When parents describe their kids’ money habits to me, they quickly label them as a money spender or saver. One mom says, “He can’t wait until he gets money.” Another tells me, “She just enjoys having money.” While parents easily identify these spending habits and...
Parents expect to give their kids money to spend, but they don’t want them to make spending mistakes. While this is understandable, kids’ money mistakes are key to helping them learn successfully manage their money. Why are parents so protective when it comes to...
This is a repost of a blog I wrote eight years ago. Sadly not much has changed. Parents expecting financial education classes to teach their children about personal finance will be disappointed after reading a recent Survey of the States. The 2020 Survey of the...
A piggy bank does not help our kids learn how to spend money they can’t see or touch. Kids see debit card spending at the store, but do they have any idea what you are doing? Using a debit card is like cash spending without cash. Unlike getting cash from an ATM,...
Kids think an ATM is a magical piggy bank. Many kids believe this as early as Kindergarten. One bank survey showed that 40% of 5-year-olds believe you use a plastic card to get free money from a machine. Why is this? Kids believe what they see. For many their earliest...
Piggy banks love cash. But what do you do if Grandma gives your child a check? That cute little piggy bank is clueless and you have to come to the rescue. Piggy banks don’t cash checks. Because your child can’t spend a check, you have several options for giving...
