Posts Tagged ‘helping children financially’

Slash the Cash – Three Ways to Control Your Teenager’s Spending

Tuesday, August 30th, 2011
Teens know a lot about money. At least, they know a lot about spending money. But few people know how to help their teenagers manage their finances, particularly when it comes to spending.
Last year young shoppers spent over $170 billion – double the amount just 10 years earlier on clothing, food, music, and technology (reported by 20/20). If that sounds outrageous to you, consider these facts:
  • According to the JumpStart Coalition for Personal Financial Literacy, nearly a third of high school seniors reported having a credit card of their own or one co-signed by a parent.
  • In 2010 alone, more than 110,000 Americans under age 25 filed for personal bankruptcy. (Elizabeth Warren, Professor of Law at Harvard Law School).
  • 78% of college students have credit cards, according to student loan maker Nellie Mae. The typical student carries a balance of $3,200. One out of ten college students carries a balance of more than $7,800.

Here are three ways to control your teenager’s spending:

[Read the Complete Money Couple Minute HERE]

Make it Happen!

The Money Couple
Scott & Bethany Palmer

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The Money Couple’s Back-to-School Survival Guide

Tuesday, August 2nd, 2011

According to our research, back-to-school expenditures are second only to Christmas so the school shopping is a “biggie”. In addition to the tips below, be sure to read a recent article we were interviewed for – click here. Enjoy this time of year, keep your money relationship intact, teach your kids a thing or two and get your school year off to a great start:

  1. Decide who will do the school shopping.Clear communication will prevent doubling up on items, or worse, spending more than you need to! [more...]
  2. Involve your kids.The Money Couple is the first to admit that shopping for school supplies with the kids in tow can be less fun than a root canal. [more...]
  3. Start early.You don’t have to wait until the last week in August to gather school supplies. [more...]
  4. Talk about it.The Money Couple finds very few couples who ever talk about back-to-school spending. [more...]

[Read the Complete Money Couple Minute HERE]

Make it Happen!

The Money Couple
Scott & Bethany Palmer

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5 Tips to Moving Back with Mom and Dad

Tuesday, June 21st, 2011

Okay, this might not be how you pictured your future. You thought you’d graduate from college and head off to your money-making job, your great apartment, your new life in the “real world.” Instead, that job hasn’t shown up just yet and you’re heading back to Mom and Dad’s house.

Whatever your reason for heading back home after college, you are not alone – not by a long shot. It’s estimated that nearly 85% of college grads move in with their parents after they finish school.

For most graduates, this is a temporary situation. But no matter how long you plan to stay with your parents, it can be a tricky arrangement for all of you, especially when it comes to money. Believe it or not, your relationship with your parents includes what we call a “money relationship” – how you think about and deal with money as individuals and as a family. And if you’ve ever argued with your parents about money, you know that can create some stress.

But with a little effort, you can make this time with your family a smooth transition between college and the next stage of your life.

Here are five ways to make it work:

[Read the Complete Money Couple Minute HERE]

Make it Happen!

The Money Couple
Scott & Bethany Palmer

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Unleash Your Child’s Generosity

Tuesday, December 7th, 2010

We are a nation of givers. The Center on Wealth and Philanthropy at Boston College estimates that in 2009, individual charitable giving amounted to $217.3 billion dollars.  That money went to places like the ravaged nation of Haiti, the Salvation Army, state disaster relief funds, and local food banks and homeless shelters.   As adults, we’re doing a great job giving to others.  But what about our kids?  More and more, we talk to parents who want to know how to pass on a spirit of giving to their children.

It’s certainly not easy.  Kids are bombarded with messages of greed and materialism.  According to the Nielson company that rates television usage, the average child sees 20,000 30-second commercials each year.  That’s an awfully loud voice telling our kids they need more stuff.  But you can counter the message to have more and nurture your child’s innate generosity.  Here’s how:

Click to read the complete Money Couple Minute for 4 ways to Unleash Your Child’s Generosity.

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5 Questions Every Parent Needs to Ask Before Helping a Child Get Out of Debt

Monday, August 16th, 2010

We don’t sound the debt alarm very often, but when it comes to young adult children asking their parents for help with debt, well, the alarm bells start ringing!

These days, even 19-year-olds can be riddled with debt. Student loans, car loans, credit card debt can add up quickly, leaving young people buried in debt before they’ve even cashed their first paychecks. Sadly, debt follows young people for a long time.

As parents, you have to make some tough decisions about how much help to give your child when she ends up deep in debt. Before you write a check, ask yourselves these questions:

1. Where did this debt come from?

2. Have we bailed our child out before?

3. How can we help our child think differently about spending, saving, and debt?

4. When should reality hit?

5. How can we use this conversation to strengthen our relationship with our child?

Read the details in this week’s Money Couple Minute HERE.

Read all the Money Couple Minutes HERE.

View the Money Couple interview answering viewer questions.
View the Money Couple Interview

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6 Steps to Helping Your Adult Children Financially

Monday, March 1st, 2010

Every parent knows that our care and concern for our children doesn’t stop when they hit adulthood. But most of us are a little unclear on how that care should play out financially. Trying to figure out when and how to help adult children with money problems can lead parents into all kinds of financial miscommunication and conflict.

It doesn’t have to be that way. While the best approach for you will, of course, depends on the situation, there are 6 guidelines you need to keep in mind as you make financial decisions about your adult children.

1. Know your child’s Money Personality – Read more here

2. It’s ok not to play fair – Read more here

3. Respect each other – Read more here

4. Don’t hurt yourselves to take care of your kids – Read more here

5. Decide if there will be strings – Read more here

6. If there are strings, get them in writing – Read more here

Read this week’s entire Money Couple Minute – HERE.

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