MoneyTrail.net

Encouraging Your Child to be Charitable and Giving

noreply@blogger.com (Pam at MoneyTrail) — Tue, 19 Nov 2013 14:29:00 +0000

Part of learning to handle money in a responsible manner is also learning how to be charitable and giving in nature. I would venture a guess that no parent wants their child to become a miser and act like Ebenezer Scrooge, but parents may worry that if they focus too much on financial concepts their child might become overly fanatic about money. Striking a balance between managing their own money and helping others is yet another skill that takes practice.

As with many money management concepts, there are differing opinions and methods. The key is to find the approach or combination of approaches that works in your family and that matches your family’s values. I have seen two fundamental approaches to getting kids involved in charitable giving.

Structured Income:

One idea is to have your child divide all of their income into portions, such as a Save portion, a Spend portion and a Share portion. The amount of money that is placed into the Share portion would be allocated for a charity donation. For example, if your child gets $5 per week for allowance, you might split it into $2 for Savings, $2 for Spending and $1 for Sharing. If you child does not get an allowance, you could also use a percentage method for the money that they earn from extra jobs, such as 40% Savings, 40% Spending and 20% Sharing.

Model the Behavior:

Other parents want their children to independently choose to be charitable instead of making them divide their income. They believe that to truly teach charitable giving, kids need to want to give their money as opposed tohaving to donate. With this approach, the parents model the desired behaviors and encourage their children to get involved. Examples would be involving the children in deciding which charity to donate to or getting the family involved in fundraising activities for a specific charity.

I think it is important to note that charitable giving does not exclusively involve giving money. Kids need to know that giving involves attitudes and service, not just writing a check. When children see their parents helping a neighbor, picking up trash or allowing someone to go in front of them at the grocery store, they are witnessing kindness and a giving attitude. I truly believe that if a child sees this behavior on a regular basis, they will be more likely to adopt this attitude themselves. Daily random acts of kindness are the foundation for developing a giving attitude.

There are many types of service activities that kids and families can get involved in. Kidsactivities.net has a fabulous list of community service ideas that can involve kids and families. Here are a few of their thoughts:

Bake cookies for a local senior home or a fire/police department.
Plant produce and donate the harvest to a local food bank.
Pick up litter at a park.
Collect travel toiletries and donate to a local shelter.
Make a gift basket for someone in need.
Make a book on tape to contribute to a local daycare center or pediatric patients.
Make bookmarks and leave them in a basket at your local library.
Have a neighborhood book drive. Donate books to a local shelter or day care.
Make fleece blankets for children’s hospitals.
Offer to wash a neighbor’s dog or car!
Collect items for care packages to be sent to the troops.

How do you develop charitable giving with your kids? Please share your ideas.

Need to have a Money Conversation with your Child? Start with a Book!

noreply@blogger.com (Pam at MoneyTrail) — Tue, 12 Nov 2013 14:47:00 +0000

Have you ever tried to talk with your child about saving their money or working hard to earn their money? And…did they tune you out or roll their eyeballs back into their head? Instead of launching into a lecture about important financial concepts, try introducing the topics through a book that you and your child have both read. There are many great literature classics that have money and business concepts embedded within the story. You and your child or teen can begin with the shared experience of the story and you can lead the conversation into a financial discussion based upon the character or the situation.

Here are a few of my favorite books that you can use as conversation starters to talk about money, jobs and entrepreneurship.

Books for Young Kids:

Miss Rumphius by Barbara Clooney

Miss Rumphius was given the challenge when she was a child to make the world a more beautiful place. This lovely book illustrates the impact that simple things can have on the world and kids can learn that you don’t need large amounts of money to make a difference.

Alexander who Used to Be Rich Last Sunday by Judith Viorst

Alexander’s grandparents gave him a dollar on Sunday. This story follows Alexander and his dollar through the week and beautifully illustrates his struggles to make good decisions with his money.

Richard Scary’s What Do People Do all Day by Richard Scary

A close up look at all the jobs in Busy Town. Great for preschoolers!

The Giving Tree by Shel Silverstein

How much should we willing give to help another person? Shel Silverstein’s classic story of a tree and her boy shows the true meaning of giving.

Books for Older Kids:

Anastasia at your Service by Lois Lowry

Anastasia is a 12 year old girl who decides to get her first job, as a companion to a wealthy, elderly woman. She makes a mistake on her first day at work and must continue to work to pay off her debt to her employer.

Henry and the Paper Route by Beverly Cleary

Henry is a 10 ½ year old boy who desperately want his own paper route. Henry sets out to prove that he is capable of handling a route by introducing himself to the route manager, creating an advertising campaign and helping out whenever possible. Money is not the only reason he wants the job. He also wants to do something “important” and wants to prove himself capable. This story illustrates self-pride, motivation, creativity and entrepreneurship.

Ramona and her Father by Beverly Cleary

Ramona is a precocious 2^nd grade girl who is having a rough year. Her father has lost his job and her mother has gone back to work full-time. The family is showing the strain of a reduced income and change in family lifestyle. Ramona wants to help by doing a TV commercial and getting paid a million dollars! It is a timeless tale of a family pulling together in hard times but it is wrapped in humor and love.

Lunch Money by Andrew Clements

Lunch Money is about a middle school boy, Greg Kenton, who has always been obsessed with making money. Greg started with a lemonade stand and progressed to buying candy and toys in bulk to sell at school. The story takes a close look at commercialism in public schools and the existing attitudes toward entrepreneurship.

