If your New Year’s resolution is to finally get your finances in order, the SaveUp 30 Day Financial Detox Challenge is here to help! SaveUp is the first free rewards program for saving money and reducing debt—meaning you can straighten out your finances and earn opportunities to win cool prizes like vacations and cash at the same time. Simply choose any credit card in your wallet, and commit to not using it for 30 days by registering it on the SaveUp site. The longer you go without spending, the more chances you have to win prizes. It’s as simple as that. You can also use SaveUp to organize your finances, track your progress, and even get tips from Certified Financial Planners. And best of all, everything is free to use. Research suggests that it takes 30 days to truly break a habit, so participating in the challenge could help you develop lifelong financial skills—and save you a significant amount of money in interest.
Even though Black Friday and Cyber Monday have passed, the holiday shopping season is still upon us.
For the past year, Parents.com has partnered with LearnVest.com to bring you resources on managing your family budget. To help you figure out how much you should spend, how much you can save, and how to utilize your credit score, LearnVest.com brings you these four helpful tools and calculators.
What to Buy When – a month-by-month tool that shows you the best items to buy (at a discount!) each month
The Purchase Appraiser – a rating tool that helps you determine whether purchases you have made (or are consideration) are worth the money
Editor’s Note: Parents.com has partnered with LearnVest.com to bring you a monthly series of posts about money topics related to moms. These guest posts will be shorter, edited versions of longer features from LearnVest.com.
Sometimes it can feel like you’re throwing your money down a black hole that happens to be wearing a onesie. But there are ways you can invest money in your child and see a big return, and we’re not just talking about buying savings bonds. While many of the things you want for your children may seem out of reach now, making little investments now can get them where you want them to be while improving your own finances.
1. Give a $20 Allowance for Cleaning Out the Garage
Studies show that giving an allowance can actually lead to lower financial literacy, lower levels of motivation, and aversion to work. We’ve come down on both sides of the issue of paying for chores, but most experts agree that paying children extra cash for tasks that go above and beyond their normal duties will help both you and them reap benefits later. They’ll have solid finances and you won’t need to bail them out or support them.
Get started by using this website for assigning chores and rewards.
2. Pay $12-$60 for a Year of Girl or Boy Scouts
Group activities encourage cooperation, learning, and healthy habits. Girl Scouts is one of — if not the — most affordable activity available for young girls. But there’s another reason to love a membership: Girl Scout members now learn financial literacy skills as well. Badges added to the roster include Money Counts, Money Manager, Philanthropist, Business Owner, Savvy Shopper, Budgeting, Comparison Shopping, and Financing My Dreams. Boy Scouts have similar merit badges in Entrepreneurship, American Business, and Personal Management, which require them to save up for, budget, and plan for a major purchase.
How much you pay for your own kid’s involvement with the Scouts will vary depending on where you live, but even at its highest price, it’s not too bad.
3. Deposit $200 in a 529 Plan
A 529 plan lets you save tax-free for your child’s college education. Because it’s an investment account, money you deposit will grow at about 7% a year through the years. If you deposit just $200 when your child is 5-years-old, your money will have more than doubled by the time she goes to college; she’ll have about $500 to pick up everything she needs. Think about what depositing $200 a month will yield over 18 years!
You might be wondering if it’s even worth saving for college at all, when it’s so expensive. A college education is still the fastest ticket to the American Dream…unless your child is burdened with students loans. According to FinAid.org, gift aid from the government, colleges and universities, and private scholarships pays for only about a third of total college costs. And taking out loans to cover the rest is much more expensive than saving ahead of time. FinAid.org estimates that if, in the years before your child enrolls in college, you save $200 a month for ten years at 7% interest, your child would have almost $35,000. But if you borrow the same amount at 6.8% interest and pay it back over ten years, you’ll be making payments of over $400 a month. $400 versus $200 a month. Which would you choose?
4. Allow $100 as a First Financial Mistake
We all make financial mistakes. But the hope is that we can avoid some of the bigger ones by learning from small ones. Keep this in mind the first time your kid blows $100 on a ridiculous purchase. $100 is a lot, but as our CFP® Sophia Bera points out, better $100 now than $1,000 or $10,000 later!
Take full advantage of this moment by sitting down with your child and asking questions about his mistake. Was the purchase worth it? How could he have avoided the situation? What will he do next time to prepare for contingencies? Consider that $100 you just spent as education for your child. Just resist the urge to jump in and fix things — then the lesson will be lost.
5. Spend 13 Cents More Per Pound for Organic Produce
The site offers “20 things kids need to know to live financially smart lives,” which are 20 money milestones kids should learn; there are four milestones divided in five age groups (3-5, 6-10, 11-13, 14-18, and 18+) with age-appropriate activities. For example, one money milestone for preschoolers is to learn the “difference between things you want and things you need.” To help with this money lesson, a suggested activity is to go shopping with kids and point out basic essentials such as food and clothing compared to optional wish-list items.
Parents can visit each section “to start a dialogue about money and teach kids important lessons about saving, making choices, and avoiding debt.” There are also posters with milestones and activities that can help parents track their kids’ knowledge of money and finances.
