Learning How To Bank

First of all, I would suggest that you have a job or some sort of income so that you have a reason to bank. Search around for a bank that has alot to offer, or better yet, open an account where your parents bank because more than likely, they will have to help you sign up for an account. After that is decided, go in to start an account but make sure you have some money to open it with. Some places offer alot of benefits so that's a good start. Our bank offered my daughter an ATM card, which I went along with because I want her to learn how to manage her money...it's a good way for her to be able to buy her own gas for her car, purchase clothing or whatever she feels that she needs. With her first check, we put half of it into the savings account and the other half into the checking. I showed her how to use the check register to enter whatever she buys. Simple and easy, if you have 100.00 to spend, for each purchase and after EACH purchase, it has to be entered into the register and subtracted off the balance so that you know how much you have to spend. I told her to NEVER let it get close to zero, just in case she makes an error in subtraction, but the calculator is a good thing to use. So far, she has made a few purchases and it is working out well. Be very careful about WHERE you keep your card, and keeping the 4 number code to use it to yourself. You have to know that if you don't have the money in the account to spend, then you just CAN'T spend it. Online banking is a plus and our bank allows her to transfer from her savings to the checking and visa versa. If you have bills to pay, write them down when you get your check so you know what has to be paid first. Obligations first, then fun stuff. Good luck with your first paychecks! This is just the beginning of a lifetime of learning how to spend your money.

The Value Of Bargain Shopping

It's time to go and buy my daughter more clothes.....seems she just keeps growing. Getting taller and needing to replace some of the things that no longer fit, or are worn to a frazzle. Clothing just doesn't seem to last any time at all these days. T-shirts seem to be made really thin, which after many washings get less vibrant and sometimes just way too darned thin. We have a budget in mind. We had a budget today of 135.oo and here's what was on the list

1. 2 pair of jeans
2. 2 t-shirts appropriate for school wear
3. bras
4. panties
5. socks
6. shoes

Wow, what a list! How can we get so much with only $135, you ask? Well, here's how we did it. I do this every time I take her shopping, so she will learn how to budget the money wisely. We shop for the bargains. Everything we bought was brand new. We went to Khols first of all. They were having an "early bird special". We were in luck. She found 2 bras for $10.80 each, 1 graphic t-shirt on sale for half price for $10, and 1 sleeveless t shirt for $6.30.....after taxes, the grand total was $41.03
Next we went to Walmart for 2 packages of socks, 1 tank shirt and a package of panties and the total was $21.79
Next stop was JCPenney's. She purchased 2 pair of jeans, 1 for $16.99 on sale half price, the other pair called "angels" were also on sale for half off costing 24.99.
Last stop, and after this stop, she was tired and wanted to go home.....but knowing that she finished up her money. We went to Payless Shoes. She got a BOGO deal and bought 1 pair for $22.99, and the 2nd pair was only $5.00. We had a grand total of $30.30.
She had fun, and I had fun watching her check prices and keeping track of how much each purchase was and how much was still left.

Teens, Money, and Checking Accounts

Teaching our teens about money, living expenses and bills are things they probably would rather not hear about. I believe that it all starts when they are younger, receiving allowances for doing chores around the house. Do we teach our daughters about money throughout their years of growing up? Have you started a savings account for them so they will have some money put away for those "college" years? We have one, but it's really not very much. I don't know how people do it these days with groceries and gasoline sky-rocketing. My daughter has started asking about checking accounts and I think that it's good to show them how it works, or at least to explain it to them. You can't spend the money by writing a check, if there's no money in the account. I think she understands that and soon, I hope we will be able to sit down and look at what checks look like and to see what goes in what blanks.

Working Towards A Goal

Even though it's Christmas time and everyone seems to be out and about, shopping for their friends and family, I still believe that there are some things that our children should make a goal to work towards. A couple of friends of mine have told me how their credit card has been on fire with all the purchases they have been making. I tell you, I have been out spending like everyone else as well, but with cash that I had saved throughout the year so I wouldn't have to use my credit card much. Anyways, my darling daughter has found everything on earth that she wants this year and I had to find a way to slow things down a bit. She gave me a nice list, which I bought early and then after all was said and done, she decided that she wanted a new electric guitar. Yes, my 14 yr old has decided that she wanted to learn how to play. She already has 2 flutes that she has for the band but now she wants to try something new. I felt like I was stuck in a pickle because I had already purchased her gifts. Let me tell you, her desire was to have that guitar and I asked her if she was willing to put it in layaway, and she said yes. This turned out to be the best thing ever, because she found a guitar at a very reasonable price. (119.00). She then did some babysitting and every time she had money, she would go and pay on it. She had some pennies she had been given awhile back and some she'd saved along the years, cashed in at nearly $40, and that also went towards the guitar. Her grandpa's Christmas money came in and she paid on it once again. This afternoon, her grandma's Christmas money went to pay it off. She walked out of that guitar shop with a very nice electric guitar, and along the way, she learned how to gather her own money to get something that she wanted. Do you suppose that she will take better care of it since she had to buy it herself? Well, if you knew my daughter, the answer is YES !!!! and boy am I glad.

Teen money and clothing

Money is a very touchy subject to alot of people, but to teens, it's more like water. When I grew up, money came easily. My dad would give me money to go and spend, and that was back in the 70's. My parents paid me for getting good report card grades, allowance to keep my room clean, but I didn't really have alot of chores. I didn't really learn what it was in life to have to work hard at earning a buck. My dad just made good money and we didn't have to worry. Some people DO make good salaries but it seems like it takes both parents working to be able to make it good these days. The cost of housing, electricity and such has really sky-rocketed. And man, the price of buying groceries these days is way out the roof. My point here, is that going to school puts kids from all incomes together. My dear daughter, sometimes you gotta realize that some of your friends might have fancy clothing, and that's all well and good, but then there are others who are barely able to afford the clothing they have. It's all good because it's not the clothing that makes the person who they are. It's the personality, their kindness, their smile, and the way they are that is most important in life. Clothing and jewelry is just on the outside. Always look at a person on the inside. That's what's most important. Money is nice to have, but money does not always make that person better because he can buy nicer and fancier clothing. Designer jeans are nice for the ones who want them, but they are not necessary in life to make YOU a better person. Only your kindness, personality and the way you help others in life is what makes a great person.

Saving your money

I know, I know, silly posting, right? Well, it's not an impossible thing to do. Teens love clothing and shoes and going to the mall and jewelry amongst many other things. Oh, and let's not forget purses !!! However, saving a little bit of money is something that you should strive for. I have kept a savings account for my teen and told her whenever she got a certain amount saved, for instance, $50, or $100 that I would match that, just to give her the incentive for saving. Well, I have noticed how savings accounts are ok, but not giving the best interest out there in today's world. I have checked into a CD, through our bank, which allows us to start one as low as $500. It gives a little over 5% instead of the 1% you get through a normal savings. Since we started saving at a late date, we are almost up to that amount that we can start a CD. Check into your bank and see what they offer. It could be challenging enough to get that savings off to a kick start....never know when they are gonna need it with impending college coming up !!!!