Tips, advice, and the latest news from the savings world.
May 31, 2012
By Andia Dinesen, AFC ®
Military Saves Coordinator
Kids and money. Kids and finance. Kids and saving. Kids and spending. These are things we should all be talking about with our kids, but when? How? When to talk to your kids about money and how to talk to them about it can be overwhelming and exhausting. What should your 3 year-old really know about money? How about your 12 year-old? Your 18 year-old? Now, there’s a big challenge.
Once kids are in elementary school, they learn how much coins are worth, how to count them, adding, subtracting, making change; these are all important skills. While sitting down and counting money with my 1st grader, I wondered. She is learning the great skill of counting money; does she actually know where the magical coins in the sandwich baggie come from? If I would have actually asked, chances are her answer would have been, “they came from your purse, Mommy”. That is not really the answer, unless I also had a magical money-making purse (which would, of course, be fantastic!)
I have to say when I first saw the Money as You Grow interactive webpage at the President’s Advisory Council on Financial Capability meeting a few months ago, I was instantly interested. I spent the rest of the meeting leaning over and stretching my neck out to see the screens with the mock-up of the website. I thought, “Now, this is something I can use.” Just so you know, I am a financial counselor and I am always talking to my daughters about personal finance, but I often wondered, how much is too much? What is enough? What should they really know by ages seven and nine? I don’t want to spend time trying to shove concepts down their throats that they can’t quite grasp. How tiresome (and boring), for everyone.
May 30, 2012
By Katie Bryan, America Saves communications manager
Set a Goal. Make a Plan. Save Automatically. It’s the plan you need to save for whatever saving goal you have. But how do you save automatically? One of the ways to save automatically is to save a portion of your paycheck through direct deposit. Many employers allow you to automatically deposit your paycheck into different accounts. Visit your HR office to fill out the form to split your direct deposit into different accounts. Saving automatically makes it easier to save because your money is saved with each paycheck – you don’t have to think about how much to save or take any additional steps. Here are five more reasons you should consider setting up direct deposit today:
- Safety: You do not need to worry about theft or losing your check as it will be deposited directly in your bank account.
- Avoiding Spending: Many find that they are less likely to spend their money on unnecessary purchases if it has already been deposited at the bank.