parents http://www.wisebread.com/taxonomy/term/6309/all en-US Best Money Tips: Money-Saving Ideas for New Parents http://www.wisebread.com/best-money-tips-money-saving-ideas-for-new-parents <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/best-money-tips-money-saving-ideas-for-new-parents" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://www.wisebread.com/files/fruganomics/imagecache/250w/blog-images/parents-170082595-small.jpg" alt="parents" title="parents" class="imagecache imagecache-250w" width="250" height="167" /></a> </div> </div> </div> <p>Welcome to Wise Bread's <a href="http://www.wisebread.com/topic/best-money-tips">Best Money Tips</a> Roundup! Today we found some great articles on money-saving ideas for new parents, pet peeves of hiring managers, and using Pinterest to be more productive.</p> <h2>Top 5 Articles</h2> <p><a href="http://money.usnews.com/money/personal-finance/slideshows/12-money-saving-ideas-for-new-parents?int=a64b09">12 Money-Saving Ideas for New Parents</a> &mdash; Picking gender neutral items can help new parents save on their baby expenses. [US News &amp; World Report]</p> <p><a href="http://www.savvysugar.com/What-Annoys-Hiring-Managers-34912002">Hiring Managers Share Their 9 Biggest Pet Peeves</a> &mdash; Hiring managers can't stand it when you don't ask questions or when you are too persistent. [PopSugar Smart Living]</p> <p><a href="http://www.lifehack.org/articles/productivity/5-ways-you-can-use-pinterest-more-productive.html">5 Ways You Can Use Pinterest to Be More Productive</a> &mdash; Pinterest can help you plan your next vacation or become your own personal trainer. [Lifehack]</p> <p><a href="http://When to Skip DIY and Leave It to the Professionals">When To Skip DIY and Leave It to the Professionals</a> &mdash; If you need special tools for a job, it may be best to leave it to the professionals. [Bible Money Matters]</p> <p><a href="http://kylieofiu.com/2014/06/are-you-prepared-for-an-emergency/">Are You Prepared for an Emergency?</a> &mdash; Do you have a financial plan for if you fall ill? What about other emergencies? [Kylie Ofiu]</p> <h2>Other Essential Reading</h2> <p><a href="http://www.dumblittleman.com/2014/06/giving-best-time-management-nd-productivity-technique.html">Why Giving Up Can Be the Best Time Management and Productivity Technique</a> &mdash; If completing a task makes you inefficient, it may be best to just let it go. [Dumb Little Man]</p> <p><a href="http://timemanagementninja.com/2014/06/stop-reading-your-email-and-start-acting-on-it/">Stop Reading Your Email and Start Acting on It</a> &mdash; Filing reference emails can help you keep your emails organized. [Time Management Ninja]</p> <p><a href="http://www.marcandangel.com/2014/06/01/10-forgotten-truths-to-help-you-get-through-hard-times/">10 Forgotten Truths to Help You Get Through Hard Times</a> &mdash; When dealing with hard times, remember that mindset is half the battle. [Marc and Angel Hack Life]</p> <p><a href="http://www.mainstreet.com/article/real-estate/now-time-buy-vacation-home">Now Is the Time to Buy a Vacation Home</a> &mdash; Vacation homes are selling below their peak prices of the past decade. [MainStreet]</p> <p><a href="http://parentingsquad.com/11-tips-for-growing-your-childs-interest-in-gardening">11 Tips for Growing Your Child's Interest in Gardening</a> &mdash; Making it scientific and attracting animals can help grow your child's interest in gardening. [Parenting Squad]</p> <a href="http://www.wisebread.com/best-money-tips-money-saving-ideas-for-new-parents" class="sharethis-link" title="Best Money Tips: Money-Saving Ideas for New Parents" rel="nofollow">ShareThis</a><br /><div id="custom_wisebread_footer"><div id="rss_tagline">Written by <a href="http://www.wisebread.com/ashley-jacobs">Ashley Jacobs</a> and published on <a href="http://www.wisebread.com/">Wise Bread</a>. Read more <a href="http://www.wisebread.com/taxonomy/term/"> articles from Wise Bread</a>.</div></div> Lifestyle baby best money tips ideas money-saving new parents parents Thu, 05 Jun 2014 19:00:16 +0000 Ashley Jacobs 1141780 at http://www.wisebread.com Best Money Tips: Tips for Parents to Save Money http://www.wisebread.com/best-money-tips-tips-for-parents-to-save-money <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/best-money-tips-tips-for-parents-to-save-money" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://www.wisebread.com/files/fruganomics/imagecache/250w/blog-images/2683674161_952e9e5d19_z.jpg" alt="family dining" title="family dining" class="imagecache imagecache-250w" width="250" height="188" /></a> </div> </div> </div> <p>Welcome to Wise Bread's <a href="http://www.wisebread.com/topic/best-money-tips">Best Money Tips</a> Roundup! Today we found some fantastic articles on tips for parents to save money, making your bachelorette party more affordable, and ways to save from the 60s.</p> <h2>Top 5 Articles</h2> <p><a href="http://parentingsquad.com/8-easy-tips-for-parents-to-save-money">8 Easy Tips for Parents to Save Money</a> &mdash; Taking advantage of &quot;kids eat free&quot; nights at restaurants can help parents save money. [Parenting Squad]</p> <p><a href="http://www.savvysugar.com/Affordable-Bachelorette-Party-Ideas-23351498">7 Ways to Make Your Bachelorette Party More Affordable</a> &mdash; Opting for a staycation can help make your bachelorette party more affordable. [PopSugar Smart Living]</p> <p><a href="http://livingonthecheap.com/eat-like-mad-men-10-ways-to-save-on-grocery-dollars-with-cooking-tips-from-the-1960s/">Eat like Mad Men: 10 ways to save from the 60s</a> &mdash; Drinking tap water instead of bottled water can help you save on food and drink expenses. [Living on the Cheap]</p> <p><a href="http://www.budgetsaresexy.com/2013/04/4-non-financial-ways-to-help-homeless/">4 Non-Financial Ways to Help the Homeless</a> &mdash; Instead of giving homeless people money, offer to buy them a bus ticket to wherever they need to go. [Budgets Are Sexy]</p> <p><a href="http://ptmoney.com/tax-preparation-checklist/">The Official PT Money Tax Preparation Checklist</a> &mdash; When doing your taxes, be sure to have your bank account and routing numbers to have your refund directly deposited into your account. [PT Money]</p> <h2>Other Essential Reading</h2> <p><a href="http://youngadultfinances.com/7-energy-efficient-ways-to-keep-money-in-the-bank/">7 Energy Efficient Ways to Keep Money in the Bank</a> &mdash; Switching energy providers and unplugging unused appliances can help you save money. [Young Adult Finances]</p> <p><a href="http://www.moneyunder30.com/best-term-life-insurance-rates">Getting the Best Term Life Insurance: Three Tips</a> &mdash; Understanding your help can help you get the best term life insurance. [Money Under 30]</p> <p><a href="http://www.stretcher.com/stories/11/11apr11d.cfm?slider#.UWL5B4Xi6UM">Become a Smarter Patient</a> &mdash; Become a smarter patient by seeking discounts when you fill your prescriptions. [DollarStretcher.com]</p> <p><a href="http://cashmoneylife.com/secrets-to-real-estate-investing-success/">The Seven (Non Secret) Steps to Real Estate Investing Success</a> &mdash; To be successful when it comes to real estate investing, take the time to prepare your financing. [Cash Money Life]</p> <p><a href="http://moneysmartlife.com/tax-free-investments/">What Investments are Tax Free?</a> &mdash; For the most part, the sale of your principal residence is tax free. [Money Smart Life]</p> <a href="http://www.wisebread.com/best-money-tips-tips-for-parents-to-save-money" class="sharethis-link" title="Best Money Tips: Tips for Parents to Save Money" rel="nofollow">ShareThis</a><br /><div id="custom_wisebread_footer"><div id="rss_tagline">Written by <a href="http://www.wisebread.com/ashley-jacobs">Ashley Jacobs</a> and published on <a href="http://www.wisebread.com/">Wise Bread</a>. Read more <a href="http://www.wisebread.com/taxonomy/term/"> articles from Wise Bread</a>.</div></div> Lifestyle best money tips money parents saving Tue, 09 Apr 2013 09:48:32 +0000 Ashley Jacobs 973339 at http://www.wisebread.com Best Money Tips: Inexpensive, Short Vacations for Parents http://www.wisebread.com/best-money-tips-inexpensive-short-vacations-for-parents <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/best-money-tips-inexpensive-short-vacations-for-parents" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://www.wisebread.com/files/fruganomics/imagecache/250w/blog-images/4982574862_21161e194e_z.jpg" alt="couple on vacation" title="couple on vacation" class="imagecache imagecache-250w" width="250" height="168" /></a> </div> </div> </div> <p>Welcome to Wise Bread's <a href="http://www.wisebread.com/topic/best-money-tips">Best Money Tips</a> Roundup! Today we found some great articles on inexpensive, short vacations for parents, money rules of thumb to live by, and foods you should and shouldn't buy organic.</p> <h2>Top 5 Articles</h2> <p><a href="http://parentingsquad.com/13-inexpensive-getaways-for-parents">Wanna Get Away? 13 Inexpensive, Short Vacations for Parents</a> &mdash; Need a short getaway without the kids? Try booking a room at a fancy hotel in town. [Parenting Squad]</p> <p><a href="http://www.creditsesame.com/blog/6-money-rules-of-thumb-to-live-by/">6 Money Rules of Thumb to Live By</a> &mdash; Make sure to have an emergency fund that will cover at least 6 months of your expenses. [Credit Sesame]</p> <p><a href="http://www.moneytalksnews.com/2013/02/28/10-foods-you-shouldnt-buy-organic-and-12-you-should/">10 Foods You Shouldn't Buy Organic -- and 12 You Should</a> &mdash; Don't buy organic avocados or kiwis. [Money Talks News]</p> <p><a href="http://www.savvysugar.com/How-Have-Good-Day-21987023">10 Ways to Make a Good Day More Likely</a> &mdash; To make a good day more likely, do something you enjoy! [PopSugar Smart Living]</p> <p><a href="http://www.mint.com/blog/housing/are-dining-rooms-dead-5-ways-to-reuse-that-space-0213/">Are Dining Rooms Dead? 5 Ways to Reuse That Space</a> &mdash; If you have a dining room that you don't really use, consider converting it into a guest room. [MintLife Blog]</p> <h2>Other Essential Reading</h2> <p><a href="http://www.mainstreet.com/article/moneyinvesting/education-planning/tax-savvy-ways-save-college">Tax-Savvy Ways to Save for College</a> &mdash; Save for college the tax-savvy way by claiming an American Opportunity or Lifetime Learning credit. [MainStreet]</p> <p><a href="http://www.kiplinger.com/slideshow/business/T049-S005-8-great-franchises/index.html">8 Great Franchises</a> &mdash; Have you ever thought about opening a franchise? Look into franchise opportunities with Sit Means Sit. [Kiplinger]</p> <p><a href="http://www.bargaineering.com/articles/choose-financial-adviser.html">How to Choose the Right Financial Adviser for You</a> &mdash; To choose the right financial adviser for you, make sure your potential candidates have the credentials you want. [Bargaineering]</p> <p><a href="http://www.moneycrashers.com/multiple-bank-savings-accounts/">7 Reasons to Have Multiple Bank Savings Accounts - Pros and Cons</a> &mdash; If you have multiple savings goals, multiple savings accounts may be a good idea. [Money Crashers]</p> <p><a href="http://www.freemoneyfinance.com/2013/02/an-interesting-conversation-with-my-dad.html">An Interesting Conversation with My Dad</a> &mdash; Do your parents have a retirement plan, or do they need your help figuring out the steps they need to take to retire? [Free Money Finance]</p> <a href="http://www.wisebread.com/best-money-tips-inexpensive-short-vacations-for-parents" class="sharethis-link" title="Best Money Tips: Inexpensive, Short Vacations for Parents" rel="nofollow">ShareThis</a><br /><div id="custom_wisebread_footer"><div id="rss_tagline">Written by <a href="http://www.wisebread.com/ashley-jacobs">Ashley Jacobs</a> and published on <a href="http://www.wisebread.com/">Wise Bread</a>. Read more <a href="http://www.wisebread.com/taxonomy/term/"> articles from Wise Bread</a>.