Books for Teens:

Money Hungry by Sharon G. Flake

Raspberry Hill is a 13 year old girl who lives in the projects with her mother. Her memories of being homeless and eating handouts drive her to think about money constantly. She is in survival mode and will do anything legally possible to prevent living on the streets again.

Make Lemonade by Virginia Euwer Wolf

LaVaughn is a 14 year old, inner city girl who needs a job to save money for college. She answers an ad for a babysitter and begins working for Jolly, a 17 year old, single mother of two who is just trying to survive. This book is a bittersweet story of how two teen girls help each other and learn to “make lemonade”.

Charlie and the Chocolate Factory by Roald Dahl

In this classic tale, Charlie, a poor young boy, gets a golden ticket to enter the Wonka Candy factory and a chance to win a lifetime of wealth for his family. He is faced with unethical choices and “get rich quick” schemes.

The Secret Garden by Frances Hodgson Burnett

Mary Lennox is a spoiled little girl who unfortunately becomes orphaned and as a result, goes to live with her reclusive uncle in England. Through a secret garden and unlikely friendships, Mary learns that money doesn’t buy happiness and she is able to reconnect the family relationships.

What books have you found that have money concepts embedded in the story? Have you shared them with your child or teen?

Money and Allowance this Week on #DadChat

noreply@blogger.com (Pam at MoneyTrail) — Tue, 03 Sep 2013 16:37:00 +0000

Mark your calendars and come on over to twitter on Thursday! I have been invited to join Bruce Sallan on his weekly #DadChat this Thursday, September 5th from 6:00 – 7:00 p.m. PT/9:00 – 10:00 p.m. ET to talk about money and allowance. Let's knock out this sense of entitlement and teach our kids the value of a dollar! To join the party, just go to twitter and follow #DadChat on Thursday.

Image by Bruce Sallan

Bruce Sallan is a nationally syndicated radio talk show host, a columnist and a published author of "A Dad's Point of View" and "The Empty Nest Road Trip Blues." Most importantly, he's a father of two boys and regularly shares his adventures in parenting. His weekly tweet chat, #DadChat, has become the biggest parent chat on twitter and happily has equal participation of Dads and Moms. #DadChat set the World Record in January, 2013 for the most “Impressions” of any chat ever at 267,000,000 +.

How Wise are We with our Money?

noreply@blogger.com (Pam at MoneyTrail) — Thu, 01 Aug 2013 21:23:00 +0000

The folks over at Online Accounting Degree Programs decided to tackle the question, "How wise are we with money?" They found some really interesting things, especially regarding how teens view and use money. I found it enlightening that 52% of teens wanted to learn more about money management but only 10% are actively involved in paying bills or household budgeting. I think we can do more to get our teens involved. Take a look at this infographic and share your thoughts with me.

Image source: www.online-accounting-degrees.net

11 Board Games that Teach Money Skills

noreply@blogger.com (Pam at MoneyTrail) — Wed, 17 Jul 2013 18:30:00 +0000

If you have kids, you have probably been asked to play a board game with them at some point. Board games can provide an evening of family entertainment and can also initiate discussions of financial concepts in a relevant manner for kids. Here are eleven great board games that incorporate basic financial topics.

1. Monopoly - No list of board games would be complete without Monopoly, the world's most popular and best selling board game. Buy & sell real estate, collect rents and rush to pass Go so that you can get your $200.

2. Life - Another classic game! Your goal in "Life" is to avoid bad luck and makes some money. Along the way you can earn bonuses by doing good deeds and helping your community. You win by retiring with the most money.

3. Payday - A personal favorite of mine from childhood! The Payday game board is set up like a monthly calendar and you must get through the month to get to your payday. The month is full of financial bonuses, such as winning the lottery, and financial pitfalls, such as extra bills or bad investments. You play as many months as you like and whoever has the most money at the end, wins the game.

4. Careers - Another one of my fond childhood memories. In Careers, you choose your own personal success formula (Fame, Fortune or Happiness) and then select the combination of careers that are most likely to help you achieve your goals.

5. Awesome Island - An award winning game that introduces teens to all aspects of personal finance, including salary, investments, credit, debt and philanthropy.

6. Thrive Time - Great game for teens! Teens have part time jobs and must make decisions about buying cars, paying for college, etc.

7. Wise Money - a family financial literacy board game. The family learns about banking, investing, budgeting, payday, credit, and financial responsibility. Players are faced with realistic scenarios and must show their financial knowledge to successfully move through the town.

8. The Farming Game - Players plant crops and sell livestock as they try to turn their farm into a successful business.

9. The Allowance Game - Players move around the board by doing chores to earn their allowance. Then they can choose to spend it or save it.

10. Money Bags - Players earn money by doing chores. There is a spinner that tells them which coins can not be used to pay their allowance so they must determine how to make the change with the approved coins. Great for learning coin recognition and counting change.

11. Daytrader - Daytrader is a brand new board game coming out in the Fall, 2013. According to their description, it brings you the "thrills and chills of investing in the stock market." Players are learning to buy stock low and sell high, all while balancing job positions at companies, salary changes and the unexpected pitfalls of taxes or companies going out of business. The winner of the game is the first person to successfully retire from their company. Daytrader is designed for players ages 13 and up. Daytrader is available for pre-order from Indiegogo.com.

