Kids
In a recent New York Times story, reporter Tara Siegel Bernard calls for more personal finance education in the nation’s high schools — understandable as only 13 states currently require it.
There are two problems with that. First, high school’s too late. By the time they are 15 years old, $4,000 a year is spent by or for the benefit of the average teen. No surprise, teens were the first consumers to come charging back from the recession, rewarding retailers like Abercrombie & Fitch and manufacturers like Billabong with strong sales gains. Why? Parents, feeling guilty over their inability to outfit their children with the latest in sneakers and short-shorts last season, put the first of their new discretionary dollars into the hands of their offspring. More…
If you have teenagers, this is a busy time of year. Trust me, I know – as we approach summer break, the dances, parties, plays and sports events just seem to pile on. But you also likely have something else on the brain: Helping those kids find a summer job.
My kids have been working for extra spending money for quite a while. And I firmly believe that teenagers should spend at least part of their summers working, because as you know, no money is as valuable as the money you’ve earned yourself. More…
This week, I invited Michelle Madhok, the founder of Shefinds.com and MOMfinds.com, two websites I love when I’m looking for a deal, to guest post about her tips for shopping for children’s items online.
We’ve all complained about circling the mall for a parking spot, and having to pile the car seat, diaper bag, changing pad, and bag of snacks into the car just for a simple shopping trip. But these days, that’s all pretty unnecessary: Moms can find better bargains – in less time – online.
At MOMfinds, we search out these deals daily – from sample sales for kids to cheap diaper bags.
Learn how to shop online like us with the simple tips below – we do it all day, so we’ve learned a thing or two about scoring a deal. More…
I know from experience that one of the hardest parts of being a working mom is finding childcare you can rely on. Leaving your child in the hands of someone else – for a whole day! – is never easy.
These days, there’s no shortage of services that will help place you with qualified, experienced caregivers. But in my opinion, the absolute best way to find someone you and your children will love is word of mouth. Talk to people you trust – other parents at the playground, your colleagues at work, or friends and relatives who have recently been through the same search. Ask them what they like about the place or person they’ve chosen, and what their children like about it. Then, sit down with your partner, if you have one, and make a list of what you’re looking for: The day-to-day duties of the job, how much you can afford to pay (the average, depending on where you live, is $10 – $15 an hour, according to www.4nannies.com), and how many hours you’ll need someone each week. More…
If you have a child either in or about to enter college, you likely know that we’re in the midst of FAFSA season. This one form – the Free Application for Federal Student Aid – gets the ball rolling on any financial aid your child may receive for school. In order to qualify for Pell grants, Stafford loans, PLUS loans, and work-study programs, you must fill it out.
Unfortunately, it’s also a form that has many parents pulling out their hair, year after year. If that’s you, I’ve compiled the top five ways to simplify the process. Much like doing your taxes, it’s never going to be painless, but these tips will certainly make it easier: More…
As parents, we all seem to struggle a bit when it comes to allowance – how much do we give, how often do we give it, and whether we should dictate, to at least some extent, how it gets spent. Read my take on the subject in this article by Bonnie McCarthy on WalletPop: New Year, new allowance rules for kids.
In 1999 Marcy Cohen started making hair clips for her daughter for fun. Today, Cohen and her sister Lori Rockoff are partners in Pea Soup, a line of children’s clothing and accessories. Read on to see how they turned their hobby into a half-million dollar a year business.
Who: Marcy Cohen and Lori Rockoff
What: Pea Soup Accessories for Kids; a manufacturer of handcrafted children’s hair clips, bows and more. You might have seen their designs on the offspring such celebs as Gwyneth Paltrow and Jennifer Garner.
When and Where: Ten years ago in Chicago, IL
How: In 1999 Marcy Cohen was working as a teacher. Her sister, Lori Rockoff was doing social work. For fun Marcy started making hair clips for her daughter and from there, Pea Soup was born. “I found myself going in my restaurants and people would stop me and say where did you get this bow…we didn’t start with a plan. We were buying materials, going to craft stores. Our first customer was a children’s hair cutting salon. We brought our items in and they placed an order.” That first order may have only $150 but the satisfaction they got from this taste of success was enough to spur them on. “We were so excited. It’s still exciting,” said Cohen.
From there, the orders only got larger. “When we first started we were the ones making the clips. We were in LA a year and a half into it when we got our first big order. It was about $1,200.” After a weekend spent on the floor of Lori’s apartment assembling the clips, More…
I have a 17-year-old daughter that will be 18 in January 2010. What type of credit card should I get her to start building credit for her?
-Christine, New York
When teens and credit cards mix, the outcome can sometimes be disastrous. But, if handled correctly, credit cards can be a great tool for teaching your college-age kid the basics of financial management.
After your daughter turns 18 in January, she may want to hussle to get that first card. Otherwise, she will need a cosigner. When another piece of the new credit card legislation takes effect on February 22nd, any person under the age of 21 will be required to have a parent to co-sign on their credit card. “Mom needs to be sure she is comfortable with co-signing, which could affect her credit score if her daughter misses a payment,” says Karen Blumenthal, author of “The Wall Street Journal Guide to Starting Your Financial Life.” If your daughter can prove that she’s making enough money to handle having her own credit card, she may be able to side-step the need for a cosigner.
When you start shopping around for a credit card, let your daughter do the work. “It’s good practice for the student to research the options–the interest rate on charges, the interest rate on any cash advances, and the fees you’ll pay if you pay late or go over your credit limit. That way, the card holder knows exactly what the terms will be,” says Blumenthal.
As you probably know, the options for credit cards can be overwhelming. To make it easy on your daughter keep things simple. “I recommend a young person apply for a plain More…
Photo by Gil Vaknin
If you lost a job, how long would your nest egg hold out? For six in 10 Americans, the frightening answer is less than 90 days. For four in 10 it’s an even more frightening less than 30 days.
And how would your family fare in the process? That’s the question posed by a prime-time special from the folks at Sesame Workshop in collaboration with David Letterman’s company Worldwide Pants and Lookalike Productions. Families Stand Together, hosted by the husband and wife team of Al Roker and Deborah Roberts – in which I was fortunate to play a role — airs Wednesday at 8 p.m. on PBS stations across the country and will be available at SesameWorkshop.org thereafter. It takes a look at the experiences of five families who have experienced job loss or other economic setbacks. More…
Elmo and I joined Bob Shieffer on Washington’s Unplugged a few days ago to talk about our PBS special, Families Stand Together: Feeling Secure in Tough Times. You can catch it on Wednesday, September 9th at 8pm EST. In meantime, check out our chat with Bob:
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