</div></div> Travel best money tips inexpensive parents vacation Mon, 04 Mar 2013 11:00:33 +0000 Ashley Jacobs 968712 at http://www.wisebread.com 30 Signs That You Were Raised by Frugal Parents http://www.wisebread.com/30-signs-that-you-were-raised-by-frugal-parents <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/30-signs-that-you-were-raised-by-frugal-parents" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://www.wisebread.com/files/fruganomics/imagecache/250w/blog-images/vintage_family_photo.jpg" alt="Vintage family photo" title="Vintage family photo" class="imagecache imagecache-250w" width="250" height="142" /></a> </div> </div> </div> <p>Frugal folks come from all sorts of backgrounds. Some were raised in typical American families with traditional buying and spending habits and came to embrace frugality much later in life. Others were raised by parents or grandparents who made simplicity part of everyday life &mdash; from the way they cooked and cleaned to the way they fixed their cars and celebrated holidays. For those of us in the latter group, we can spot another member a mile off. There&rsquo;s a sort of unspoken but common shorthand that comes from years of shared experiences. What follows is my tongue-in-cheek way to tell if you were raised by frugal parents (or if you might be on the way to becoming one yourself). (See also: <a href="http://www.wisebread.com/7-important-lessons-frugal-parents-teach-their-children">7 Important Lessons Frugal Parents Teach&nbsp;Their Children</a>)</p> <p>1. You skip the headlines in the Sunday paper and head straight for the sales inserts.</p> <p>2. You&rsquo;ve washed (or seriously considered washing) tin foil to use it a second time.</p> <p>3. You remember smuggling homemade snacks into the Saturday matinee.</p> <p>4. You know how to buff your shoes to high shine by adding a bit of water or heat to the polish.</p> <p>5. You&rsquo;ll still stop to pick up a penny.</p> <p>6. You ignore the suggested use or recommended quantity directions on most products.</p> <p>7. There&rsquo;s a coupon organizer in your purse or car (extra credit if it includes a calculator).</p> <p>8. You save rubber bands or twist-ties.</p> <p>9. The chocolate milk you were served as a kid was heavily diluted with regular milk.</p> <p>10. You have a loyalty card to any thrift store chain.</p> <p>11. You can sew a button, darn a sock, or repair a seam.</p> <p>12. You firmly believe that vinegar and bleach are the only two household cleaning products anyone really needs.</p> <p>13. Your family holds a contest to guess how much money is in the change jar every six months.</p> <p>14. A little mold on bread or cheese doesn&rsquo;t cause you to immediately toss it.</p> <p>15. There&rsquo;s an almanac somewhere in your home.</p> <p>16. You know the technique for properly canning food.</p> <p>17. You know what Green Stamps are.</p> <p>18. Your medicine chest has at least two hotel soaps or bottles of shampoo in it.</p> <p>19. You know how to change the oil in your car (even if you don&rsquo;t always do it yourself).</p> <p>20. The primary toys of your childhood were wooden blocks, <a href="http://www.wisebread.com/50-ways-to-have-free-outdoor-fun">the great outdoors</a>, and a tire swing.</p> <p>21. You know the balance of your checking account (within $5.00) at all times and without looking.</p> <p>22. Negotiating the price of a used car inspires a sense of adventure and thrill.</p> <p>23. You know the secret magic that&rsquo;s contained in every bottle of furniture scratch cover.</p> <p>24. You have a secret stash of <a href="http://www.wisebread.com/22-ways-to-reuse-paper">used, neatly folded gift wrap</a> from previous holidays and birthdays.</p> <p>25. You regard empty butter and yogurt containers as a reuse challenge, not trash.</p> <p>26. At least three pieces of your household furniture were acquired through dumpster-diving, a yard sale, an estate sale, or thrift store.</p> <p>27. You brag to friends about how much you saved instead of how much you spent.</p> <p>28. You can calculate any product&rsquo;s price-per-ounce in mere seconds.</p> <p>29. Your dryer sheets have three times the life expectancy of other people&rsquo;s.</p> <p>30. You rinse out laundry detergent bottles and cut open toothpaste tubes to get at the last bit of product.</p> <p>Though these signs are offered with a bit of humor, there&rsquo;s a grain of wisdom that guides each. Our modern-day mantra of &quot;<a href="http://www.wisebread.com/why-recycling-is-my-lowest-priority">reduce, reuse, recycle</a>&quot; is just a new spin on an old refrain. For many of our frugal mentors, there was simply no other way to live. The tips and tricks they taught us are recounted here with as much respect as comedy &mdash; and with a gratitude that comes from rediscovering best lessons of our childhood.</p> <p><em>What other signs suggest that you might have been raised by frugal folks? What favorite or quirky saving technique have you unwittingly adopted and passed on to your own kids?</em></p> <a href="http://www.wisebread.com/30-signs-that-you-were-raised-by-frugal-parents" class="sharethis-link" title="30 Signs That You Were Raised by Frugal Parents" rel="nofollow">ShareThis</a><br /><div id="custom_wisebread_footer"><div id="rss_tagline">Written by <a href="http://www.wisebread.com/kentin-waits">Kentin Waits</a> and published on <a href="http://www.wisebread.com/">Wise Bread</a>. Read more <a href="http://www.wisebread.com/taxonomy/term/"> articles from Wise Bread</a>.</div></div> Lifestyle kids and money parents reuse Mon, 20 Aug 2012 10:24:41 +0000 Kentin Waits 951219 at http://www.wisebread.com Re-Nesting: Tips for Moving Back in With Your Parents http://www.wisebread.com/re-nesting-tips-for-moving-back-in-with-your-parents <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/re-nesting-tips-for-moving-back-in-with-your-parents" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://www.wisebread.com/files/fruganomics/imagecache/250w/blog-images/5038779339_54d44b282d_z_0.jpg" alt="student and parents" title="student and parents" class="imagecache imagecache-250w" width="250" height="141" /></a> </div> </div> </div> <p>In nature, when an animal&rsquo;s offspring are old enough to leave the nest, the children are gone for good. With human beings, however, particularly in a rough economic climate, going back home to live with your parents in your late twenties, thirties, or even forties has become a somewhat common occurrence. In some cultures, it is completely normal to live with multiple generations in the household, but many people who are not accustomed to such living arrangements often feel a sense of failure or embarrassment when moving back home. (See also:&nbsp;<a href="http://www.wisebread.com/the-benefits-of-having-a-roommate-besides-saving-on-rent">The Benefits of Having a Roommate &mdash; Besides Saving on Rent</a>)</p> <p>My advice? Don&rsquo;t feel that way. Financial stability is crucial to your mental well-being, and if your parents are willing to take you, then this can be a great opportunity to get back on your feet. Here are some tips to keep in mind before making the transition.</p> <h2>Draw Up a Contract</h2> <p>It may just be your parents, but this first step is important for everyone&rsquo;s peace of mind. They aren&rsquo;t obligated to allow you back in their home, so it is necessary for them to lay out the rules and determine how much you&rsquo;ll be paying for rent, utilities, and food. If they&rsquo;re letting you stay rent-free, then consider yourself extremely lucky.</p> <p>It would also be wise to set up an exit plan, giving you a motivation to move out by the given deadline and assuring your parents that you&rsquo;re not going to stay with them forever.</p> <h2>Expect Diminished Independence</h2> <p>Yes, there are bound to be rules and restrictions, and even though you&rsquo;re no longer a child or teenager, you ought to respect them to the fullest extent, even if you don&rsquo;t agree with them. Perhaps you won&rsquo;t be able to stay out until three in the morning or have alcohol in the house (again, these matters should be outlined in some form of a contract), but even a lessened sense of independence shouldn&rsquo;t get in the way of your path to <a href="http://www.wisebread.com/the-freedom-of-the-independent-yeoman">financial freedom</a>. Again, there&rsquo;s no shame in living with your parents (temporarily), and if you decide to rejoin the nest, take this as a valuable opportunity to build up your own savings (perhaps for a down payment on a home of your own), even if it comes at the expense of your social life.</p> <h2>Help Out</h2> <p>Showing your appreciation &mdash;<em> especially</em> if you&rsquo;re living rent-free &mdash; is practically a must when you&rsquo;re living with your parents past the regular 18-year-old limit. This could entail <a href="http://www.wisebread.com/25-delicious-healthy-and-cheap-bean-recipes">preparing a meal</a> one night (and paying for the food yourself), cleaning up around the house beyond what is already expected of you, and yard work.</p> <p>During the economic recession, children have been rushing back into the comfort of their parents&rsquo; homes in record numbers. If you&rsquo;re considering this move, you are just one of many that are seeking refuge from a tough job market and untenable cost of living. It will take some getting used to, but with proper planning, patience, and a sense of appreciation for what your parents are doing for you, this can be a very smart decision (so long as it&rsquo;s only short-term).