There are many more board games that can also teach the fundamentals of money management. Please share your favorites in the comments below.

Updated July 17, 2013

Pre-Teen to Parenting Financial Summit, 2013

noreply@blogger.com (Pam at MoneyTrail) — Mon, 08 Apr 2013 19:06:00 +0000

I have partnered with SheWill.org and YoungFinances.com to host the Preschool to Parenting Financial Summit for girls (ages 12-18), young adult women and mothers on Saturday, April 27th at Ivy Preparatory Academy in Norcross, GA. We will be working with the girls on managing their money, career empowerment and even investing at their age. Each participant will leave the summit with a new attitude about money and the fundamental skills necessary to become successful. Register by April 15th to be entered to win an iPad mini!

www.shewillsummit.com

The Preschool to Parenting Financial Summit will include:

For girls ages 12 – 18

Managing your money
Envisioning your future and making career choices
Investing at a young age. How to invest in yourself

For young adult women

Money management
Balancing work, career and family
Beginning investments

For mothers

How to raise financially smart kids
Money management
Investing for your retirement and for your child’s college expenses

The Preschool to Parenting Financial Summit is due to the collaborative efforts of three dedicated women in the financial literacy community, Sheena Williams from SheWill.org, Latisha Styles from YoungFinances.com and me, Pam Whitlock from MoneyTrail.net. Sheena is the founder and president of SheWill, Inc., 501(c) (3) tax-exempt organization created to educate young girls, between the ages of 8 and 17, on the importance of financial literacy and career empowerment. LaTisha is the founder of Young Finances, a website that specializes in investing with young adults. I am the co-owner (along with my husband) of MoneyTrail.net, an allowance and money management system for kids, teens and families. We are all in the Atlanta area and are passionate about preparing young girls for successful, career oriented futures free from debt and irresponsible financial decisions.

The event will be held from 9:00 am - 1:00 pm and will include a light breakfast and lunch for each participant. For more information or to register for the event, please visit www.shewillsummit.com.

A Nine Year Old's Thoughts on College Savings

noreply@blogger.com (Pam at MoneyTrail) — Fri, 05 Apr 2013 16:53:00 +0000

My 9 year old niece is visiting me today. She has been telling me about a book that she is writing and how she may want to be a writer when she grows up. That led to a discussion about our blog. So...I decided to hire her to be our guest blogger for the day. Introducing Leigh's thoughts on how parents should save money for college!

For all those new parents out there, even if your child isn't born yet, you may already be worried about saving for his or her college. But with careful savings and an occasional visit to MoneyTrail, you can easily find a way to save for your child's college. The next thing you know there are tears of joy in your eyes and your child is in a blue cap and gown.

Books-a-Million Fundraiser for SheWill.org

noreply@blogger.com (Pam at MoneyTrail) — Sat, 16 Mar 2013 00:12:00 +0000

For those of you in the Atlanta area, the Books-a-Million at 5900 Sugarloaf Parkway in Lawrenceville will be hosting a fund raiser for SheWill.org. From 12:00 pm - 6:00 pm, 10% of all purchases will go to SheWill!

SheWill, Inc. is a 501(c)3 tax-exempt organization created to educate young girls, between the ages of 8 and 17, on the importance of financial literacy and career empowerment. SheWill, YoungFinances and I have also partnered together to host the Preschool to Parenting Financial Summit in April. Come on out this Saturday and support my event partner in her quest to bring financial literacy to our young ladies!

Update: I stopped by to visit Sheena at Books-a-Million. Many thanks to Books-a-Million and to the customers who made this a success for SheWill.org.

Year of Little Lesson Plans

noreply@blogger.com (Pam at MoneyTrail) — Tue, 19 Feb 2013 16:32:00 +0000

Okay parents....how much time do you spend each day waiting in carpool lines or waiting for baseball practice to end? There are so many days where it seems like all I do is hurry, hurry, hurry to get somewhere and then end up waiting once I am there. Crazy, huh? And then...if you have younger kids in the car with you...well...you know how much fun that can be. :)

If you are nodding your head and understand the plight of the "hurry up & wait" parent, I have the perfect book for you. Year of Little Lesson Plans by Courtney Loquasto is an entire year of 10 minute, smart, fun things to teach your child each weekday. The activities are quick and easy. You can do many of them in the carpool line or while you are waiting for supper to finish cooking. Basically, it's your best friend when you have a few extra minutes and want to do something meaningful with your child.

The activities in Year of Little Lesson Plans are geared toward kids ages 3 - 8. (Although, many of the plans can be discussed with older kids too!). Each calendar week has a theme and the daily activities or discussions center around that theme. Some of the themes include: Family Tree, Planting a Garden, Bugs, Musical Instruments, Manners, Apples and Money.

Courtney also has a website, Carpool Ninja, where you can get additional tips for family life and making the most out of the time you spend at home.

Courtney and I met on Twitter last year and soon discovered that not only did we share parenting interests, but that we live in the same area. Small world, right? We are big fans of each other's work so she graciously sent me a copy of Year of Little Lesson Plans. If you are a busy parent, trying to squeeze quality activities into your daily life, you will love this book. And, guess what.....you can enter to win a copy! The Whole Lotta Family Love Giveaway includes a copy of Year of Little Lesson Plans. The giveaway ends on Friday, February 22, 2013 so what are you waiting for? Click on over here and enter the giveaway!

