7 Tricks for Teaching Kids How to Budget

Financial literacy is so important, but unfortunately, it isn’t taught in many schools. That means it is up to parents to teach kids how to budget.

Fortunately, this is much easier than it sounds. By giving your kids opportunities to practice budgeting, you are teaching them an essential lifelong skill.

1. Let Them Shop for a Meal

Give your kids a budget for grocery shopping for a special meal for the family. Make sure you give them a realistic amount of money but stress that they cannot spend more than you have given them. Instead, they will have to add up costs and find ingredients that fit their budget.

2. Allow Them to Plan a Family Activity

Kids don’t seem to grasp that activities cost money, so put them in charge of planning a family activity. This means giving them a budget and allowing them to find something fun to do with their limited budget. They’ll quickly learn to search for budget-friendly activities, like hiking or dollar movies.

3. Have Them Plan a Party

One of my favorite tricks for teaching kids to budget is to let them plan a party. I gave my daughters the chance to plan a sleepover and set a budget. They were responsible for using this budget to get all the party supplies and food.

4. Encourage Them to Set a Savings Goal

Kids need to understand that there is a real reason to budget. That’s why I encourage my daughters to have a goal in mind of something they want to buy, like American Doll accessories or LEGO sets. If they have a savings goal, they can better understand why they need to budget the money they have.

5. Find Ways to Entertain Them

The best way to teach kids to budget is to fool them into thinking they aren’t learning anything. It’s what the best teachers do! Find ways to make learning fun. For example, every time you play Monopoly or Life, they learn about making financial decisions. There are also several movies that provide valuable lessons about money, such as Blank Check, Confessions of a Shopaholic, and Harry Potter.

6. Set a Vacation Spending Budget

If your kids are anything like my girls, you know the pain of vacation shopping. Every time we walk into a gift shop, my daughters go crazy and want “just one more thing.” And each thing adds up! Instead of giving in to their begging on vacation, we now give them a vacation budget. At the start of each vacation, we tell our girls how much money they have in their vacation spending budget. This money goes towards souvenirs and extra snacks. Once they spend all the money, that’s it.

7. Give Them Opportunities to Earn Money

If you want to teach kids how to budget, you need to give them opportunities to earn money. They can’t practice budgeting if they don’t have any funds! Pay them to help with extra chores around the house and encourage them to look for other opportunities to make money.

What tips do you have for teaching kids how to budget? Share in the comments!

5 Reasons We’ve Already Started Saving for College

My girls are young, but like most parents, I’ve already started thinking about the day they’ll leave me to go to college.

And sometimes just thinking about it makes me panic. Not because I’ll be an empty nester but because, oh my gosh, college is expensive!

While I don’t have a crystal ball and I can’t predict the future, I am still planning for their future college attendance. Here’s why.

1. Kids Who Go to College Earn More

It’s common knowledge that people who earn college degrees tend to earn more than those who don’t. But I was startled to learn just how much more.

According to Higher Ed Dive, “Individuals with bachelor's degrees will earn $400,000 more in their lifetimes than those with just a high school diploma.”

The same report claims, “College graduates who enrolled at age 18 and earned a degree in four years ‘can expect to earn enough relative to a high school graduate’ by age 33 to make up for paying tuition and other costs and for being out of the workforce while in college.”

Of course, I will support my daughters even if they don’t go to college, but those numbers are a great motivator for saving for college.

2. Money Grows

College is a long way off for my two girls.

But that means it gives the money I put into their college savings accounts even more time to grow.

For instance, money in 529 plans grows tax-deferred until the day comes when you need to withdraw it to pay for education expenses.

Plus, with a 529 plan, family and friends can also contribute.

Sure, it may sound boring to give a financial gift to a 529 plan while the kids are young, but their future selves will thank you!

3. College Costs are Rising

College costs are rising at crazy rates.

Check out these statistics from U.S. News representing the rise in college costs over 20 years:

• The average tuition and fees at private universities have jumped 144%.

• Out-of-state tuition and fees at public universities have risen 171%.

• In-state tuition and fees at public universities have increased 211%.

