“Working to help parents raise money-smart kids.”
I hope you and your family had a Happy Halloween. ????????????
Welcome to three more Ideas to Share and Save that I hope you find as tasty as I find pumpkin pie. Mmmm … pie! ????
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Allowance Advice: I had the privilege of having Joanna Nesbit interview me for her recent article, “The New Rules of Allowances for Kids.” She did a nice job of distilling my sometimes long-winded explanations (I can get a little excited about the subject!) into useful pieces of information. I want to share three of those bits from the article — one from me, one from fellow allowance advocate Beth Kobliner and one to which Beth and I advocate different approaches:
“The benefit of starting allowance when kids are young is ‘you’re talking about base level stuff,’ Lanza says. The value of coins, paying money for goods, and the difference between needs and wants, the way you expose kids to literacy by reading to them before they can read. You can learn as you go with your kids, and as you do, your own comfort will grow.”
“When giving an allowance, Beth Kobliner, author of Make Your Kid a Money Genius (Even if You’re Not), recommends what she calls the 4 Cs: Be clear about what it’s for, be consistent about giving it, use cash (more on this in a minute), and don’t tie it to chores. A fifth C: control. Give them control over their cash.”
“As old-school as it sounds, give cash so kids experience real bills and coins. Kobliner recommends cash allowance through high school. Lanza suggests transitioning to debit cards before kids leave home so they practice with ‘frictionless’ payment methods. Research shows that parting with cold cash is harder than paying with a credit card—and kids need to learn to manage the card temptation.”
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Super Simple School Tool: I love simple ideas like this handy-dandy little tool from the Jump$tart Coalition, of which we’re a proud partner.
Jump$tart’s goal is to improve financial literacy learning in schools for all grades. If you’ve been wanting your school to get with the program and start preparing your kids for the real world, then this tool can help you do just that. Enter your city and state to get a list of local schools with principals’ email addresses. Then send the pre-prepared message (or personalize your own) by verifying you’re a human. Zip! The email is off.
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The “Scare” Jar: Halloween may have been yesterday, but there’s still time to do something with the oft-overlooked Share jar. One of the core money-smart skills is learning to make smart money choices. If your little saver has accumulated some money in a Share jar — the one in which money is deposited for charity — then there’s still time to put that money in a digital version of those ubiquitous UNICEF boxes we all remember.
When your child comes out of the proverbial candy coma (????????????), sit down at the computer, empty out the jar and explain that you’re giving that money to a worthy cause. You have until November 14th, at which time the UNICEF campaign ends.
Speaking of November, I hope the first week of the new month treats you well.
Until next time, enjoy the journey.
John, Chief Mammal
P.S. Please consult with a financial or investment professional before engaging in any decisions that might affect your own financial well-being.
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