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Family

Is Your Priority Education Or Retirement?

On the Oprah Winfrey Show a while ago, Suze Orman was helping a family to discover what was most important to them. The discussion was around whether or not a particular set of parents should be funding their daughters’ post secondary education.

I remember it keenly because the father was extremely determined and he insisted that he and his wife fund their daughters’ education even though it would mean they would be emptying most if not all of their retirement savings in order to do so.

The mother, however, didn’t think this was a good idea. She had retirement goals and didn’t want to have to forfeit their retirement. It is not that she didn’t want to help her girls, but she also recognized their need for a retirement nest egg.

September 22, 2010

Family

You Have To Say No To Your Kids Sometimes

Although I am not yet a parent, I have played a role in teaching my friend’s child that he can’t have everything he wants. Although parents want to give good things to their children, there are times when they have to say no. It is not only beneficial in terms of staying within a budget, but it is also healthy for children to learn that they are not entitled to everything that they want. After all, the world does not revolve around them.

Several years ago my friend and I went shopping at Safeway and she brought her then 2 year old son. To my surprise, as we went to the check out to pay for our purchases, her little son began screaming at the top of his lungs “my doo doo, my doo doo!” I had no idea what he wanted at first, but my friend soon filled me in. Apparently every time she went shopping at Safeway, her son demanded her to buy him a small toy car that was visible from the check out counter and she gave in every time in order to avoid a tantrum.

September 8, 2010

Family

A Great Online Resource For Teaching Kids About Money

There are a lot of great resources online that will help you teach your children about money, whether you are a parent or a teacher. One website that is a one-stop shop is MoneyInstructor.com. The website contains all kinds of lesson plans, worksheets, and activities designed to teach kids about finance and other basic subjects. Most of the lesson plans are geared towards elementary school aged children.

You will find worksheets that teach basic math skills, how to count money, how to tell time, how to read a calendar, and a whole lot more. There are also activities that teach kids about bank accounts, different types of investments, and so on.

August 19, 2010

Family

Talk To Your Spouse About Your Finances

It’s important to be faithful to your spouse, and this includes being faithful regarding your finances. A recent globeinvestor.com article entitled “Do You Cheat On Your Spouse Financially?” really got me thinking about the importance of being honest and open in marriage, specifically regarding finances.

Couples need to determine how much freedom each partner gets in terms of spending without the other’s permission. Big-ticket items will likely require both partners’ consent, whereas smaller everyday items can likely be purchased at one person’s discretion.

It’s a good idea to sit down with your spouse early on in your marriage to set boundaries as well as to decide on the dollar amount that can be spent without needing the other’s permission. Of course, every marriage is different and some couples may choose to keep all of their money separate and to rarely discuss their finances with each other. (I don’t think this is the healthiest way to handle things, but I understand that there are special circumstances that may require this method.)

August 3, 2010

Family

Money Rules For Your Kids

All too often, kids end up having to learn from their own mistakes about how to handle money, because nobody formally teaches them how to handle it . Sure, they can observe their parents’ behavior towards money but it seems to be a rare occurrence for parents to actually sit down with their kids and teach them about proper money management. As a result, many young adults just starting out on their own end up with overwhelming credit card debt or simply get behind in paying their bills as they haven’t yet learned how to handle the expenses that were once all taken care of by their parents.

In order to prevent your own kids from feeling lost when they first set out on their own, start to teach them when they are young. According to Jeff D. Opdyke’s article “The 15 Money Rules Kids Should Learn”, there are a lot of things parents can teach their kids at a young age.

May 24, 2010

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