</p> <a href="http://www.wisebread.com/re-nesting-tips-for-moving-back-in-with-your-parents" class="sharethis-link" title="Re-Nesting: Tips for Moving Back in With Your Parents" rel="nofollow">ShareThis</a><br /><div id="custom_wisebread_footer"><div id="rss_tagline">Written by <a href="http://www.wisebread.com/kelly-kehoe">Kelly Kehoe</a> and published on <a href="http://www.wisebread.com/">Wise Bread</a>. Read more <a href="http://www.wisebread.com/taxonomy/term/"> articles from Wise Bread</a>.</div></div> Family Home Real Estate and Housing cheap rent college students having roommates parents Thu, 08 Mar 2012 11:24:19 +0000 Kelly Kehoe 909760 at http://www.wisebread.com Best Money Tips: Money Saving Tips For Parents http://www.wisebread.com/best-money-tips-money-saving-tips-for-parents <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/best-money-tips-money-saving-tips-for-parents" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://www.wisebread.com/files/fruganomics/imagecache/250w/blog-images/4107946791_4332d242d3_z-1.jpg" alt="Money Saving Tips For Parents" title="Money Saving Tips For Parents" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>Welcome to Wise Bread's <a href="http://www.wisebread.com/topic/best-money-tips">Best Money Tips</a> Roundup! Today we found some awesome articles on money saving tips for parents, negotiating the raise you deserve, and alternative college housing options.</p> <h2>Top 5 Articles</h2> <p><a href="http://parentingsquad.com/12-money-saving-tips-for-parents">12 Money Saving Tips For Parents</a> &mdash; If you are a parent, save money by not buying every new toy your child wants. [Parenting Squad]</p> <p><a href="http://www.savvysugar.com/How-Negotiate-Raise-18850024">7 Tips to Negotiating the Raise You Deserve</a> &mdash; To negotiate the raise you deserve, consider the schedule by which employees are evaluated. [SavvySugar]</p> <p><a href="http://freefrombroke.com/alternative-college-housing-options-to-save-money/?utm_source=rss&amp;utm_medium=rss&amp;utm_campaign=alternative-college-housing-options-to-save-money">Alternative College Housing Options to Save Money</a> &mdash; Instead of living in a dorm room, consider living in a co-op when attending college. [Free From Broke]</p> <p><a href="http://frugaldad.com/2011/08/22/how-to-reduce-your-teenagers-monthly-car-budget/">How to Reduce Your Teenager's Monthly Car Budget</a> &mdash; Reduce your teenager's monthly car budget by having them keep their grades up. [Frugal Dad]</p> <p><a href="http://www.pickthebrain.com/blog/8-steps-to-true-happiness/">8 Steps to True Happiness</a> &mdash; To be truly happy, live your life in a state of appreciation. [PickTheBrain]</p> <h2>Other Essential Reading</h2> <p><a href="http://getcurrency.com/dining-travel/5-ways-to-throw-the-perfect-labor-day-party">5 Ways to Throw the Perfect Labor Day Party</a> &mdash; Throw an awesome labor day party by having a signature cocktail for the party. [Currency]</p> <p><a href="http://www.biblemoneymatters.com/how-to-erase-your-debts-the-hard-way/">How To Erase Your Debts The Hard Way</a> &mdash; If you are in a pinch to get rid of your debt, consider taking on a second or third job. [Bible Money Matters]</p> <p><a href="http://www.smartonmoney.com/how-to-invest-money-for-your-kids/">How To Invest Money For Your Kids</a> &mdash; Invest money for your kids by setting up a retirement account as well as a 529 plan for them. [Smart On Money]</p> <p><a href="http://www.greenpandatreehouse.com/2011/08/saving-money-with-an-irregular-income-entrepreneur/">Entrepreneur? Saving Money with Your Irregular Income</a> &mdash; To save money when starting your own business, bootstrap your operations. [Green Panda Treehouse]</p> <p><a href="http://zenhabits.net/profound/">The 5 Principles of a Profound Workday</a> &mdash; Have a profound workday by being slow and mindful of what you are doing. [zen habits]</p> <a href="http://www.wisebread.com/best-money-tips-money-saving-tips-for-parents" class="sharethis-link" title="Best Money Tips: Money Saving Tips For Parents" rel="nofollow">ShareThis</a><br /><div id="custom_wisebread_footer"><div id="rss_tagline">Written by <a href="http://www.wisebread.com/ashley-jacobs">Ashley Jacobs</a> and published on <a href="http://www.wisebread.com/">Wise Bread</a>. Read more <a href="http://www.wisebread.com/taxonomy/term/"> articles from Wise Bread</a>.</div></div> Lifestyle best money tips parents saving tips Fri, 26 Aug 2011 10:00:16 +0000 Ashley Jacobs 679460 at http://www.wisebread.com Best Money Tips: Saving Tips For New Parents http://www.wisebread.com/best-money-tips-saving-tips-for-new-parents <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/best-money-tips-saving-tips-for-new-parents" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://www.wisebread.com/files/fruganomics/imagecache/250w/blog-images/4899610548_acaf21e349_z-1.jpg" alt="Saving Tips For New Parents" title="Saving Tips For New Parents" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>Welcome to Wise Bread's <a href="http://www.wisebread.com/topic/best-money-tips">Best Money Tips</a> Roundup! Today we found some great articles on saving tips for new parents, what to ask your job interviewer, and how to choose a college.</p> <h2>Top 5 Articles</h2> <p><a href="http://www.thedigeratilife.com/blog/saving-tips-for-new-parents-get-ready-for-baby/">Saving Tips For New Parents: Get Ready For Baby!</a> &mdash; One of the best ways to save money when it comes to getting ready for a baby is to comparison shop. [The Digerati Life]</p> <p><a href="http://www.savvysugar.com/Questions-Ask-During-Job-Interview-4138449">Ask Your Job Interviewer This, Not That</a> &mdash; When you go to a job interview, be sure to ask the interviewer what your average day would be like. [SavvySugar]</p> <p><a href="http://www.moneycrashers.com/factors-choose-college/">33 Factors for How to Choose a College</a> &mdash; When selecting a college, be sure to consider the graduation rate. [Money Crashers]</p> <p><a href="http://www.thesimpledollar.com/2011/07/27/seven-powerful-meditation-and-focusing-techniques/?utm_source=feedburner&amp;utm_medium=feed&amp;utm_campaign=Feed%3A+thesimpledollar+%28The+Simple+Dollar%29">Seven Powerful Meditation and Focusing Techniques</a> &mdash; To focus better, work in bursts. [The Simple Dollar]</p> <p><a href="http://financialhighway.com/how-to-have-a-lavish-lifestyle-without-breaking-the-bank/">How To Have A Lavish Lifestyle Without Breaking The Bank</a> &mdash; Have a lavish lifestyle without breaking the bank by indulging in groceries. [Financial Highway]</p> <h2>Other Essential Reading</h2> <p><a href="http://parentingsquad.com/summer-sips-for-parents">Pass Mommy's Juice: 11 Delicious Drinks for Hot Summer Days</a> &mdash; On a hot day, enjoy some frozen margaritas. [Parenting Squad]</p> <p><a href="http://www.kiplinger.com/features/archives/tax-breaks-for-the-middle-class.html">Tax Breaks for the Middle Class</a> &mdash; One of the tax breaks the middle class gets is the American Opportunity Credit. [Kiplinger]</p> <p><a href="http://www.thousandaire.com/blog/get-approved-for-a-personal-loan/">Get Approved for a Personal Loan</a> &mdash; Are you trying to get a personal loan? Make sure to obtain a copy of all three of your credit scores and reports. [Thousandaire]</p> <p><a href="http://www.inc.com/guides/201107/expert-tips-on-hiring-for-creativity.html?utm_source=feedburner&amp;utm_medium=feed&amp;utm_campaign=Feed%3A+inc%2Fheadlines+%28Inc.com+Headlines%29">10 Tips on Hiring for Creativity</a> &mdash; When hiring for creativity, be sure to ask the applicants what they are reading. [Inc.]</p> <p><a href="http://www.treesfullofmoney.com/?p=785">8 Reasons Renting a Vacation Home is Better than Buying</a> &mdash; Renting a vacation home is better than buying one because you don't have to worry about maintenance or taxes. [Trees Full of Money]</p> <a href="http://www.wisebread.com/best-money-tips-saving-tips-for-new-parents" class="sharethis-link" title="Best Money Tips: Saving Tips For New Parents" rel="nofollow">ShareThis</a><br /><div id="custom_wisebread_footer"><div id="rss_tagline">Written by <a href="http://www.wisebread.com/ashley-jacobs">Ashley Jacobs</a> and published on <a href="http://www.wisebread.com/">Wise Bread</a>. Read more <a href="http://www.wisebread.com/taxonomy/term/"> articles from Wise Bread</a>.</div></div> Frugal Living baby best money tips parents savings tips Mon, 01 Aug 2011 10:00:22 +0000 Ashley Jacobs 643779 at http://www.wisebread.com Best Money Tips: Financial Strategies for Stay at Home Parents http://www.wisebread.com/best-money-tips-financial-strategies-for-stay-at-home-parents <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/best-money-tips-financial-strategies-for-stay-at-home-parents" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://www.wisebread.com/files/fruganomics/imagecache/250w/blog-images/3424945924_11646a8c54_z-1.jpg" alt="Financial Strategies for Stay at Home Parents" title="Financial Strategies for Stay at Home Parents" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>Welcome to Wise Bread's <a href="http://www.wisebread.com/topic/best-money-tips">Best Money Tips</a> Roundup! Today we found some great articles on financial strategies for new stay at home parents, how to settle down in a new city, and life insurance policies you don't need.</p> <h2>Top 5 Articles</h2> <p><a href="http://www.milliondollarjourney.com/financial-strategies-stay-at-home-parent.htm">Financial Strategies for the New Stay at Home Parent</a> &mdash; As a new stay at home parent, be sure to implement the strategy of income splitting. [Million Dollar Journey]</p> <p><a href="http://lifehacker.com/#!5798087/the-stress+free-guide-to-settling-down-in-a-new-city">The Stress-Free Guide to Settling Down in a New City</a> &mdash; Get settled in a new city by talking to the locals and getting the lowdown on your new home. [Lifehacker]</p> <p><a href="http://www.fivecentnickel.com/2011/05/03/four-types-of-life-insurance-that-are-a-complete-waste-of-money/">Four Types of Life Insurance That Are a Complete Waste of Money</a> &mdash; Don't waste your money on flight accident insurance. It's not necessary. [Five Cent Nickel]</p> <p><a href="http://www.fool.com/investing/small-cap/2011/05/03/7-signs-of-a-winner.aspx">7 Signs of a Winner</a> &mdash; If you want to know whether or not a stock is a winner, check to see if if it has improving margins. [The Motley Fool]</p> <p><a href="http://deliverawaydebt.com/debt/stash-or-trash-five-tips-to-decide-whether-to-store-sell-or-discard-belongings-when-you-move/">Stash or Trash? Five Tips to Decide Whether to Store, Sell or Discard Belongings When You Move</a> &mdash; If you are on the fence about whether or not to trash or stash something, chances are you should trash it. [Deliver Away Debt]<a id="fck_paste_padding"></a></p> <h2>Other Essential Reading</h2> <p><a href="http://getcurrency.com/design-home/3-ways-to-declutter-your-desk-and-divorce-your-mess">3 Ways to Declutter Your Desk and Divorce Your Mess</a> &mdash; Get your desk cleaned up by taming your paperwork. [Currency]</p> <p><a href="http://www.couponsherpa.com/ask-coupon-sherpa/gotcha-7-in-store-grocery-advertising-techniques/">Gotcha! 