Whole Lotta Family Love Giveaway

noreply@blogger.com (Pam at MoneyTrail) — Fri, 08 Feb 2013 05:00:00 +0000

February is a great month to share some love! What kind of love, you ask? The Whole Lotta Family Love Giveaway!! I recently met up with some new blogging and writing friends. We decided to celebrate our new friendship by hosting a huge giveaway!

Please say "hello" to my new mom friends....

Courtney from Carpool Ninja
Erica from Spoonful of Imagination
Erin from DIY on the Cheap

We are giving away a whole bucket full prizes! Take a look at what you could win....

$40 Amazon Giftcard - emailed straight to you!
A MoneyTrail App from the iTunes Appstore - Use this to keep up with your child's allowances and IOUs.
A copy of "Year of Little Lesson Plans" by Courtney Loquasto - Learn how to enrich your child's education in just a few minutes a day.
A Handmade, Personalized Wreath from DIY on the Cheap - Erin will make you a beautiful wreath, personalized with the initial of your choice.
A "Love" Sign and handmade teal earrings from Spoonful of Imagination - Dress up your home with the sign and dress up yourself with the beautiful earrings!

Follow the directions below to enter the Whole Lotta Family Love Giveaway! Good luck!

a Rafflecopter giveaway

Family Valentines on a Budget

noreply@blogger.com (Pam at MoneyTrail) — Thu, 07 Feb 2013 12:00:00 +0000

My youngest son gave me this Valentine last year. I'm still not quite sure how he came up with "Best supervisor ever" but it is just cute enough and just sweet enough to tug at my heart strings. And, it didn't cost a thing.

Valentine's Day costs can really add up. A gift for your spouse, a nice dinner and cards & candy for your child to exchange with his classmates can put your budget over the top. Want to celebrate Valentine's Day this year without busting your budget?

Here are some frugal ideas to show your family how much you care.

For the Kids:

Go pink! Think of all the food items that you can make pink. Pancakes, a glass of milk, mashed potatoes, vanilla yogurt. Adults may think it's weird but kids love oddly colored food. Just add a drop or two of food coloring and you are all set.
Hearts: Cut sandwiches, jello jigglers, pancakes, etc. into heart shapes. Or take a tiny heart cookie cutter and make heart shaped butter patties and place on top of strawberry muffins.
Make a scavenger hunt around the house and leave the clues on heart shaped papers. You could even add a hershey kiss on each clue.
Make a valentine tree. Find an interestingly shaped small tree branch and put it in a flower pot so that it stands up. Decorate with white or red Christmas lights and red paper hearts. The kids can write their Valentine messages on the hearts and hang them with white yarn.
Make red play dough. Here are 10 recipes for home made playdough. (Most require some cooking so parent supervision will be necessary.) Using cherry jello mix or cherry kool aid mix will make it colorful and cherry scented.
Sprinkle Party: Everything is more fun with sprinkles --- ice cream, cupcakes, cookies, pudding, etc.
Make a card for each of your kids and put it on their pillow for bedtime. Tell them one thing that you admire about them.
Let your kids have some friends over to play (or "hang out" if they are teens). Make it a movie night or red food party.
Take a family bike ride or hike if the weather is nice. If it's snowing where you are, build a family snowman or have a snowball fight.

A rare Atlanta snow in Feb. 2010

For the Grown Ups:

Let Mom read a book while Dad and kids clean the house.
Wash Dad's car. If it is too cold to wash the exterior, vacuum out the interior and clean the windows.
Have the whole family find something red or white to wear and take a quick family photo. Email it to grandparents or relatives with a Valentine's wish.
Let the kids call their grandparents to wish them a Happy Valentine's Day.
Fix your spouse breakfast in bed.
Fix a nice hot bubble bath for your spouse and watch the kids while he/she soaks their troubles away.
Warm up the car and defrost the windshield for your spouse.
Help the kids make a card for your spouse. Bring on the crafts and glitter!
Call or email your spouse during the day just to let them know that you are thinking of them.
Let the kids pick some flowers for Mom. (We already have daffodils blooming in GA).

How do you celebrate Valentine's Day on a budget? Please share your ideas!

More Free Books for Kids and Teens

noreply@blogger.com (Pam at MoneyTrail) — Sat, 12 Jan 2013 15:46:00 +0000

From Simon's photos on Flickr

I love books and I love a bargain! It's a marvelous day when I find great kids' ebooks that are free. Here are the latest free ebooks for your Kindle or your Nook.

Important: The books were free when I published this blog post. The prices may have changed. Please double check the cost before you download!

Barnes and Noble Nook:

Young Children:

Fun Facts about Pets by Seymour Simon
Little Miss Liberty by Chris Robertson
See Me Grow Fun! (Scholastic Discover More Series) by Scholastic
The Elephant's Child: How the Elephant Got His Trunk by Rudyard Kipling

Teens:

A Matter of Profit by Hilari Bell

Earth Forbidden by Amelia Grace

Amazon's Kindle:

Young Children:

Tongue Twisters for Kids by Riley Weber

When Cows Fly by Tom Watson

Henry Burp - Mind Your Manners by Michael Winn

Teens:

Treasure Island by Robert Louis Stevenson

Loud, Disorderly and Boisterous by Adam M. Johnson

Guardians Inc.: The Cipher by Julian Rosado-Machain

Book Review: "Someday Is Not a Plan" By Dave Straube

noreply@blogger.com (Pam at MoneyTrail) — Wed, 09 Jan 2013 15:20:00 +0000

Someday Is Not a Plan, by Dave Straube, is a basic personal finance book for young adults. However, it reads like a novel and introduces financial concepts in an easy to read, personal manner. There are no charts, spreadsheets or complicated financial terms. Someday Is Not a Plan is a wonderful first finance book for any young adult who is just starting out their career.

