Get smart with your money
Here’s an idea: Hand your teenagers hundreds of dollars in one lump sum and leave it up to them to manage the money for the next, say, six to 12 months.
Anyone who’s ever had or been a teenager may quail at the thought, but experts say this approach actually can work much better than a weekly allowance in teaching older kids about personal finance.
In my latest for the Associated Press, how this unconventional method can work better than a weekly allowance.
Today’s top story: 5 tips to get back on budget after the holidays. Also in the news: Thinking twice about that in-flight credit card offer, how a Roth IRA works, and how paying your child an allowance can pay off in the long run.
5 Tips to Get Back on Budget After the Holidays
Reigning in the spending.
Think Twice About That In-Flight Credit Card Offer
Reading the fine print.
How Does a Roth IRA Work?
Know this important retirement tool.
Paying allowance can pay off, if you do it right
How much is enough?
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How to stick with it.
For Kids’ Allowance, No Cash Required
Preparing your kids for life in the digital world.
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Taking the long view.
Many parents tell me they feel guilty about allowances.
They aren’t consistent about when and how they give their kids money. They wonder if allowances should be tied to chores. Even how they dole out money can be a problem. Cash is easiest, but much of what kids want to buy — downloads of a favorite show, a toy on Amazon, a realm in Minecraft — requires plastic.
I’ve used our daughter as a guinea pig to test all kinds of allowance systems and apps , starting when she was just 3.
In my latest for the Associated Press, how to start teaching your kids about money at an early age.
Today’s top story: Unraveling the mysteries of the FICO score. Also in the news: What you shouldn’t buy with your tax refund, teaching your kids good money habits, and 11 common money mistakes to avoid.
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More than you’d think.
5 things not to buy with your tax refund
Put down that solid gold Apple watch.
How to Use Allowances to Teach Kids About Money
Instilling good money habits early.
Don’t Make These 11 Common Money Mistakes
Avoid getting caught in a spending trap.
5 Vital Questions To Ask Before Retirement
Remember, this isn’t a permanent vacation.
Today’s top story: Teaching your kids to avoid money mistakes. Also in the news: Becoming a smarter investor, cleaning up your digital life, and how your summer vacation could earn you credit card perks.
Teaching Kids to Avoid Money Missteps
Put them on the right path early.
One Phrase That Will Make You a Smarter Investor
It’s all about the evidence.
Tips for Cleaning Up Your Digital Life
Protecting yourself from identity theft.
The Best Summer Credit Card Rewards Offers
How to get perks from your vacation spending.
3 Tips to Increase Your Paycheck
It’s time to maximize your allowances.