7 In-Store Grocery Advertising Techniques</a> &mdash; When you are at the market, you are bombarded with seven different forms of advertising, including floor talkers and receipt advertising. [Coupon Sherpa]</p> <p><a href="http://www.pickthebrain.com/blog/10-life-altering-mind-shifts-to-rock-your-world/">10 Life-Altering mind Shifts To Rock Your World</a> &mdash; Rock your world by making a shift to a present moment mindset and don't let the past hold you back. [PickTheBrain]</p> <p><a href="http://parentingsquad.com/the-3-things-that-mom-really-wants-for-mother-s-day">3 Things That Mom REALLY Wants For Mother's Day!</a> &mdash; This Mother's Day, give your mom the chance to sleep in. [Parenting Squad]</p> <p><a href="http://www.lifehack.org/articles/technology/stop-wasting-time-how-to-search-like-a-pro.html?utm_source=feedburner&amp;utm_medium=feed&amp;utm_campaign=Feed%3A+LifeHack+%28lifehack.org%29">Stop Wasting Time - How to Search Like a Pro</a> &mdash; Make your online searches more productive by knowing that word order matters to Google. [Stepcase Lifehack]</p> <a href="http://www.wisebread.com/best-money-tips-financial-strategies-for-stay-at-home-parents" class="sharethis-link" title="Best Money Tips: Financial Strategies for Stay at Home Parents" rel="nofollow">ShareThis</a><br /><div id="custom_wisebread_footer"><div id="rss_tagline">Written by <a href="http://www.wisebread.com/ashley-jacobs">Ashley Jacobs</a> and published on <a href="http://www.wisebread.com/">Wise Bread</a>. Read more <a href="http://www.wisebread.com/topic/frugal-living/lifestyle">Lifestyle articles from Wise Bread</a>.</div></div> Lifestyle best money tips kids parents stay at home parents Wed, 04 May 2011 09:48:57 +0000 Ashley Jacobs 536494 at http://www.wisebread.com How (and Why) to Help Your Parents Pay Off Their Mortgage http://www.wisebread.com/how-and-why-to-help-your-parents-pay-off-their-mortgage <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/how-and-why-to-help-your-parents-pay-off-their-mortgage" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://www.wisebread.com/files/fruganomics/imagecache/250w/blog-images/parents%20at%20Windsor%20Castle.jpg" alt="couple at Windsor Castle" title="couple at Windsor Castle" class="imagecache imagecache-250w" width="250" height="188" /></a> </div> </div> </div> <p>Your parents have a fair chance of carrying a hefty mortgage well into retirement. According to a <em>Newsweek</em> article (&quot;<a href="http://www.newsweek.com/2010/12/13/many-baby-boomers-may-retire-with-mortgages.html">Many Baby Boomers May Retire with Mortgages</a>&quot;), 63% of 55- to 64-year-olds have a mortgage. Some may be close to paying off the mortgage, but my observations and research lead me to believe that many of these homeowners (in some cases, the parents of 20- and 30-somethings) have a mortgage loan balance that is frighteningly close to the value of their property (in 2009, a <a href="http://www.nytimes.com/2009/03/15/realestate/15Mort.html"><em>New York Times</em> article</a> indicated that about 15% of those 55- to 64-year-olds are <a href="http://www.wisebread.com/six-options-if-youre-underwater-on-your-mortgage">underwater</a>, as are 30% of homeowners in the 45-54 age range).</p> <p>If your parents happen to carry a large balance after several mortgage refinances, and they adhere to standard repayment schedules, they may be in their 80s before the mortgage is paid (read <a href="#why">why you should care about their finances</a>).</p> <p>I won&rsquo;t suggest that you take on your parents' mortgage in addition to managing your financial obligations. But if your parents are weighed down by seemingly never-ending financial duties, there are ways to help mortgage-indebted parents, get on a solid financial footing, and build better parent-child relationships:</p> <h3>Support Home Downsizing</h3> <p>A major part of the rationale behind extreme borrowing was that your parents would eventually sell the house, pay off the mortgage, and use home-sale proceeds to buy a smaller home outright and supplement savings. The fall in housing prices may have made them rethink the timing of the home sale, but what also may be holding them back is the now-grown kids&rsquo; desires to return (perpetually) to the homes of their youths, either in the form of primary residences or vacation homes.</p> <p>Even if they can&rsquo;t sell their homes for as much as originally envisioned, they can still extract themselves from a hefty mortgage and <a href="http://www.wisebread.com/what-it-really-costs-to-own-a-home">homeowner expenses</a>, such as HOA fees, utilities, upkeep, and property taxes. Don't be nostalgic about the house if your behavior and words will stop your parents from selling. Consider new ways that the family can reunite over holidays and vacations.</p> <p>If they start planning now, they&rsquo;ll be more likely to sell the house and buy a suitable one with a much smaller mortgage (or none at all) within the next few to several years.</p> <p>While you&rsquo;re encouraging the downsizing, help them get rid of stuff. One of the things I&rsquo;ve noticed that&rsquo;s been a problem with my parents (and my in-laws) in de-cluttering is that the kids want to keep their stuff at mom-and-dad&rsquo;s house. Take it with you! Secondly, help them sell or donate (and <a href="http://www.wisebread.com/cleaning-out-for-a-cause-make-a-noncash-tax-deductible-donation">claim a tax deduction</a>) on valuable-but-unnecessary things to ease the move to smaller space.</p> <h3>Pay Your Way Through Graduate School</h3> <p>Your parents may offer to pay for your graduate degree, especially now that they do not have expenses associated with groceries, medical and dental bills, clothing, and more for a growing family. If your career is stagnating and they seem relatively successful, then you may be considering approaching them for assistance.</p> <p>To fund graduate school, they may need to tap a home equity line of credit. Even if they have funds to pay your expenses, encourage them to use extra money to accelerate mortgage payoff or tuck away dollars for unexpected expenses.</p> <p>Explore options to pursue a <a href="http://www.wisebread.com/8-ways-to-eliminate-debt-while-in-grad-school">graduate degree on a budget</a>, which may include taking classes on a part-time basis, getting tuition reimbursement from your employer, landing a fellowship, and <a href="http://www.wisebread.com/how-to-win-small-scholarships-for-a-big-payoff">winning scholarships</a>. These approaches may put you in a better position to snag your dream job after graduation than if you had quit your job and borrowed money to attend grad school.</p> <h3>Pay Rent</h3> <p>If you are living at home and working in any capacity, pay rent. Pay enough to cover incremental costs associated with your share of utilities, groceries, and incidentals, plus an extra amount that will allow them to pay down the principal on the mortgage.</p> <p>Admittedly, I didn&rsquo;t pay rent to my parents when I graduated from college and lived at home because I was still looking for a job and had no source of income (or thought I didn&rsquo;t). Within four months, I moved away, started paying rent to a landlord, and eliminated expenses associated with my upkeep.</p> <h3>Share in the Costs of the Family Vacation</h3> <p>Pay a portion of the expense for the vacation home that your parents may arrange for the family get-together, or take care of meals and activities.</p> <p>If the vacation is solely your parents&rsquo; choice and you have no input on the location, make alternative plans or see if your parents are open to changing the venue if you share expenses.</p> <h3>Compensate Your Parents for Childcare and Babysitting Services</h3> <p>Pay for childcare and babysitting, or find ways to compensate them without handing over cash. Bring meals, handle repair jobs, or find bargains for them.</p> <p>Some grandparents may watch their grandchildren infrequently and could be upset at offers of money. Others, though, are regular caregivers and will appreciate some extra cash. They may have child-related expenses for snacks and meals or simply have less time to engage in money-saving activities such as <a href="http://www.wisebread.com/assembly-cooking-for-newbies">bulk cooking</a> or doing their own yard work.</p> <h3>Throw a Frugal Wedding</h3> <p>Having a frugal wedding may seem natural or outrageously unacceptable depending on your social circle and demographics. Note that your parents may need to borrow to pay their portion of wedding-related expenses. Setting a reasonable budget and spending on what truly matters are keys to the elegant-but-frugal wedding.</p> <p>Some folks may host relaxing rehearsal dinners at private homes. Others eliminate traditional expenses but <a href="http://www.wisebread.com/alternative-wedding-ideas-for-big-savings">splurge on cost-effective wedding alternatives</a>.</p> <h3>Collaborate to Make or Save Money</h3> <p>It&rsquo;s likely that parents and their now-grown or nearly grown children can collaborate on cash-producing and money-saving projects. When my youngest son was 11-years-old, we worked together to sell Yu-Gi-Oh! cards online (not that I&rsquo;m perfectly capable of tackling this task independently). He provided insights into buying motivations of consumers and handled certain aspects of listings (such as selecting cards and taking digital images) while I took care of the financial matters (purchasing supplies, advising on costs to fulfill orders, and managing the financial settlement account).</p> <p>You can also help each other save money by sharing expertise, perhaps through online and brick-and-mortar bargain-shopping expeditions or <a href="http://www.wisebread.com/teach-yourself-to-cook">hands-on cooking lessons</a>.</p> <h2><a name="why"></a>Why Bother?