I don’t even want to think what college will cost when my girls are old enough to attend, but I know enough to know I need to start saving now.

4. Makes Saving a Habit

I learned early on to treat saving like a habit.

I like to set aside some of every paycheck for savings. What I like even more is setting up savings for automatic contributions, so I save without even thinking about it.

It can be really tempting to not save – especially for things like college that seem so far away.

Turn saving into a habit so you don’t give in to temptation.

5. Helps You Set Realistic Expectations

Lastly, saving for college early helps you set realistic expectations.

We all have different incomes and budgets. Only you know what you can and can’t afford.

By saving today for tomorrow, you’ll be better prepared to talk to your kids about how much you will be able to help them when the time comes.

7 Ways to Teach Kids About Money

Kids really seem to believe money grows on trees. Unless parents teach kids about money, they’ll be in for a rude awakening.

According to Bankrate, “Only 16.4 percent of U.S. high school students are required to take a personal finance course” and “84 percent of respondents agreed that high school didn’t prepare them to handle their money.”

I don’t want my girls to leave home not knowing how to handle their finances, which is why I am being intentional about teaching my kids about money.

Here are 7 things I am doing to teach my girls about money.

1. Talk to Your Kids About Money

The first thing I had to do was get over being uncomfortable talking about money. In America, talking about money is so taboo. But, if we don’t talk to our kids about money, who will?

Start by simply explaining that money doesn’t grow on trees. Explain that you work to get a paycheck. Then, you use the money from your paycheck to pay for the things you need, such as utilities. You’ll probably discover your kids are surprised to learn you have to pay bills for things like water and electricity.

Then, explain that you use the remaining money to pay for the things you want, such as vacations and toys.

2. Give Your Kids Opportunities to Earn Money

Teaching kids about money requires hands-on learning opportunities. This means that you need to give them opportunities that model how money works.

Instead of just giving them money, give them an opportunity to earn money, such as doing chores or hosting a lemonade stand.

3. Discuss Opportunity Costs

Start explaining that every “yes” means a “no” to something else even when kids are young. Even as an adult, this is a hard concept to understand! When we say “yes” to one activity, it means “no” to another activity.

The same applies to spending money. If my daughter spends her money on a pricey toy, it means she won’t have money to spend on a different one.

4. Show Your Kids Your Receipts

There is a surprising amount of power in showing kids your receipts. Again, this is uncomfortable at first. But, receipts make money tangible.

For example, kids don’t realize how quickly things add up. Show kids your receipt from stopping to get fast food so they can see how each small meal adds up.

5. Play Money Games

Teaching kids about money doesn’t have to be boring. Pull out some classic board games like Life or Monopoly. In addition to requiring kids to use math, these also teach important financial habits.

6. Teach Kids How to Shop the Smart Way

I love shopping – and so do my girls! But I am trying my hardest to teach them how to shop smart.

Whenever I can, I point out sales and discounts.

Similarly, I also encourage my daughters to do price comparisons. For instance, if they see something they “have to have,” I’ll make them wait and look it up online to see if they can find it cheaper somewhere else.

7. Get Them a Kid-Friendly Debit Card

I am a big fan of kid-friendly debit cards like Greenlight. These cards are connected to a parent’s bank account and put parents in control. With the cards, I can control where they shop and how much of their allowance goes into spending, saving, and giving.

Plus, my girls feel so grown up using their own debit cards when shopping. They take great pride in shopping with their own money.

What tips do you have for teaching kids about money?

7 Ways to Save Money This Holiday Season

Christmas is right around the corner. As much as I love all the holiday fun, sometimes it hurts my wallet. It is super easy to overspend at the holidays and wind up paying for your Christmas gifts well into the new year. Don’t feel too bad if this sounds familiar. According to CNBC, “A new holiday survey from American Express Pay It Plan It found that 86% of millennials (23 to 38) spent more money during the holidays last year than they planned to. Of those who overspent, about one in five (21%) went over budget by approximately $500 or more.”

Don’t fret. With these 7 tips, you can save money this holiday season while still enjoying all the holiday cheer.

