Deciding if a parent should work outside the home is never easy. There are many potential cost savings that can be gained by a parent staying home to care for the children. On the other hand, there is also a loss of income. Typically, couples have more options when one spouse has a significantly higher paying job or more work flexibility than the other. Some people believe a couple can afford to live on … Read More
It’s back to school season and a time for fresh starts and new habits. It can be a perfect time, too, for setting expectations with your children and establishing rules for receiving allowances. In this podcast episode, I’m sharing shares ideas on a few different ways you can approach allowances to come up with a system that works best for your family. [tweetthis]Back to school season is a great time to talk money … Read More
Sometimes, it’s hard as parents to watch your teens squander their allowance or money they’ve earned from a job. You want them to do better, but how do you teach them? Or maybe you are just beginning with the basics of money management, and you want to make sure they get off to a good start. Money management for teens comes with practice and consistency. Wherever you are in the financial planning process, it’s … Read More
The best way to teach your child good money skills is through examples and daily life experiences. A good age to start teaching your child about the value of money is when they are around seven years old. At this age, real-life examples can help children to understand why certain things have greater monetary value than other things. A trip to the supermarket is a great opportunity to open this discussion. For example, start by … Read More
Question: What are your thoughts on giving kids an allowance? Answer: This is a tough one because what works for one family may not work for another. Personally, though, I believe allowances can be a great way to teach your kids how respect and manage money if you can implement the right allowance system or a combination approach. I’ll explain three basic allowance systems and how they work. Taking the time to learn wise … Read More
Question: Our daughter is 4 and we’re starting to save for her college fund. Should we set up accounts in her name or our names? Answer: This really depends on your situation, so I caution you to talk with an attorney, tax professional or financial advisor. Typically, though, I find there are a few points you should consider before setting up accounts in your child’s name: financial aid issues, the kiddie tax, and the … Read More
Question: We are expecting our first child and wanted to know when do we need to apply for their Social Security number? Answer: Well, first, congratulations and I’m impressed that you are thinking about these details. To answer your question, there’s no official time limit on applying for a Social Security number for your newborn. However, I suggest you do it right away because you’ll need to included the child’s Social Security number on … Read More