</h2> <p>Carrying a mortgage into retirement may not seem all that bad, especially if social security checks will cover the amount. But if parents have to take withdrawals from retirement accounts to cover basics like housing, then they&rsquo;ll pay taxes and deplete savings at an exponentially higher rate than if they&rsquo;d knocked out the mortgage prior to retirement. That is, they'll pay taxes on retirement fund withdrawals (generally considered ordinary income, unless they've socked away money in new Roth IRAs), which can trigger taxes on social security income that will then lead to selling more assets to pay the extra taxes, and so on.</p> <p>According to Schwab MoneyWise, <a href="http://www.schwabmoneywise.com/views/retirement-trends/supporting-others-in-retirement.php">44% of retirees are supporting other people</a> and though <a href="http://www.wisebread.com/financial-literacy-for-young-adults">most young adults are financially independent</a>, &ldquo;41% of parents still provide some level of financial support to their children ages 23-28.&rdquo; Judging from articles on their financial priorities (such as this discussion on <a href="http://www.wisebread.com/are-you-saving-for-your-childs-college-education">college savings vs. retirement</a>), those now in their 20s and 30s are determined not to make the same mistakes as their parents. Priorities include containing or eliminating the parent-to-child money flow. Learning how these mutually responsible relationships should work doesn&rsquo;t have to start when you explain the need for financial independence to your 18-year-old as she packs for college but can start by modeling financial independence now.</p> <p>You may have some angst about your future, and you may wonder why you can&rsquo;t afford what your parents did, which may have included private school tuition, a large and well-appointed home, and frequent meals out. But if you can take a peek behind the curtain, then you may discover that they incurred too much debt and really couldn't afford some or all of these expenses. These realizations may guide you as you make decisions about spending and saving.</p> <a href="http://www.wisebread.com/how-and-why-to-help-your-parents-pay-off-their-mortgage" class="sharethis-link" title="How (and Why) to Help Your Parents Pay Off Their Mortgage" rel="nofollow">ShareThis</a><br /><div id="custom_wisebread_footer"><div id="rss_tagline">Written by <a href="http://www.wisebread.com/julie-rains">Julie Rains</a> and published on <a href="http://www.wisebread.com/">Wise Bread</a>. Read more <a href="http://www.wisebread.com/topic/personal-finance/real-estate-and-housing">Real Estate and Housing articles from Wise Bread</a>.</div></div> Debt Management Real Estate and Housing Retirement mortgage parental support parents Tue, 18 Jan 2011 13:00:13 +0000 Julie Rains 454551 at http://www.wisebread.com 20 Signs That You Were Raised By TRUE Money-Savers http://www.wisebread.com/twenty-signs-that-you-were-raised-by-true-money-savers <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/twenty-signs-that-you-were-raised-by-true-money-savers" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://www.wisebread.com/files/fruganomics/imagecache/250w/blog-images/iStock_000010403791XSmall.jpg" alt="" title="" class="imagecache imagecache-250w" width="250" height="185" /></a> </div> </div> </div> <p>The <a href="http://www.ers.usda.gov/briefing/CPIfoodAndExpenditures/Data/cpiforecasts.htm">United States Department of Agriculture</a> predicts that in 2010, the prices of meat or poultry will increase by 1.5% to 2.5%. The prices of fresh fruits and vegetables will rise 3% to 4%, as will cereal and bakery products. Based on this outlook, I would say this is a good year to learn how to garden, if you have not already. It also looks like a good year to watch for sales on cereal and do your own baking. Signs such as these, as well as the current unemployment rate, and devaluation of the dollar, all seem to support the wisdom of previous generations&rsquo; more frugal ways.</p> <p>While my family is conservative about how we eat because we feel it is the prudent thing to do, we remember that our parents, and <i>their</i> parents, stretched their food budgets because it was often a matter of complete necessity. Here are some signs that you were raised by serious savers, and what we can learn from them. While I plan to do even more gardening of fresh vegetables and fruits, and do even more of my own baking, I am drawing the line at saving bacon grease.</p> <p>1. There was a can of saved bacon grease in a cabinet, which they used to fry other stuff.</p> <p>2. They scoffed at the &ldquo;best by&rdquo; or &ldquo;use by&rdquo; dates.</p> <p>3. You grew up thinking that already-hydrated milk tasted funny.</p> <p>4. They taught you that a plate of mashed-up kidney beans was &quot;just as good as pizza.&rdquo;</p> <p>5. The chest freezer contained a deer, but no one in the house held a hunting license.</p> <p>6. Failed plum jelly became &ldquo;plum runny&rdquo; (actually quite good on pancakes).</p> <p>7. Your parents made homemade wine from apples, pears, or plums.</p> <p>8. Egg money bought entrance to the drive-in theatre for the entire family.</p> <p>9. Liverwurst: the poor man&rsquo;s pate.</p> <p>10. You've eaten one of these delightful sandwiches:&nbsp;mayonnaise (that&rsquo;s right, just mayonnaise) or sugar and butter.</p> <p>11. Chicory, the coffee stretcher.</p> <p>12. You heard stories that made your household sound wealthy, by comparison: &ldquo;When I was a little girl, I had to stand in line to get bacon.&rdquo;</p> <p>13. Through osmosis, you know 97 different ways to make macaroni and cheese.</p> <p>14. Anybody for &ldquo;Helper&rdquo;? That would be Hamburger Helper...without the Hamburger...</p> <p>15. You were sent to the butcher&rsquo;s, along with the dog, to ask for dog bones &mdash; which were actually for soup, not the dog.</p> <p>16. You've heard, &ldquo;Just put some ketchup on it.&rdquo;</p> <p>17. Your mom would make a pot of coffee, and reheat the leftovers in a saucepan &mdash; for DAYS.</p> <p>18. A failed 4-H animal project ended up in the freezer, and your mother could identify &ldquo;who&rdquo; was for dinner. (Sorry, Rosie.)</p> <p>19. You've heard the phrase, &ldquo;A little mold won&rsquo;t hurt you. Just cut that piece off.&rdquo;</p> <p>20. You were regularly admonished about food with gems like</p> <ul> <li>&ldquo;Waste not, want not.&rdquo;</li> <li>&ldquo;There are starving children in China.&rdquo;</li> <li>&ldquo;Finish that so you can belong to The Clean Plate Club.&rdquo;</li> </ul> <p>Any other practical suggestions may be made in the comments section, and will be much appreciated.&nbsp;Otherwise, just share your own signs that you were raised by frugal people.</p> <a href="http://www.wisebread.com/twenty-signs-that-you-were-raised-by-true-money-savers" class="sharethis-link" title="20 Signs That You Were Raised By TRUE Money-Savers" rel="nofollow">ShareThis</a><br /><div id="custom_wisebread_footer"><div id="rss_tagline">Written by <a href="http://www.wisebread.com/marla-walters">Marla Walters</a> and published on <a href="http://www.wisebread.com/">Wise Bread</a>. Read more <a href="http://www.wisebread.com/topic/frugal-living/lifestyle">Lifestyle articles from Wise Bread</a>.</div></div> Lifestyle parents Tue, 08 Dec 2009 15:00:03 +0000 Marla Walters 3932 at http://www.wisebread.com Bank of Mom and Dad: Could Tough Love Cure Financial Irresponsibility? http://www.wisebread.com/bank-of-mom-and-dad-could-tough-love-cure-financial-irresponsibility <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/bank-of-mom-and-dad-could-tough-love-cure-financial-irresponsibility" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://www.wisebread.com/files/fruganomics/imagecache/250w/blog-images/BOMAD.jpg" alt="Bank of Mom and Dad" title="Bank of Mom and Dad" class="imagecache imagecache-250w" width="250" height="222" /></a> </div> </div> </div> <p>A new show named <a href="http://sn.soapnet.go.com/shows/bank-of-mom-and-dad">Bank of Mom and Dad</a> just premiered on 9/30/09 on SOAPnet. This show chronicles parents who attempt to reform their financially irresponsible adult children by moving in with them for a week. With the aid of a &quot;money coach,&quot; the parents take actions to reform their spendthrift kid. Can this financial intervention really work?</p> <p>I watched <a href="http://www.hulu.com/watch/99612/bank-of-mom-and-dad-christina">the premiere episode on Hulu.com</a> and I must admit that it was a pretty entertaining show. The indebted child is a 33 year old single woman named Christina who looks a bit like Jillian from The Biggest Loser. She makes about $2500 a month as a bartender and spends around $3500 per month and she has accumulated over $38,000 in debt. Her parents have been divorced for 10 years, but they joined forces to participate in their daughter's financial makeover. They were also given advice by a straight talking personal finance coach who cut to the core of Christina's financial problems. The coach was not the main focus of the show and she had three very short meetings with the family and created a budget for Christina to focus on paying for necessities first.</p> <p>What I really liked is that Christina's parents tried to teach her that she could enjoy the things she loves without spending as much as she does. For example, her mom Lorraine challenged her to spend less on groceries. Both women had the same shopping list and went to the same grocery store. The mom spent $57 for the items in her cart while Christina spent $193. Christina argued that the things she bought would taste better so her mom set up a blind taste test. Out of six food items, Christina preferred four of her mom's more frugal choices. It was quite hilarious when Lorraine cheered jubilantly when her daughter could not tell the difference between tap water and the expensive bottled water from Italy. I think this is actually a good experiment for those who spend too much on gourmet food. Could you tell the difference between $17 and $7 olive oils?</p> <p>Christina's dad also showed a bit of tough love when he called the city to impound Christina's car since she owes over $1300 in parking tickets. The dad offered to get the car out of impound, but he also made Christina write him a $500 check upfront, and sign a contract that states that she would pay him back in full in a year. Personally I think this is what every parent should do when they loan money to their adult children.