1. Create a Budget

Before you begin holiday shopping, you need to create a budget. Make a list of every person you plan to buy gifts for and set a budget for how much you are willing to spend per person. Prioritize the list. For example, designate more money for your immediate family members and less money for your co-workers.

Note – Stick to your budget. It’s pointless if you make a budget and don’t follow it.

2. Prioritize Your Spending

When budgeting, think beyond gift giving. We tend to spend a lot of money during the holidays on extras, such as holiday décor, entertainment, and food. Limit the extras on your budget. Plan for those things you know you must have and allocate a certain amount. For example, you know you will have a holiday meal, so set aside money for it now rather than going overboard when the day comes.

On the same note, be sure to include stocking stuffers in your family’s gift budget. If you aren’t careful, you can wind up blowing your budget on these little things.

3. Only Buy Items on Sale

Make it a rule this holiday shopping season to only buy items on sale. Refuse to pay the full price for anything. Thankfully, technology makes this super easy. For example, go ahead and set a price drop alert for the hot toy item on your child’s wish list using Camel Camel Camel, which tracks Amazon price drops. Look for coupons online before you click buy (or on your smartphone while shopping in-store). Use price comparison apps to make sure you are getting the best price.

4. Start Shopping Now

Sadly, 2020 production is still slower than usual, so anticipate delays and products running out. If your child wants a popular toy, it is better to go ahead and buy it than risk waiting and not be able to find it. The good news is most big stores have already started Black Friday and holiday deals now.

5. Shop Online

You can save money shopping online this holiday season. According to a First Insight report, “89 percent of women and 78 percent of men who visit physical stores shared that they add additional items to their cart beyond their identified need. By comparison, a lower 67 percent of men and 77 percent of women reported adding extra items to their carts when shopping online.”

6. Take Advantage of Curbside Pickup

Along the same lines, rather than going into a store and overspending, take advantage of curbside pickup. This will prevent you from impulse buying and overspending. Plus, curbside pickup is convenient and safe.

7. Talk to Family and Friends About Cutting Back

The best way to cut back on overspending is to stop spending as much. Period. I’m not suggesting you quit buying Christmas presents, but it may be time to cut back on the number of presents you buy or how many people you buy for or how much you spend on each person. For example, ask if your family would like to draw names to give to one person rather than giving to everyone or ask family members to set a spending limit.

10 Ways to Make Money Without Thinking

We all dream about making money without actually having to work for it. But that’s just a dream. Or is it? What if I were to tell you there are legit apps and websites that give you cash back for either doing nothing or doing nothing more than what you do casually every day?

These things do exist! While I don’t think you should quit your day job, they are passive ways to get a little extra cash. If you start now, you can save all your passive income for Christmas. Check out this list of 10 ways to make money without thinking.

Ibotta – Ibotta is an app and a website that gives you cash back for everyday purchases. When users shop online through the Ibotta extension or visit retailers through the Ibotta app, they get cash back. “Ibotta has paid out over $600 million in cash rewards to more than 35 million users since its founding in 2012.”

Rakuten – Formerly Ebates, users get rewarded by using Rakuten to visit one of their 2500+ favorite retailers online or on the app. Each quarter, Rakuten deposits your earnings into your PayPal account.

Dosh – Get cash back when you shop, dine out, and book hotels by using Dosh. It’s super easy to use since all you do is connect your cards and shop like normal. Dosh will deposit the money into your bank, Venmo or PayPal, or donate it to charity.

Swagbucks – Swagbucks offers multiple easy ways to earn some extra cash. You can earn points by shopping online, taking surveys, watching videos, searching the web, and playing games. You then redeem your points for gift cards to popular retailers.

Inbox Dollars – Similar to Swagbucks, Inbox Dollars, has a variety of ways for users to earn cash, such as reading emails, taking surveys, playing online games, and shopping.

Sweatcoin – With Sweatcoin, it pays to walk – literally! Once you collect sweatcoins, you can use them to purchase goods, services, and experiences, or you can donate to charity.  