Editor’s Note: Parents.com has partnered with LearnVest.com to bring you a monthly series of posts about money topics related to moms. These guest posts will be shorter, edited versions of longer features written by Cheryl Lock, Editor at LearnVest.
Okay, so sending your kid to Camp Millionaire might not actually make him a millionaire, but it’ll get him excited about taking care of his finances. (Which is probably a lot more helpful for his future than making lanyards.)
Still, when we first heard about camps geared toward teaching kids about money, we were skeptical. Isn’t camp supposed to be about fun and games? Will a camp geared toward finance and money really capture the attention of our kids the way other, more traditional ones, do?
Jan Ruskin, Program Manager, says she believes they are filling a much-needed hole. “I doubt there is anyone out there who won’t agree that financial education is important and imperative for our kids,” Ruskin says. “And the earlier and more often they get it, the better.”
To really find out about the camp, we called Kate Parker, mom of 11-year-old Simon, who attended the camp this past spring. Here’s what she had to say about his experience.
What made you want to send your son to the camp in the first place?
I have a 16-year-old son, and I’ve been watching him lately, noticing the things that he doesn’t know. He’s going off on his own soon, and he doesn’t know a lot about money, so I was wishing he had that kind of education. I decided to try starting younger with my other kids. When my youngest is old enough, I plan on sending her as well.
What kind of activities did your kids do?
The week my son went there, there were about 20 or 25 kids total, and each day was geared toward a different financial lesson. They played a lot of games that pertained to particular things about money, like holding a job, the different ways to make money, budgeting, things like that. Each day was different, but everything they did was geared toward making money and how to be smart with it.
Have you seen any changes in Simon since the camp?
He’s only 11, so he’s definitely not ready to get a job yet, but he sure does appreciate his allowance more! And he certainly understands more now about putting money aside for when he wants something–and he always does want something–that is beyond his allowance amount.
He’s saving, and that’s a big difference I see. This is the first time I’ve seen him establish longer-term goals for his money, instead of waiting and hoping for birthday money to pay for something. We talk more about money now, and he understands the concepts. He’s interested in finance in a way that he wasn’t before.
As part of the coverage of the 2012 Presidential election, Yahoo! News has debuted “Remake America,” a webseries profiling six families as they try to reclaim the American dream. Each week, another five-minute episode puts a personal spin on issues like unemployment, foreclosure, and the mounting healthcare costs that are so common in today’s economy. But they’re not going it alone—each family gets help from career gurus, personal-finance experts and medical professionals as they fight to make ends meet. Viewers can connect by sharing their own experiences on dedicated comment threads or voting for which step each family should take next. Check it out below.
Do you think these videos paint an accurate picture of America today? How are these issues affecting your family?
Nurse Accused in Baby Abduction, Mom Death Due in Court
A nurse who had suffered a miscarriage was desperate to find a child, so she went exactly where she knew she could find one: the suburban Houston clinic where she had taken her three children for checkups, authorities say.
Report Estimates 8 Million Children Hurt by Foreclosures
Five years into the foreclosure crisis, an estimated 2.3 million children have lived in homes lost to foreclosure, according to a report from First Focus, a Washington, D.C-based bipartisan advocacy group focused on families.
Think Carrots, Not Candy as School Snack, Group Suggests
Junk food may soon be hard to buy at American public schools as the U.S. government readies new rules requiring healthier foods to be sold beyond the cafeteria – a move most parents support, according to a poll released on Thursday.
Editor’s Note: Due to a link error during the original sweepstakes period, we have fixed the link and decided to extend the sweepstakes. It will now run between. Fri. 3/30 – Fri. 4/6. Click here to enter the sweepstakes.
Need some money help? Parents.com partnered with LearnVest.com to bring you the best budgeting and family finance solutions through the Baby on Board Bootcamp newsletter, a free newsletter that helps you manage money better over a course of 10 days.
The LearnVest site is a great resource, one that offers expert advice, helpful tools, (more) free newsletters, and special budget plans that offer round-the-clock, 24-hour consultations with financial experts. There is even a LV Moms section that offers content just for moms worried about balancing the budget at home.
Since Tax Season is upon us, you might be more worried than usual about your finances. To give you peace of mind, LearnVest is giving away two (2) free voucher codes to access their online Budgeting Plan for free. The plan includes: a customized list of how to improve all of your financial red-flags, a 30-minute diagnostic phone consultation with a Certified Financial Planner™, and three months of unlimited email support from the same expert. This helpful plan, valued at $69.00, will help you set realistic budgets and goals and get your financial life back on track.
Here’s how you can be eligible for this giveaway:
1- Sign up for the LearnVest Baby on Board Bootcamp newsletter by CLICKING ON THIS LINK ONLY. Sign up between Fri., March 30 – Fri. April 6.
2- After Fri., April 6, LearnVest and Parents.com will choose two (2) random winners from the sign-up list.
3- The two (2) winners will each be presented with one (1) voucher code to redeem on learnvest.com/make-a-plan/budgeting-plan. The voucher codes grant the winners access to the Budgeting Plan without any payment. Winners will have 90 days to redeem the vouchers before they expire.