Straube uses the story of a twenty-something young man, Larry, and his uncle to illustrate basic money management techniques. Larry is living paycheck to paycheck and is trying to support a lifestyle that he can't afford. He is making spending choices that many young people today find themselves making. Larry thinks the answer to all of his problems is just to make more money. He doesn't see how his spending and lifestyle choices are causing the issues. Through a series of conversations with his retired uncle, Roger, Larry begins to turn his financial life around and plan for the future.

Pam's Thoughts: I found Someday Is Not a Plan to be enjoyable and easy to read which is not something that can often be said for personal finance books. It is not intimidating at all and I think most young adults would find this book to be an asset in their personal finance journey. The financial information that is embedded in the story is accurate and comprehensive. I strongly recommend this book for any young adult.

For more information or to purchase the book, please visit: www.somedayisnotaplan.com

Someday Is Not a Plan is also available from Amazon or Barnes and Noble.

Disclosure: I received a complimentary copy of the book but it did not influence my review or thoughts about the content. I will not receive any compensation from book sales that might occur from reading this blog.

Indoor Kids Activities on a Budget

noreply@blogger.com (Pam at MoneyTrail) — Thu, 03 Jan 2013 14:22:00 +0000

Looking for fun indoor activities that won't break the family budget but will keep your kids entertained? Here are 20 cheap, indoor family activities to get you through the darkest of winter days.

From Bruce Guenter's photos on flickr.com

Put together a puzzle. We recently started a 1000 piece puzzle. I hope we have it finished before Spring arrives.
Play card games like Go Fish, Slap Jack, Rummy or Crazy Eights. A simple google search for the rules and a deck of cards can lead to hours of entertainment.
Indoor balloon volleyball
Stack up plastic cups and knock them down with a remote control car.
Marshmallow Olympics. This might get a bit sticky so I would suggest holding the Olympics in room with a hard (mop friendly) floor. Who has the best distance for throwing a marshmallow, kicking a marshmallow and, yes, spitting a marshmallow?
Family talent show. True story: several years ago, we took our family to Disney. One of the most talked about memories from that trip is the family talent show that we did one night after dinner. The highlights of the show --- one son burped the ABCs and another son hit himself in the head with a pot lid. Absolutely, 100% pure silliness…but it didn’t cost a thing.
Play speed stack with plastic cups. Who is the fastest in your family?
Build a small catapult out of craft sticks, rubber bands and a plastic spoon. Have contests to see who can fling a paper ball or marshmallow the farthest. Here's a great set of directions from a Cub Scout dad, Devin Collier.
Let the kids plan a menu for dinner and help cook it.
Have a theme dinner. We had a “stick” dinner that was a lot of fun. Everything had to be on sticks. Corn dogs, cheese cubes on toothpicks, pretzel sticks, fruit kabobs and roasted marshmallows for dessert.
Indoor nerf wars. We reposition the couch and chairs to make forts.
Board games - Here's a list of 10 board games that can teach about money.
Marshmallow buildings. Who can make the tallest building using only marshmallows and uncooked spaghetti noodles? How long does it stand?
Digital scavenger hunt. Give your kids a list of items and see how long it takes them to find the items and take pictures of them.
Indoor nerf wars. We reposition the couch and chairs to make forts.
Indoor basketball with a laundry hamper and rolled up socks. I prefer to use clean socks!
Invite some friends over. Life is always better with a friend.
Finger paint with pudding. My kids used to love this. I would make instant vanilla pudding and food coloring to make four different colors of pudding. I would give each child a cookie sheet and a spoonful of each color. They would swirl and paint and lick their fingers!
Older kids and teens can entertain themselves for hours with a camera and a photo editing website.
Teach the dog a new trick. Our favorite trick so far is that my kids point their finger at Rascal, say “Bang, you’re dead” and he rolls over.

What are your secrets for entertaining your kids in the winter?

Buying Teacher Gifts? Why Not Teach Your Child about Budgeting at the Same Time?

noreply@blogger.com (Pam at MoneyTrail) — Mon, 10 Dec 2012 22:16:00 +0000

From The Daring Librarian on Flickr.com

Many kids love to give their teachers a present for the holiday season. When my daughter was in elementary school, she wanted to give presents to practically every teacher and adult in her school. It was very sweet, but not the most budget friendly attitude to have!

At the beginning of December, I would ask Brittany to make a list of all the teachers that she wanted to give a gift to. Then we would talk about the total amount of money we were willing to spend on teacher presents and do the math to determine how much she could spend on each present. I honestly did not realize it at the time, but this process was modeling budgeting skills for her. It was age appropriate and was relevant to her, both of which are key to making the concept of budgeting less abstract to kids.

When Brittany wanted to hand out 15 – 20 presents, we had to come up with gifts that would still fit our budget. Here are some of our more creative, frugal ideas:

Handwritten Note and Candy Bar: We would write a note to the teacher and tell her why she was special to us or what Brittany really liked about her class. We would attach the note to a king-size candy bar. (I still have notes that I was given from way back when I was teaching. These can often be the most memorable, special gifts that a student can give a teacher.)