Receipt Hog – With Receipt Hog, you get cash back for sharing your receipts. It doesn’t matter what you buy or where you shop – they just want your receipts. You simply take a picture of your receipt, upload, and earn coins. Then, the coins can be redeemed for gift cards or deposited to your PayPal account.

Shopkick – If you love going shopping, Shopkick is a great choice because it rewards you for your shopping experience, such as walking into stores, scanning barcodes, making purchases, and submitting receipts. Kick points are redeemed for gift cards to popular retailers.

MyPoints – MyPoints is another online reward program, but it even includes online retailers like Amazon. In addition to the website, the mobile app allows you to earn cash by shopping and completing surveys. Redeem your points for cash or gift cards.

Seated – This app is perfect for foodies. When you dine out, you earn money. Users find a restaurant or bar on the app, make a reservation, or use the walk-in feature, take a picture of your receipt, and upload it. Then, you earn a percentage back as a reward.

10 Ways to Make Extra Money During a Pandemic Summer

2020 has been a hard year – especially on our wallets. USA Today reports, “About 1.5 million workers filed applications for unemployment insurance for the first time last week, the Labor Department said Thursday. That pushes the running tally of those who have made initial claims over the past 13 weeks to a mind-boggling 45.7 million.” Even if your family has not suffered from the coronavirus directly, you are likely feeling its effects financially. Whether you have lost a job or experienced a pay cut, there are some ways you can make extra money during a pandemic summer.

1. Find It in Your Budget

Now is the time to trim your budget. Take time to go through your budget and see what you can live without. For example, all the subscriptions and memberships you pay for monthly can add up quickly. Do you need to pay for four different streaming services? Also, remember to check for free services you signed up for at the start of the pandemic because many of these COVID freebies, such as Peleton, are about to start charging a monthly fee.

2. Hop on the Delivery Train

The pandemic has led to a huge increase in home delivery services. If you feel comfortable, sign up for one of the delivery services in your area, such as Doordash, GrubHub, or Instacart.

3. Resale Your Goods

If you are still spending more time at home than usual, use your extra time to clear out your closets. And then resale your goods! You may find some success with an old-fashioned yard sale, but given the current conditions, it may be a safer bet to resale your goods online at sites, such as Poshmark, eBay, or ThredUp. On that note, consider shopping sites like these rather than traditional retail sites to save money until your budget returns to normal.

4. Complete Surveys

Yes, you can make money doing online surveys. However, you shouldn’t expect to make a lot of money doing surveys. This is just a simple way to make a little extra cash. Check out NerdWallet’s Surveys for Money: Here’s What We Earned for a full lowdown on what to expect.

5. Rent a Space

People are still hesitant to stay in hotels. In contrast, many families are more open to staying in vacation rentals this summer. This means that if you have an extra property or even an RV, you can make some extra money by renting it for summer vacationers.

6. Manage Social Media

Are you a pro at gaining followers and getting likes on social media? If so, then you can use this in-demand skillset to make some extra money. Consider freelancing as a social media manager through a freelancing site like Fiverr or Upwork.

7. Get Crafty

Have you started embracing your artistic side during the pandemic? Then, sell your homemade crafts and goods on sites like Etsy. For example, statistics show that 65% “of Etsy sellers that use their shop as a way to supplement income.”

8. Offer Childcare

COVID has created a childcare nightmare for many parents, so if you are able and feel comfortable, offer childcare to make some extra money. I don’t mean a full childcare service, but occasionally keeping a neighbor’s kids can help you get through this sticky time.

9. Walk a Dog

If you are a dog lover, then provide dog walking services to essential workers who may not be able to take care of their four-legged family members during the day.

10. Sell Your Photos

Do you have tons of great shots just stored in the cloud? You can sell your photos to be used as stock photos on sites like Shutterstock.

How to Teach Your Kids About Money

No parent wants to raise a child who grows up to be an entitled brat who thinks everything will just be handed to them. Likewise, no parent wants their child to grow up without having a clue how to manage money and winds up being broke or in massive debt.