</p> <p>In the end, it is hard to tell if Christina would keep up her new budget since the parental intervention only lasted one week, but in <a href="http://blogs.soapnet.com/bank-of-mom-and-dad/?p=3">a blog update</a> she states that the show has waken her up to her messy financial situation. Her parents did admit that they never taught her much about finances when she was young, but the idea of the show is that it is never too late to learn about personal finance and saving for yourself. I think one weakness of the first episode is that the money coach never talked to Christina about how she could increase her income, but the basic money saving and budgeting tips presented were on the spot. I will definitely tune in for the next episode, and you can also <a href="http://www.hulu.com/bank-of-mom-and-dad">watch along for free on Hulu.com.</a></p> <a href="http://www.wisebread.com/bank-of-mom-and-dad-could-tough-love-cure-financial-irresponsibility" class="sharethis-link" title="Bank of Mom and Dad: Could Tough Love Cure Financial Irresponsibility?" rel="nofollow">ShareThis</a><br /><div id="custom_wisebread_footer"><div id="rss_tagline">Written by <a href="http://www.wisebread.com/xin-lu">Xin Lu</a> and published on <a href="http://www.wisebread.com/">Wise Bread</a>. Read more <a href="http://www.wisebread.com/taxonomy/term/"> articles from Wise Bread</a>.</div></div> Frugal Living children parents reality tv Sat, 03 Oct 2009 16:00:05 +0000 Xin Lu 3673 at http://www.wisebread.com Learn good financial habits from your parents. Or not. http://www.wisebread.com/learn-good-financial-habits-from-your-parents-or-not <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/learn-good-financial-habits-from-your-parents-or-not" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://www.wisebread.com/files/fruganomics/imagecache/250w/blog-images/open-gate.jpg" alt="An open gate" title="An Open Gate" class="imagecache imagecache-250w" width="250" height="188" /></a> </div> </div> </div> <p>One of the big advantages that children of the middle-class and wealthy have is that they grow up in a household where a huge amount of financial knowledge is embedded in its day-to-day functioning. Parents teach it, but it's also just there for the child to pick up, almost for free, like language and basic social skills. If you don't get this basic financial knowledge at home, it's possible to learn it other ways--but don't underestimate how much you need to pick up.</p> <p>I talked a few days ago about <a href="http://www.wisebread.com/avoid-bank-fees">getting your banking services for free</a>. This is something that's routine for any household that's middle-class or higher, but hard for poor folks for several reasons--one of which is just that they don't know how to go about it. But that's just one example. There are so many ordinary good financial habits (like balancing your checkbook, <a href="http://www.wisebread.com/check-your-statements">checking your credit card statements</a>, <a href="http://www.wisebread.com/a-one-touch-approach-to-managing-household-finances">paying your bills on time</a>, <a href="http://www.wisebread.com/figuring-the-size-of-your-emergency-fund">having an emergency fund</a>, <a href="http://www.wisebread.com/good-debt-bad-debt">being careful with debt</a>, <a href="http://www.wisebread.com/my-purchase-rang-up-wrong-could-the-law-be-on-my-side">challenging vendors who try to overcharge you</a>, <a href="http://www.wisebread.com/refactor-your-budget-categories">having a budget</a>, <a href="http://www.wisebread.com/track-your-spending-or-not">tracking your spending</a>, <a href="http://www.wisebread.com/on-the-importance-of-having-capital">saving</a>, <a href="http://www.wisebread.com/treasury-bills-for-ordinary-folks">investing</a>, and <a href="http://www.wisebread.com/frugality-a-tactic-but-also-a-goal">living within your means</a>) that middle-class folks pass on to their kids more or less automatically. It's hard for people who grow up in poor families to catch up.</p> <p>Obviously I'm using &quot;poor family&quot; as shorthand. Many poor families have great household management skills to pass on to their kids. (After all, a poor family needs great household management skills lots more than a rich family does.) And there are plenty of other things besides poverty that produce the kind of generational ignorance that I'm lumping under the category of &quot;poor family.&quot;</p> <p>For example, immigrants from countries where the banking system is underdeveloped or unsound not only lack basic skills in how to use banks, they often don't even know that those skills are of value--and they're prone to pass those attitudes on to their children. Immigrants also may not speak the local language--and even people who do speak it may not read it well enough to make skillful use of things like bank fee-disclosure documents.</p> <p>Still, a lot of it is just poverty--people who don't have enough money to meet the minimum balance to get free checking, people who live in poor neighborhoods where there aren't any banks (but are plenty of check-cashing and payday loan places), people who have no financial cushion against small glitches turning into major financial catastrophes.&nbsp; Growing up in such a household makes it tough to learn ordinary good financial habits.</p> <p>In a middle-class household, the basics of middle-class financial life are being taught all the time in many different ways:</p> <h2>Conscious instruction</h2> <p>Some things are specifically taught. For example, when I was about twelve my grandfather (who was a banker) took me to the bank to make my first deposit. He showed me how to fill out a deposit slip, pointed out what the different lines were for, showed me where to sign the check on the back to endorse it--and explained what endorsing it meant.</p> <p>Really affluent parents tend to do more of this conscious instruction--teaching their children the proper relationship between family members and the bankers, brokers, and trust officers who deal with their finances. But middle-class parents can and should teach their kids their basics, from how to write a check to how to know when you're being cheated.</p> <h2>Modeling correct behavior</h2> <p>Some things are not so much taught as demonstrated. My parents used debt carefully. I remember that they had a car loan when I was small. When I was a bit older they got a mortgage to build a house on some land they owned, and I remember my parents holding firm when the deal almost fell through over a quarter of a percentage point.</p> <p>My dad was a college professor and only drew his salary nine months out of the year. During those nine months, he made sure to save enough money (saved out of each paycheck at the credit union) to support us over the summer when he wasn't getting paychecks.</p> <p>My mom balanced the checkbook every month. It wasn't her favorite household chore, but she did it every month anyway--a habit which I continued until I got married. (Now my wife balances the checkbook.)</p> <p>Everything parents do while their kids are around demonstrates their values--how much they tip, whether they decide to wait until payday to make a purchase, what they do when a clerk makes an error, which expenses stay in the budget when money gets tight and which get cut.</p> <h2>Letting kids help</h2> <p>I'm old enough that when I was a kid bank statements didn't come with your transactions all sorted by check number. They did, though, come with your canceled checks. So, step one of balancing your checkbook was taking the stack of canceled checks and sorting them into numerical order so that you could mark them off in your check register. When I was about middle-school age, I remember helping my mom by sorting the checks for her. (I remember it vividly, although I probably only did it a few times.)</p> <p>When I was a bit older I remember paying the household bills a few times--I went through the stack of bills and wrote all the checks and gave them to my dad to sign.</p> <p>As a small child I'd go grocery shopping with my mom and learned about things like comparing unit prices. I don't know that I was a lot of help, but I was there--not just watching, but participating.</p> <h2>Letting kids manage their own money</h2> <p>Small children will tend to make poor financial decisions for lots of reasons. Their arithmetic skills are still developing and they're still learning things like how to defer gratification. If they have some money of their own, they have a chance to learn this stuff when the consequences of poor decisions are reasonably small--no money for a comic book because they spent it on candy or vice versa.</p> <p>It's hard to know how much to &quot;help&quot; children make the right choice. Part of the point is for children to feel the pangs of a foolish choice when both the sums and the stakes are small, so it's important to let them make their own mistakes. On the other hand, encouraging a child to save up a chunk of money to be spent on a something the child will enjoy for a long time can go a long way toward developing a life-time habit of thrift.</p> <h2>Casual conversation</h2> <p>Even when there's no actual instruction and when children aren't included by helping, they're still learning all the time. (Learning all the time is what children do. You can't stop it. All you can do is have modest influence on what they learn.)</p> <p>If the parents are in basic accord, the children will tend to pick up their habits (modified to the extent that they thought things could have been done better). If the parents argue about money, their children still learn a bunch of stuff--that money is important enough to argue about, for one thing. But they also learn from the specific content of the argument. Are they arguing about luxuries versus necessities? Are they arguing about a higher standard of living versus saving? They learn something about each parent's perspective. And, since they have to live with the results, the lesson gets well and truly driven home.</p> <p>Kids also learn from their friends, their friends' parents, older siblings, their neighbors, and anyone around who has money. They learn from watching and seeing what happens, but they learn in particular from what their parents say about what's happening. Casual comments about this neighbor's failed business or that neighbor having to depend on money from the in-laws make an impression. The kids will also soak up a certain amount of cause and effect from the sequence of events--when the family across the street loses its house in foreclosure, the kids will remember if it's the family that could somehow afford a new pool when no one else could and used to go on two fancy vacations every year.</p> <h2>Teaching yourself</h2> <p>There are lots of ways parents can do a poor job, from failing to do the actual instruction parts to modeling foolish or destructive behavior.</p> <p>If your parents did a poor job, it falls to you to correct the errors and to fill the gaps. After all, you're the one who has to get by with whatever you know.