ideas. Go Team!  Brett Ellen, The Kids Finance Coach

Look out for coupons and sales

Look out for coupons and sales before you buy.  You might want the item right away but make the smart buy and purchase while its on sale or with a coupon.  Another great way to save money!  Every penny counts.

A free gift - Kindness

One easy way to not break your budget this holiday season is to give one of the best gifts of all (and it's free) ... kindness.  A smile, a "hello", helping a neighbor carry in groceries, or opening a door for someone can simply make their day - and your's.  It feels great.  Let's all Turn Kindness On.  Happy Holidays.  Coach Brett

Curiosity is Cool. What if ... ? 5 Questions for Kids

Kids love to ask questions.  And so do parents.  Here are five questions that will give you great insight into what your kids are thinking and curious about.  Take their responses a bit futher by asking them to describe ways of how they could save, invest, donate or spend money to do the things they want.

1.  If you had a million dollars in your pocket, what would you do with it and why?
2.  If you were to do something nice for someone, who would it be for and what would you do?
3.  What kind of job do you think would be fun to have and why?
4.  What is your favorite thing to do and why?
5.  If you could buy something for someone else, what would you buy?  Who would it be for and why?

Be sure to scroll down and over to the right to watch Kids Finance Coach Kids Keanu and Tristen's videos about how to Save, Invest, Donate, Spend money.

Covering Your Bases - A Game Winning Strategy

As a financially savvy kid, it’s important to set short, medium and long-term goals. Then create a budget and a financial plan to illustrate how you can meet all of your goals. Consider how much money you will put into the following 4 categories:
SAVE – SPEND – DONATE – INVEST

Before you spend, you must save. You must spend on your budgeted items before you donate. With excess money, you can then invest for the future. Then it’s time to save some more!

How Do You Decide How to Spend Your Money?

As we move through the holiday season, your parents may be telling you to think about what you want versus what you really need. It can be very confusing to understand how your family spends its money. To determine how to spend money, your parents may have set up a family budget.

Ask them to tell you about the budget, and show you how they allocate their income. They may talk about paying for utilities and other necessities and then how they determine what they have to spend on things that the family wants.

Then think about how you can use that information to set up your own budget with sections for what you earn and what you want to spend and what you might save, invest or donate. If you don’t have enough money to pay for all the things that you want or want to do, think about how you can earn the money.

Parents: A good way to answer children’s questions about how the family budget is determined is to explain where the money goes. Read How Can I Keep My Money from Slipping Away? to learn more.

Pay Attention, Parents. This One’s for You!

Who are our children’s first teachers? That’s right…parents. April is Financial Literacy Month, so I’m doing what I can to help kids understand and become comfortable with financial concepts. Here’s a list of things YOU can be doing to help teach the valuable skill of money management to your child.
Ten Tips for Teaching Kids about Money

1. It’s never too early to start talking about money with your kids.
2. Don’t make personal finance topics taboo from kids. Talking about money is a learning opportunity. Any discussion is better than silence.
3. Consider giving your kids an allowance. Set expectations about spending, saving and giving to charity.
4. Encourage your kids to make their own money. That way, they connect work to money. Money is a means to an end, not an end in itself.
5. Teach your child to ask, “how can I earn that?”
6. Make sure saving is a habit. Reinforce it. Don’t forget to do it yourself.
7. Don’t say “we can’t afford it”, say “we don’t need that right now.”
8. Keep talking about issues like debt and credit with teenagers, even if they act like they are not listening. Credit/debit cards can feel like plastic funny money.
9. Kids remember and copy parents’ behavior. So model good stewardship of money no matter how much you have. Discuss the basics of budgeting.
10. Think of a financial planner as a resource. Just ask. They can help you talk with your kids about money.

Six Simple Steps to a Savings Plan

Build from the ground up with solid foundation!
• STEP SIX - Review Your Progress
Are you on track to reach your goals? How long will it take? Do you need to make any adjustments?
• STEP FIVE - Identify Your Earnings Plan
Will you be getting an allowance? Would you like to get a job? What other income can you expect?
• STEP FOUR - Establish a Savings Vehicle
Do you want to save your money at home? Do you want to open a bank account? Do you want to start a collection?
• STEP THREE - Set Up a Budget
How will you earn money? How much money will you need to reach your goals? How will you divide your money if you are saving for 2 budget items?
• STEP TWO: Set Your Goals
What are your financial goals? What do you WANT and what do you really NEED? What do you need now and what can wait a few months or even a year?
• STEP ONE: Get Educated
Where does money come from? How does a bank earn money? How can you make your money grow in value? What is compound Interest? (Hint: Check this blog’s archives. I’ve answered these questions before.)

Covering Your Bases - A Game Winning Strategy

As a financially savvy kid, it’s important to set short, medium and long-term goals. Then create a budget and a financial plan to illustrate how you can meet all of your goals. Consider how much money you will put into the following 4 categories:

SAVE – SPEND – DONATE – INVEST

Before you spend, you must save. You must spend on your budgeted items before you donate. With excess money, you can then invest for the future. Then it’s time to save some more!