kids and spending « themoneycouple.com

Posts Tagged ‘kids and spending’

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

Tags: communicating with kids about money, financial communication, flyer, helping children financially, kids and money, kids and spending, love and money, money communication, money fights, money huddle, money personalities, risk taker, saver, security seeker, spender
Posted in The Money Couple Posts | Comments Off

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:

Decide who will do the school shopping.Clear communication will prevent doubling up on items, or worse, spending more than you need to! [more...]
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...]
Start early.You don’t have to wait until the last week in August to gather school supplies. [more...]
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

Tags: back-to-school spending, communicating with kids about money, financial communication, financial relationship, generous kids, helping children financially, kids and money, kids and spending, love and money, money communication, the money couple
Posted in The Money Couple Posts | Comments Off

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.

Tags: communicating with kids about money, financial communication, generous kids, helping children financially, kids and giving, kids and money, kids and spending
Posted in The Money Couple Posts | Comments Off

4 Ways to Survive Back-to-School Spending…Plus ABC News!

Tuesday, August 3rd, 2010

According to the National Retail Federation, the average American family will spend more than $600 on clothes, shoes, supplies, and electronics during the 2010 back-to-school season, making this the second biggest consumer “event” of the year (you can probably guess what the first is!).

But unlike Christmas, this time of year often catches people unaware – how many of us plan for back-to-school spending in our annual budgets? Not us! Even if you haven’t been saving your pennies for the annual trip to the school-supply aisle, you’ve still got time to plan for these expenses and make sure you don’t end up with a battered budget. These tips can help:

1. Decide who will do the school shopping.
2. Involve your kids.
3. Start early.
4. Talk about it.

Get the full details of each of the 4 tips by reading this week’s Money Couple Minute on 4 ways to survive back-to-school spending.

Also, be sure to watch our new segment on ABC News called the Money Couple Minute – This weeks video is on Managing a Blended Family.

Tags: back to school budgeting, back-to-school spending, financial communication, kids and spending, kids school supplies budget, money communication, overspending
Posted in The Money Couple Posts | Comments Off

Step-kids and College: 5 Ways to Make Sure Everyone is Happy

Monday, July 5th, 2010

Figuring out how to pay for your child’s college education can be a major financial headache. Add the complex dynamics of a blended family to that situation and the stress level can go through the roof!

But it doesn’t have to be that way. With some honest conversation, a clear plan, and a solid sense of reality, you can find your way through the sometimes-choppy process of making financial decisions with your child’s other parents without creating new problems.

Get the 5 keys to a successful arrangement HERE.

View all the Money Couple Minutes HERE.

Tags: college costs, college saving, financial communication, kids and giving, kids and money, kids and spending, money communication, overspending, step-kids and college, the money couple
Posted in The Money Couple Posts | Comments Off

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.

Tags: financial communication, helping children financially, kids and giving, kids and money, kids and spending, money communication
Posted in The Money Couple Posts | Comments Off

Get Your Kids Excited About Giving

Monday, November 23rd, 2009

Every parent wants to raise compassionate, generous children. Giving to others should and can be fun, it doesn’t have to be the financial equivalent of eating your vegetables. With the right approach, practicing generosity can build family unity, develop a deep sense of compassion in your kids, and teach them invaluable financial communication skills that will carry over into their everyday lives.

Take a look at this weeks Money Couple Minute on “Getting Your Kids Excited About Giving.” In it you’ll find some practical and fun ways to get your kids involved in a positive way this holiday season. While you’re there, be sure to check out the other Money Couple Minutes for the holidays.

Tags: Christmas spending, communicating with kids about money, financial budget, financial communication, kids and money, kids and spending
Posted in The Money Couple Posts | Comments Off