Small loaves of homemade bread: I bought three mini-loaf pans. One standard quick bread recipe will usually make three mini loaves. For several years in a row, Brittany and I would make loaf after loaf of banana bread or pumpkin bread. We would wrap them in plastic wrap and put them inside decorative holiday goody bags. She would jazz them up with ribbons and gift tags.

Coffee Lovers gift: A friend of mine was giving away a set of 12 coffee mugs that she no longer liked. Brittany and I made chocolate stirring spoons by dipping plastic spoons in melted, flavored chocolate. Once they cooled, she wrapped them in colored plastic wrap and tied a ribbon around them. We placed one spoon inside a mug along with a Ziploc bag of coffee beans.

What are the budgeting skills and money concepts that a kid can learn from gift planning?

From Tax Credit's photos on Flickr.com

They are introduced to basic budgeting and money management.

There is not an endless source of money to buy an elaborate gift for every person.

Gifts don’t have to be expensive to be appreciated.

Having a financial plan prevents impulse over-spending.

Have you creatively stretched your holiday budget with your kids? Share some of your ideas!

Pam's Picks: Teens & Credit Cards

noreply@blogger.com (Pam at MoneyTrail) — Mon, 03 Dec 2012 10:30:00 +0000

Teens and credit cards? That thought could strike fear in the heart of even the bravest parent! However, it doesn't have to be a bad experience. The difference between a useful financial tool and a dangerous debt builder boils down to educating your teen about credit cards and debt.

Here are some useful resources for you:

Brian Page (Ohio's award winning Economics Teacher and creator of Awesome Island, a personal finance game for teens) described his approach to teaching teens about credit cards in Maxed Out. His insights and tips can be used by parents as well as teachers.

From 401K (2012) on Flickr.com

Money Matters: A Guide to Teaching Finances to Children on the Bootstrapper Blog from Businesscreditcards.com : This five part series includes a section called Understanding Credit and Credit Cards for Young Adults. I really appreciate that the author includes practical tips and parameters for easing your teen into responsible credit card management, such as developing contingency plans for overspending.

Barbara Marquand on Fox Business recently tackled this topic in Should You Let Your High Schooler Have a Credit Card? My favorite advice in this article ties right in with my belief that kids and teens HAVE to practice money management in order to become proficient with handling money. Barbara's words...

Children who have handled a savings account, earned money from household chores or a part-time job, and saved money for special purchases are better prepared for handling financial responsibility than those who haven't had any experience with making and saving money. Make sure your child is grounded in some basic money know-how before handing over a credit card.

Read more: http://www.foxbusiness.com/personal-finance/2012/11/23/credit-cards-and-kids-should-let-your-high-schooler-have-credit-card/#ixzz2DrCZmg9C

We seem to get credit card offers for our teens in the mail every week. The latest one offered a $25 annual fee and an interest rate of 29.5%. These offers get discussed and then promptly shredded. We still haven't entered the credit card world with our teens. Our oldest has a debit card and has handled it very responsibly. However, I still debate whether or not she needs a credit card. If so, what is the best age to get one?

Does your teen have a credit card? Has it been a positive experience or a bad experience?

It's Chore Time! Where are the Kids?

noreply@blogger.com (Pam at MoneyTrail) — Tue, 27 Nov 2012 20:44:00 +0000

I am looking around my house right now and see that the floor needs to be swept, the laundry needs to be folded and the dishwasher needs to be unloaded. Where is my housekeeper? Oh yeah...I don't have one! Alrighty then...time to gather the kiddos and get this house in order. Do your kids help you maintain a clean house? Do you pay them for those chores?

From D Sharon Pruitt's photos on Flickr

Many people are opposed to paying for tasks that help run the family household. Other folks use money to encourage kids to complete the tasks and compare it to getting a paycheck as an adult. I personally don’t think there is a right or wrong answer to this age-old dilemma. I think each family has to find the method and theory that works best for them.

Our Approach: The Best of Both Worlds

Here at the Whitlock household, we have been using a combination of expected chores and optional paid jobs with our four kids for many years. We have chores that the kids are required to do just because their last name is Whitlock. There are other jobs that we will pay them to do when they want to earn extra money. The assignment of the chores and the amount of money paid for the optional jobs will vary depending on the age of the child who is doing the task. (Our kids range in age from 9 – 19.)

Here are the most common chores and jobs for our kids.

Expected Chores (No payment):

Loading and unloading dishwasher
Making beds
Cleaning bathrooms
Vacuuming
Clearing table
Laundry --- sorting and folding
Picking up dog poop
Mowing the grass
Taking out trash and recycling
Sweeping
Dusting furniture

Optional Jobs (Payment for these):

Babysitting for younger siblings
Washing cars
Steam cleaning carpets or upholstery
Training the dog
Picking up pine cones
Washing windows
Pulling weeds & trimming bushes
Photography & artwork for this blog
Mom's assistant --- help with filing, organizing, cleaning of closets, etc.

How do you handle chores in your family? Please share your thoughts and ideas in the comments.

It's Time for a Laugh!

noreply@blogger.com (Pam at MoneyTrail) — Wed, 21 Nov 2012 11:00:00 +0000

Don't let the holiday stress get to you! Share a laugh with your family and friends with these wacky Thanksgiving pictures...