It is hard to teach kids about money. Why? Well, first, it’s because kids typically don’t have any. We have the money. Next, it is hard for kids to grasp – especially since parents these days mostly use credit cards and pay bills online. Finally, it is uncomfortable to talk about money with kids.

However, just because it is hard to teach kids about money doesn’t mean we should avoid doing it. Instead, we should make efforts to teach our kids about money to prevent them from making serious money mistakes as college students and young adults.

Show Them the Value of a Dollar

One of the most difficult things to teach kids about money is the value of a dollar. This is because we generally don’t include kids in purchasing discussions. Instead, when it is age-appropriate (such as when they start learning about money in school), begin pointing out the costs of various items and comparing them to others. Explain that the big toy they want for Christmas costs much more than the winter jacket you are purchasing.

Make It Visual

Piggy banks are great for kids, but if you just leave the money in there without ever looking at it, kids will forget its worth. Instead, count the money inside the piggy bank every so often. Or, invest in a clear piggy bank or a bank that counts as money is inserted. Kids need to “see” money add up.

Give Them Opportunities to Earn Money

We are the ones who pay the bills and buy clothes and put food on the table. But, if we want our kids to have a good understanding of money, then we need to give them opportunities to earn money. For example, my girls ran a lemonade stand on a hot summer day.

Explain Why You Give

A key lesson involving money is teaching kids not to be greedy. A great way to help kids avoid being stingy is to start them giving to others when they are young. Make this a regular thing for them to do. For example, every time they get money on their birthday, teach them to give a portion of it to a charity they care about.

Teach Them to Save

Many adults do not have a savings account, which is pretty dangerous. Help your kids make wise decisions with their money by teaching them to save a bit early on. Like the giving section, make it common practice to take some of the money they’ve earned or received and put it straight into their piggy bank.

Check Out This Promotion!

Plus, be sure to check out my Instagram post to learn about Green Dot Bank’s “Calm Before the Storm” contest! They are giving away (4) $500 prizes to help with the frenzy of holiday expenses!

How NYC Families Can Save Money This Summer

During summer, there is nothing worse than hearing your kids whine that they are “sooo bored!” But, if you spend money trying to keep them entertained each day of summer break, your wallet will start to hurt. And, if you are like me, I would rather spend my hard-earned money on a fabulous vacation than spending it doing a bunch of little things around the city. Fortunately, it is easier than ever to save money and have fun in NYC.

Free Library Fun

Photo: The New York Public Library

If you don’t already have a library card, now is the time to get one. Today’s libraries aren’t the stuffy old places you might remember from childhood. They offer tons of free materials you can borrow – including DVDs. Plus, the New York Public Library Summer Reading offers some pretty great kids programs that go beyond the standard story times, such as a DJ Dance Party.

Free Outdoor Movies

During the summer, families can take their pick of free outdoor movies once the sun goes down. The most popular outdoor movies are hosted by NYC parks, are all PG-13 and under, and feature movies such as The Incredibles 2 and E.T. The Extra-Terrestrial. Check out Time Out New York’s guide to what is showing where and when here.  

Free Outdoor Concerts

Families can also take their pick of free outdoor summer concerts taking place all around New York City. For instance, there are the New York Philharmonic Concerts in the Park series (with all performances beginning at 8 pm) and Make Music New York on June 21st from 10 am – 10 pm.

Free Public Pools and Splash Pads

There are several options for cooling off during the hot summer in the city. Families can visit one of the free outdoor swimming pools in NYC (opening on June 27, 2019). A bonus for pool visitors is that NYC parks offer free swimming classes and free sunscreen. If taking the kids to the pool seems like too much, then head to one of the many local splash parks. Mommy Poppins has a list of the Best Water Playgrounds and Sprinklers for Kids in NYC.

Free Museum Days

Photo: NYCGo

Visiting the fantastic museums can add up – unless you are smart enough to take advantage of the free museum days offered this summer. For example, Brooklyn Children’s Museum offers “pay as you wish on Thursdays from 2–6 pm and Sundays from 4–7 pm” and the Staten Island Zoo offers “free Tuesdays after 2 pm.”