</p> <p>Yes, it's a daunting task to pick all this stuff up on your own--especially as an adult, where every mistake can have serious consequences for your family. The fact that it's going to be tough doesn't mean you should skip it, though. It just means that you need to apply yourself to learning all that stuff that luckier people learned when they were growing up.</p> <p>If your parents did a good job, I hope you'll cut some slack for those whose parents didn't.&nbsp; And, even if your parents did a great job, there's always more stuff to learn about managing your finances.</p> <a href="http://www.wisebread.com/learn-good-financial-habits-from-your-parents-or-not" class="sharethis-link" title="Learn good financial habits from your parents. Or not." rel="nofollow">ShareThis</a><br /><div id="custom_wisebread_footer"><div id="rss_tagline">Written by <a href="http://www.wisebread.com/philip-brewer">Philip Brewer</a> and published on <a href="http://www.wisebread.com/">Wise Bread</a>. Read more <a href="http://www.wisebread.com/taxonomy/term/"> articles from Wise Bread</a>.</div></div> Personal Finance financial financial skills learn learning middle-class parents parents skill skills Tue, 08 Sep 2009 13:00:02 +0000 Philip Brewer 3579 at http://www.wisebread.com Placing Prepositions: Where you from? Where you at? http://www.wisebread.com/placing-prepositions-where-you-from-where-you-at <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/placing-prepositions-where-you-from-where-you-at" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://www.wisebread.com/files/fruganomics/imagecache/250w/blog-images/Arnold%20Jackson%20and%20Family.jpg" alt="" title="" class="imagecache imagecache-250w" width="120" height="111" /></a> </div> </div> </div> <p>&nbsp;<span style="color: #333333">She&rsquo;s shakin&rsquo; what her mama gave her. He&rsquo;s stuntin&rsquo; like his daddy. Man you&rsquo;re the spitting image of your mother.&nbsp;Wow, temper like his father.</span></p> <div style="background: white">&nbsp;</div> <div style="background: white"><span style="color: #333333">We hear different variations of these comparisons and contrasts all the time, linking us to our predecessors and ancestors. To say nothing of what we look like, so much of who we are is wrapped up into where we came from. This is true across the board and not just geographically, but psychologically, anatomically and physiologically.</span></div> <div style="background: white">&nbsp;</div> <div style="background: white">&nbsp;</div> <div style="background: white"><span style="color: #333333">For every story about a person who comes from humble beginnings, is the first person to go to college -- blah, blah, blah -- there are 10,000 stories about someone failed by inclination, chasing the same dreams and nothingness as their parents. Just as some parents live vicariously through their children, many children seek to correct past mistakes and distance themselves from antecedents and in doing so, trip the switch that makes them what they loathed or feared. </span></div> <div style="background: white">&nbsp;</div> <div style="background: white">&nbsp;</div> <div style="background: white"><span style="color: #333333">Okay, Okay I know, paging Dr. Point, Mr. Premise B. Please is here for his appointment. Here goes: carrying both the stain and shine of those who physically and scientifically gave you life can have either a devastating or complementary as well as complimentary effect on your attitudes toward money. This includes splurging and pinching, spending and saving, growing and blowing.</span></div> <div style="background: white">&nbsp;</div> <div style="background: white">&nbsp;</div> <div style="background: white"><span style="color: #333333">For instance, members of the so called &ldquo;Greatest Generation,&rdquo; who were teenagers during the &quot;Great Depression&quot; and then went off to fight fascism and foriegn&nbsp;imperialism, came home to the G.I. Bill and came to value family, normalcy and growth. Those before them had been parents during the depression and probably had a mistrust of financial institutions, picked up every penny they saw and stowed it away, re-sewed their clothing, pitched in with neighbors, learned the value of money, scrimped and saved.</span></div> <div style="background: white">&nbsp;</div> <div style="background: white">&nbsp;</div> <div style="background: white"><span style="color: #333333">The baby boomers that followed were the first to have a sense of entitlement, the first to be proud, television-watching, interstate-traversing members of a lone industrial and military superpower. And naturally their kids, with Speak &lsquo;N Spells, Cabbage Patch Dolls and much later, $100 sneakers, went forth into the world with skewed biases and unprecedented demands. </span></div> <div style="background: white">&nbsp;</div> <div style="background: white"><span style="color: #333333">What we are today are walking subjects of an experiment in marketing, consumerism and calamity in the post-nuclear, post industrial, pre-singularity age. If sociological ramifications weren&rsquo;t enough -- say a mother buying a leather coat instead of paying the light bill or a father who lost his shirt trying to flip a house &ndash; it has recently emerged that our different strokes when it comes to attitudes toward personal finance may be nothin&rsquo; but the genes. </span></div> <div style="background: white">&nbsp;</div> <div style="background: white">&nbsp;</div> <div style="background: white"><span style="color: #333333">As part of a social and scientific micro test, Northwestern University finance professor Camelia Kuhnen gave her students a certain amount of money to make as many as 96 separate investment choices. Once the eager students&rsquo; pockets were fattened, she told them to say &quot;ahhhhhhhhh&quot; and got some DNA from their saliva. What resulted was that students who carried specific variations of certain genes and had certain balances of dopamine and serotonin, made risky investments --&nbsp;25 percent more of the time than those without these genetic traits.</span></div> <div style="background: white">&nbsp;</div> <div style="background: white">&nbsp;</div> <div style="background: white"><span style="color: #333333">Interesting stuff, yet we know that the world don&rsquo;t move to the beat of just one drum. Even with the findings from Kuhnen&rsquo;s &ldquo;</span>The Neural Basis of Financial Risk Taking&quot; and other experiments, the question remains: <span style="color: #333333">How would Arnold Jackson have faired if not for Phil Drummond or would he have been fine? (Let that marinate). </span></div> <div style="background: white">&nbsp;</div> <div style="background: white">&nbsp;</div> <div style="background: white"><span style="color: #333333">In the end, Kuhnen said in an interview on the public radio program <a href="http://marketplace.publicradio.org/display/web/2009/02/11/genetic_spending/"><font color="#800080">Marketplace</font></a> that based on her findings, only 30 percent of &ldquo;variation in risk-taking behavior is due to our genes.&rdquo; The other 70 or so percent is based more on sociological stressors and stimuli such as cultural heritage, region&nbsp;and neighborhood or perhaps whether your father carried money in rubber bands, in a wallet or disbursed expenditures using a pen or computer. </span></div> <div style="margin: 0in 0in 0pt">&nbsp;</div> <div style="margin: 0in 0in 0pt">&nbsp;</div> <div style="margin: 0in 0in 0pt">&nbsp;</div> <div style="margin: 0in 0in 0pt">When managing our money, these are not things that should keep us up at night but are definitely factors to consider. Are you doomed to repeat the past that came before your existence? Are you making your family proud with wise bread traits? Or is it something intangible? Can you simply not help buying the limited edition copy of Halo, those sleek, jet-black, Salvatore Ferragamos or the new fourth-generation <a href="http://www.youtube.com/watch?v=1e4X10hOh9o"><font color="#800080">Pomegranate</font></a> phone that allows you to make coffee, shave and play the harmonica. All this despite the fact that your student loan and credit-card balances are gaining more interest than if Rihanna, Britney, Paris and P.Diddy showed up at a House Banking Committee hearing.</div> <div style="margin: 0in 0in 0pt">&nbsp;</div> <div style="margin: 0in 0in 0pt">&nbsp;</div> <div style="margin: 0in 0in 0pt">&nbsp;</div> <div style="margin: 0in 0in 0pt">What&rsquo;s your motivation? This may be really personal. It may be gut wrenching. There may be an ugly truth you discover about your origin and how it informs your decision making, whether it compels you to be a <a href="http://www.wisebread.com/miser-v-stunna-a-case-study"><font color="#800080">miser or stunna</font></a>.</div> <div style="margin: 0in 0in 0pt">&nbsp;</div> <div style="margin: 0in 0in 0pt">&nbsp;</div> <div style="margin: 0in 0in 0pt">&nbsp;</div> <div style="margin: 0in 0in 0pt">What we should remember in the throes of self-examination puzzles such as these is that money squandered can be earned back by working harder, saving more, finding ways to improve our social and economic conditions as well as bring our wants into parity with our needs on this life&rsquo;s Bell Curve. But as for time spent and wasted acting a fool with our dough, well, that&rsquo;s history. Or is it?</div> <div style="margin: 0in 0in 0pt">&nbsp;</div> <a href="http://www.wisebread.com/placing-prepositions-where-you-from-where-you-at" class="sharethis-link" title="Placing Prepositions: Where you from? Where you at?" rel="nofollow">ShareThis</a><br /><div id="custom_wisebread_footer"><div id="rss_tagline">Written by <a href="http://www.wisebread.com/jabulani-leffall">Jabulani Leffall</a> and published on <a href="http://www.wisebread.com/">Wise Bread</a>. Read more <a href="http://www.wisebread.com/taxonomy/term/"> articles from Wise Bread</a>.</div></div> Personal Finance Banking Different Strokes Great Depression history money parents spending Sun, 15 Feb 2009 22:18:45 +0000 Jabulani Leffall 2843 at http://www.wisebread.com How Much Should Your Kids Know About Your Finances? http://www.wisebread.com/how-much-should-your-kids-know-about-your-finances <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/how-much-should-your-kids-know-about-your-finances" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://www.wisebread.com/files/fruganomics/imagecache/250w/blog-images/metal%20piggy%20bank.jpg" alt="" title="" class="imagecache imagecache-250w" width="250" height="375" /></a> </div> </div> </div> <p class="MsoNormal">I know of parents who don’t ever discuss money with their kids.