From Daniel Morris's photos on Flickr

From editrixie's photos on Flickr

from Chris.corwin's photos on Flickr

Happy Thanksgiving from our house to yours!!!

No Presents on Thanksgiving??

noreply@blogger.com (Pam at MoneyTrail) — Mon, 19 Nov 2012 19:01:00 +0000

Photo by Brittany Whitlock

Thanksgiving is one of my favorite holidays. There isn't the pressure to find the perfect gift or throw the biggest backyard barbecue. It is a time to enjoy being with family and to take a moment to be thankful for the good things in your life. I have read many articles recently about the sense of entitlement and what a parent should to do to make sure their kids avoid this “affluenza” (term borrowed from Clark Howard!). I think that one of the best ways to teach and model gratefulness is to create family traditions that honor this quality.

I grew up in a small town in North Carolina. We were a family of four and had many extended family members that lived in the same town. Thanksgiving for us was about having a wonderful meal with my grandmother and occasionally my Great Aunt. I can remember waking up in the morning and smelling coffee and hearing laughter in the kitchen. I was never quite sure what time my grandmother arrived but it was usually well before I rolled out of bed. My mother, grandmother and I would spend the morning cooking and watching the Macy’s Thanksgiving Day parade on TV. By noon, my dad and brother would start wandering through the kitchen, snitching little bites of stuffing or cake, especially my grandmother’s stacked apple cake. Even as a sometimes surly teenager, I looked forward to the peace that I felt within the traditions that my family created.

Mom, Dad & Me

Thanksgiving for us wasn't about fancy tablecloths, silver candle holders or gourmet spices for the stuffing. It was much more than that. It was about family and love and consistency. When my kids were a bit younger, one of them mentioned that Thanksgiving needed to have presents. What good was a holiday if you didn't get new stuff?

But as they have gotten older, my kids want to know when they will see their cousins, am I making my stuffing for the turkey & the yeast rolls and will the weather cooperate for the backyard football game. Occasionally, one of my kids will even watch the Macy’s Thanksgiving Day parade with me.

Over time, the simple traditions can often outweigh the entitlement trap.

Happy Thanksgiving.

Pam's Picks of the Week

noreply@blogger.com (Pam at MoneyTrail) — Mon, 12 Nov 2012 19:36:00 +0000

My favorites from around the web recently...

Suzanne at Growing Rich Kids has written a wonderful blog post this week about the items kids should pay for with their allowance. She was kind enough to email me and ask how we handle this with our kids. Her advice and hints cover all the ages, from childhood through those crazy teen years.

Speaking of teen years...do you have to buy your teen a car? Does it need to be a brand new, top of the line, sports car? Squirrelers has recently tackled this topic in their post, Cars for Teens: Don't Spoil Them with Expensive Vehicles.

Here's another topic that has lots of opinions....paying kids for chores. Tie the Money Knot started a great discussion this week. Stop by and share your opinion.

In a recent edition of Pam's Picks, I mentioned an article that discussed misconceptions teens often get about money. It encouraged parents to really talk with their children instead of letting their children learn solely by watching and observing. One of our readers posted this response on Facebook:

I read all of the articles and realized I can be doing more to share what I am doing financially with my kids. Right now I am weighing the pros and cons of different home loan refinancing offers ... length of time for the loan and % rates affects monthly payment amount and overall cost ... a good basic topic to start with!

It is so wonderful to see the ripple effect of a good article as it makes its way to families and teens. Keep the good articles coming folks!

A big thank you this week to LifeInsuranceByJeff.com for hosting the Carnival of Personal Finance #386 and including our article.

Free Books for Kids and Teens

noreply@blogger.com (Pam at MoneyTrail) — Sat, 10 Nov 2012 21:06:00 +0000

Image from Flickr.com

Everyone who knows me knows that I love books for kids! And...I love a good bargain. So when I can find free books for kids and teens, it makes me want to do a happy dance. Here are 12 books for kids and teens that are completely free!

Important: The books were free when I published this blog post. The prices may have changed. Please double check the cost before you download!

Nook Books by Barnes and Noble:

Children's Books:
17 Dingbat Songs for Kids by Lenny Everson
Bogamus the Troll by Nathan A. Jones
Patches and the Vegetables by Dory Lee Maske

Young Adult Books:
Adventures of Sherlock Holmes by Arthur Conan Doyle
Alyson the Time Traveling Weirdo by Heather Mar-Gerrison
Legendary Blue Diamond by Mark Stewart

Amazon Kindle:

Children's Books:
Zam Zoodle Oop Boop Soup by J. Kaylin
The Ugly Duckling by Hans Christian Andersen
Orangey the Goldfish by Eddie Bee

Young Adult Books:
Cross Roads by Mary Ting
Flotsam by Stephanie Skeem
The Secret Garden by Frances Hodgsen Burnett

Happy reading!!

Pam's Picks: Habits, Grades & Character

noreply@blogger.com (Pam at MoneyTrail) — Sun, 04 Nov 2012 13:00:00 +0000

My favorites from around the web recently...

Your Teen’s Habits with Money Have Everything to Do with How They Think about Money by Jill Suskind on YourTeensMoneySkills.com

You had the "money talk" with our child. You pay them for jobs so they can learn the value of a dollar. That should be enough, right? Not so fast! Jill points out a wide range of financial misconceptions that she developed from childhood. These misconceptions were gradually built from observing lifestyles and actions of those around her. It's not what you say; it's what you do! Jill shares an honest examination of her journey with money and finances. All parents should read this article.