Free Festivals

PHOTO: Untitled Magazine

Another great way to keep the whole family entertained is to head to an outdoor festival. Many outdoor festivals are free to enter and explore – but you may wind up spending money to enjoy food, purchase arts and crafts, or participate in activities. One popular outdoor festival taking place in June is the Museum Mile Festival happening June 11, 2019, from 6 pm – 9 pm.

Now you have plenty of ways to save money and keep the kids busy and entertained this summer, leaving you money to take the vacation of your dreams.

15 Ways to Make Extra Income on the Side at Home

Money makes the world go ‘round. I guess the saying really is “love makes the world go ‘round,” but really, who are we kidding? I don’t know any moms who think they have enough money. It doesn’t matter if they are stay at home moms or working moms, there seems always to be a need for extra money.

On top of all the money you need simply to take care of your family, you need some extra to be able to enjoy life with your family. Dinners out? Vacations? Cute outfits, shoes, and purses? Those things cost money! And that is not counting the money you spend on your kids! Every activity your kid signs up for costs money.

So, it makes sense that moms are looking for ways to make extra income on the side. Every little bit helps. If you are looking for some ways to pad your wallet, I’ve researched fifteen real ways moms are bringing in a little extra income on the side at home.

1. Get paid to take surveys.

People have been saying this for years, but it really is legit. You can get paid to make money completing online surveys. You won’t make a ton, but the more surveys you do, the more money you will make. Check out Swag Bucks and Survey Club to get started.

2. Monetize a blog.

Many moms have found success with blogging about the things they know. If you do it correctly, you can monetize your blog and end up making a decent amount of money. You monetize your blog by working with sponsors, using affiliate marketing, and placing ads in your blog.

3. Freelance on the side.

Whether you are working or staying at home, consider freelancing. Take your skillset and use it from home. For instance, Upwork is a freelancing platform for everything from proofreading to graphic design.

4. Act as a virtual assistant.

A virtual assistant is someone who works as an online assistant rather than an assistant in an office. The job tasks will vary, but virtual assistants typically use the internet and their computers for planning and scheduling events for their clients.

5. Be a tutor.

Even without a degree, you can work as an online tutor. For example, some companies hire individuals to work as English-speaking tutors. These individuals speak English as their first language and have practice conversations with an English-language student.

6. Sell goods.

Are you crafty? If so, join the Etsy community and operate your own online storefront selling the products you make in your own home.

7. Host an Old-Fashioned Lemonade Stand.

While you won’t necessarily make a ton of money, you can make a little extra. Most importantly, this is a great way to introduce your children to finances. They will love participating, and you can teach them about making money.

8. Shop for others.

Love shopping? You can shop for others and make money! For example, many moms are having success being a grocery shopper through companies such as Instacart and Shipt.

9. Sell your stuff.

Have stuff that you no longer need or want? Sell it on an online marketplace such as eBay.

10. Get hired to enter data or transcribe notes.

If you are good with computers and secretarial tasks, you may want to look for online data entry or transcription jobs. Unlike desk jobs in an office place, these jobs are remote.

11. Work as an online travel agent.

Do you have a passion for travel? If so, look into becoming an online travel agent. There are women who have started their own online travel agencies and women who have found success working with larger online travel agencies such as MEI-Travel.

12. Manage social media accounts.

Are you a social media guru? Then, you are in luck! Social media management is in demand! These individuals manage social media accounts for businesses.

13. Love pets? Try pet sitting.

Another way to pad your wallet is to be a pet sitter or a pet walker. Services like Rover make it easier than ever before to make it happen.

14. Watch kids out of your home.

Need to make money doing something you already know how to do? Try babysitting at random times or begin keeping a child in your home regularly.

15. Rent your space.

Another newer option is to rent your space. Airbnb's are soaring in popularity, and you can make some extra income just by allowing people to book a room in your home.

Embrace Your Talents

The ideal way to make extra income is to embrace your talents. Find a way to do what you love from your home. While these dream jobs don’t always bring tons of money, they will bring great satisfaction. This is especially important if you are doing another job on the side.

Hussle, mamas! You can do it!