<span> </span>“They should be carefree at this age,” they claim.<span> </span>Money isn’t an appropriate topic for family conversation at these homes.<span> </span>But is this a cop-out for preparing kids for real life?<span> </span>And are they missing an opportunity to keep one another accountable to a single goal? </p> <p class="MsoNormal">It took me many years for me to figure out that I was raised in a poorer home.<span> </span>I had everything I needed up to the age that I felt entitled to more.<span> </span>Junior high ski trips, basketball games, and county fairs alerted me to the fact that we just didn’t have the extra to spend like other families.<span> </span>My mother sat me down and explained to me how our budget worked – and also the very important lesson of “when we run out, we run out.<span> </span>We can’t buy anything else.”<span> </span>I helped her clip coupons, look for sales, and tried not to beg for stuff in the checkout aisle.<span> </span>I was nine at the time. </p> <p class="MsoNormal">I now have my own 9-year-old (and a gaggle of toddlers), who come to me begging for everything under the sun.<span> </span>I have taken the time to explain the concepts of saving, spending, sharing, and investing.<span> </span>We have modest allowances for them.<span> </span>I let them clip coupons with me.<span> </span>But I have never, ever given them reason to worry.<span> </span></p> <p class="MsoNormal">Sharing finances with kids is a fine, scary line.<span> </span>In my opinion, it can’t be done too soon.<span> </span>Here are a few acceptable ways to keep kids in the loop, without giving them nightmares: </p> <p class="MsoNormal"><strong>Give them an allowance</strong>.<span> </span>So many parents choose not to do this, and while I understand where they are coming from, I see benefits from it that I had never imagined.<span> </span>Holding a fistful of their own dollars gives you a way to communicate that just talking about it won’t provide.<span> </span>( I have <a href="http://parentingsquad.com/allowance-and-kids-teaching-the-value-of-money">discussed the allowance practice in detail</a> over at Parenting Squad.) </p> <p class="MsoNormal"><strong>Help them to manage their own money</strong>.<span> </span>Today is a great time to teach about finance.<span> </span>There are more tools than you can shake a stick at, and <a href="/this-season-give-your-child-the-gift-of-fiscal-responsibility">most of them are very, very good</a>.<span> </span>Even a laid-back parent, such as myself, can find the right program for the younger and older child alike. </p> <p class="MsoNormal"><strong>Share your situation – in a general way.</strong><span> </span>It’s OK to tell Tommy or Susie that there isn’t enough money this month for a new pair of Heelies or for the latest Wii game.<span> </span>It is also admirable to tell your kids, “Daddy or Mommy has to work 4 hours to make the money for dinner at Chuck E. Cheese.<span> </span>Would it be OK if we do something that costs less?”<span> </span>I’m not asking you to guilt your children by making them choose.<span> </span>I’m suggesting that you help them to understand where money comes from, the sacrifice that earning entails, and keep them balanced with their focus.<span> </span>Certainly there are parents that could take this to the extreme, asking kids if they want Daddy to work for their food, but that is ridiculous (and not at all what I’m detailing.) </p> <p class="MsoNormal"><strong>Give them some credit.</strong><span> </span>Kids are not stupid (about most things, anyway.)<span> </span>If you’ve been home looking through the Monster.com job listings for the past month, your kids probably know that you aren’t working.<span> </span>(The details are none of their concern, however.)<span> </span>If bill collectors are constantly calling your house, leaving messages, or sending bills, older children will take notice.<span> </span>Be as honest as you can about things without burdening them further.<span> </span>Use the situation as an opportunity to share what consequences are. </p> <p class="MsoNormal"><strong>Give them opportunities to help.</strong><span> </span>You don’t have to wait until you’re cash-strapped to enlist the assistance of the kids.<span> </span>Small things that will make them feel like they&#39;re helping include:<span> </span>letting them plan inexpensive meals, giving them coupons to cut, and taking them shopping.<span> </span>Just like adults, children feel less anxiety over a situation when there is something they can do.<span> </span>If you are in a situation where money is tight – and it’s obvious – kids can do well by lending a hand to the family cause.<strong> </strong></p> <p class="MsoNormal"><strong>Keep the lines of communication going (both ways.)</strong><span> </span>Encourage kids to ask questions about money and the family budget.<span> </span>Regularly engage them in dialogue about money and what types of things are important for your family.<span> </span>Remember that each family will be unique in the priorities that they set, so don’t assume that they are learning this from their friends or teachers.<span> </span></p> <p>By not hiding money matters, you are equipping them to deal with the future.<span> </span>By doing it gently, and with age-appropriate experiences, they can learn to feel capable of managing money.<span> </span>Most kids will start to wonder why <a href="http://parentingsquad.com/stretch-those-pennies-with-watered-down-cooking">you are watering-down the milk</a>, anyway.<span> </span>Wouldn’t you like them to learn something from it?</p> <p class="MsoNormal">&nbsp;</p> <p class="MsoNormal"><em>(For another great discussion from the other side of things, check out Sarah Winfrey’s excellent article, <a href="/mom-and-dad-your-financial-decisions-matter">Mom and Dad, Your Financial Decisions Matter</a>.)</em></p> <a href="http://www.wisebread.com/how-much-should-your-kids-know-about-your-finances" class="sharethis-link" title="How Much Should Your Kids Know About Your Finances?" rel="nofollow">ShareThis</a><br /><div id="custom_wisebread_footer"><div id="rss_tagline">Written by <a href="http://www.wisebread.com/linsey-knerl">Linsey Knerl</a> and published on <a href="http://www.wisebread.com/">Wise Bread</a>. Read more <a href="http://www.wisebread.com/taxonomy/term/"> articles from Wise Bread</a>.</div></div> Personal Finance Consumer Affairs Family General Tips Lifestyle finances kids money parents Fri, 20 Jun 2008 16:01:58 +0000 Linsey Knerl 2191 at http://www.wisebread.com Mom and Dad, Your Financial Decisions Matter http://www.wisebread.com/mom-and-dad-your-financial-decisions-matter <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/mom-and-dad-your-financial-decisions-matter" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://www.wisebread.com/files/fruganomics/imagecache/250w/blog-images/someone_s_parents.jpg" alt="old couple kissing" title="old couple parents" class="imagecache imagecache-250w" width="240" height="234" /></a> </div> </div> </div> <p>With Mother&#39;s Day in the recent past and Father&#39;s Day two days ago, I wanted to give credit where credit is due and encourage all the parents out there who are trying to teach their kids about money. Those things you&#39;re doing at home? They&#39;re working. Your kids are hearing it! Read below for some more suggestions as to what you can do to teach your kids about money. They worked on me! </p> <p>I don&#39;t know why you care about money (though I&#39;d love to hear it in the comments), but I care about money because my parents cared about money.</p> <p>Really, it&#39;s that simple. When I was growing up, my parents both showed me and taught me that my money and how I chose to spend it was important. They gave me an allowance, but they both encouraged and reminded me to save some. They helped me choose toys that I wanted (and could eventually get) to save towards. When I was old enough, they got me a savings account so that I could get my bank statement in the mail each month and see my money making money (and so I could feel like a big person, and associate that &quot;grown up&quot; feeling with &quot;saving,&quot; I suppose). Later on, they co-signed so I could open a checking account and taught me how to write a check, use my ATM card, and balance my checkbook every month.</p> <p>Beyond all of these things, though, I saw my parents value their money. I saw my dad (and later my mom) go to work every morning so that we would be able to have the things we needed and wanted. I saw dad sit down with his checkbook every month and balance it. I saw him write checks to pay the bills and I saw the little stamped envelopes go out in the mail. I heard him on the phone with different financial planners over the years, sorting out investments and retirement funds. </p> <p>I saw my mom buy things that were a good deal and skip the things that weren&#39;t, even when she wanted them. I helped her fill produce bags and weigh them, and then I helped her calculate what she&#39;d pay. I sat down with her to learn how to write a check and I saw her resolve the discrepancies in my checkbook that I didn&#39;t understand.</p> <p>I also saw the fruits of their labors. I watched them buy a car with cash. I went on vacations that we couldn&#39;t have taken without their careful saving. I saw the things that they could buy for each other and for us that wouldn&#39;t have been an option if they didn&#39;t have a financial plan.</p> <p>So to Mom and Dad (and to all the moms and dads out there who care about money and who are trying to teach their children to do the same), thank you. Thank you for showing me not only that making wise decisions about my money was important, but how to make those and what the results could be.</p> <p>Now it&#39;s your turn. Why do you care about money? Did your parents do anything that helped or hindered your relationship with money later in life? Please share: I&#39;d love to hear!</p> <a href="http://www.wisebread.com/mom-and-dad-your-financial-decisions-matter" class="sharethis-link" title="Mom and Dad, Your Financial Decisions Matter" rel="nofollow">ShareThis</a><br /><div id="custom_wisebread_footer"><div id="rss_tagline">Written by <a href="http://www.wisebread.com/sarah-winfrey">Sarah Winfrey</a> and published on <a href="http://www.wisebread.com/">Wise Bread</a>. Read more <a href="http://www.wisebread.com/taxonomy/term/"> articles from Wise Bread</a>.</div></div> DIY balance a checkbook checkbook fruit of their labor mom and dad parenting parents Tue, 19 Jun 2007 17:09:40 +0000 Sarah Winfrey 757 at http://www.wisebread.com