Should You Pay for an 'A'? by Beth Kobliner on MintLife.com

Paying for grades is one of the most debated topics relating to kids and money. Beth presents all sides of this issue in her three part series.

Character Counts by Brian Page on FinEdChat.blogspot.com

Brian Page is an award winning teacher from Reading, Ohio. He teaches economics, creates Financial Literacy curricula and is a proud dad to three beautiful children. In Character Counts, Brian connects financial literacy goals with strong character traits and discusses how they go hand-in-hand.

And...thanks to the following sites for including MoneyTrail in recent articles...

Bank Accounts for Preschoolers on SmartMoney.com and MarketWatch.com
Just for Parents: Teaching Kids about Money on OurMomSpot.net
MoneyTrail App: Saving Money for Parents and Teaching Kids about Money on SavingMoneyApps.com

The Accidental Savings Plan

noreply@blogger.com (Pam at MoneyTrail) — Wed, 31 Oct 2012 16:05:00 +0000

I have accidentally discovered a brand new way to get my 12 year old to save his money. Pay him in BIG bills! Sounds crazy but it has worked. He has a $50 bill that he refuses to part with. It all started with a visit to his grandparent’s house.

from Flickr.com

One of the highlights of summer time for my kids is getting to spend time with their grandparents. They play Scrabble, build marvelous things with my Dad and generally get wonderfully spoiled for a week. In the midst of all the fun, my parents have discovered that my kids will also do plenty of summer chores for them. Things that my parents can’t (or don’t) want to do, such as detailing cars, washing windows and painting benches have become specialties for my kids! Grandparents tend to pay pretty darn well too.

This past summer, my 12 year old accomplished several of the big tasks for my parents. They paid him $50 and gave him a brand new, crisp $50 bill. He still has it and is determined to keep it for a very long time. There have been two instances where he has thought about buying a toy or game but has opted to save his money because he does not want to part his cash!

The desire to hang on to that $50 bill has caused him to analyze and critique his spending habits. He really thinks about whether an item is "worth it or not".

I know it is unrealistic to pay a child $50 on a normal basis. (Although my kids would really, really like to try it out!). However there is a way to give this a try without destroying your wallet. Encourage your child to save their ones and trade them in for a for a $5 dollar bill. Then trade two of those in for a $10 dollar bill. They can work their way up to a twenty, a fifty and oh my, a hundred dollar bill.

Getting kids to save their money can be a challenge. I have read books and blogs and articles for hours and it all comes down to finding the right thing to motivate your child. For our 12 year old, the Accidental Savings Plan is the right motivation at the moment!

What creative ways have you motivated your child to save?

Need to Save a Few Dollars? An App can Help!

noreply@blogger.com (Pam at MoneyTrail) — Mon, 01 Oct 2012 14:54:00 +0000

www.savingmoneyapps.com

Everyone is trying to save a few bucks these days. If you are a parent, especially the parent of a teen, you know as well as I do that the cash can just fly right out the window. There is a brand new website, Saving Money Apps, which showcases apps that, just as the title says, will save you some money. I was recently asked to write an article for them about MoneyTrail. In the article I list several ways that MoneyTrail saves money for parents and I also discuss how MoneyTrail teaches kids & teens about money management, saving them money in the long run.

Visit Saving Money Apps to view the entire article,
MoneyTrail App: Saving Money for Parents & Teaching Kids about Money

It's Friday...Do You have Allowance Money for your Kids?

noreply@blogger.com (Pam at MoneyTrail) — Fri, 21 Sep 2012 15:48:00 +0000

From NoHoDamon's photos on Flickr.com

Yippee...it's Friday! There's no homework for the kids. Maybe it's pizza night at your house or the Friday night football game at the local high school. Many of us parents will also hear, "Mom, it's Friday. Can I have my allowance?" Or, "I need some money for the game. I babysat last weekend and you forgot to pay me." If you are like me, you make a mad dash for your purse to see what change is lurking at the bottom among the gum wrappers and lip balm. If that doesn't solve the problem, then you hunt down Dad's wallet to see if maybe, just maybe, there's a five dollar bill in there. Sound familiar?

I am sure there are some parents out there who enter every weekend with the exact amount of cash needed tucked away in an envelope system. My hat is off to those parents because they are more organized that I will ever be. For the rest of us, consistency is tough. I may start out with great intentions of going to the ATM on a regular schedule, but life just gets in the way. Sick kids, dentist appointments, baseball practice and dirty laundry have a tendency to make those intentions fly right out the window. However, when it comes to teaching kids about money, consistency is important. Check out what Alisa Weinstein, author of Earn It, Learn It, has to say about consistency in this segment from the Nightly Business Report.

The bottom line? If having the right amount of cash each week for allowance is difficult for you, find another system that works. Keeping up with allowances, payments for extra jobs and the occasional purchase can lead to a lot of frustration. And, lets face it, it is not setting a good financial example for our kids. This is precisely the reason that Frank and I created MoneyTrail.

If the cash in the envelope system doesn't work for your family, try the old fashioned paper and pencil ledger or a family chalkboard. If you want to go high tech, there are allowance & money tracking websites and apps designed to help you out. *Full disclosure...I'm a bit partial to the MoneyTrail App. :)

What system works for you?