Raising Money$mart Kids: August 2010

Welcome to Raising Money$mart Kids!

What do YOUR kids know about the value of a buck? If you're like most families, finances aren't often discussed. Some parents feel that talking about money makes their kids feel like they're poor. Others may not know where or when to start to help their kids learn about budgeting or business or banking.

Here at Raising Money$mart Kids, you will find articles on everything from setting up an allowance to running a lemonade stand to helping kids make better purchase decisions. You can ask questions get help from the community.

So, grab a cup of coffee and pull up a chair!

Tuesday, August 24, 2010

How to Set Up a PayPal Student Account for Your Children

In my last blog entry, I looked at the reasons for setting up a PayPal Student Account for your kids. This time out, I look at the basics of actually setting one up. The account only takes a few minutes to set up as it is simply a subset of your own account. Here's how to do it:
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Low-Risk Account Lets Kids Learn How to Handle Money Safely

Anyone who has a personal or Premiere PayPal account can set up a Student Account for their teen. The PayPal Student Account allows teens the flexibility of managing their own finances but with the parental supervision and controls that will help them do it the right way.

Setting up a PayPal Student Account is easy and takes only a few minutes. Under the "Products and Services" link on your home page, choose "View All PayPal Products" and select "Student Account". There are several video presentations in this section that walk you through the entire process and they are worth spending about 15 minutes watching.

Teach Your Kids Money$marts By Opening a PayPal Student Account

The world of banking and money management can be a scary one for kids- and for parents who are concerned that their kids will make financial mistakes. A PayPal Student Account can give kids practice at handling money in a safe environment- under the watchful eyes of their parents.
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Kids Get the Freedom to Learn and You Get the Control You Need

Teaching kids how to handle money properly can be confusing and stressful for parents. On the one hand, parents know that their children need experience with spending, saving, and banking in order to navigate the world when they are out on their own. On the other hand, parents know that it is far too easy for kids and young adults to get in over their heads financially and to rack up huge debts that are hard to get out of. The question, therefore, is how to let kids dip their toes into financial waters without the associated risk.

Read more...

Piggy Banks to Paychecks

“It doesn’t matter how old your children are or how difficult your financial situation is. It doesn’t matter where you start to teach your kids about money. It doesn’t matter what kind of allowance system you choose to set up with your kids. It only matters that you get started- right now, with the tools you have to work with and the knowledge you already have.”Piggy Banks to Paychecks tackles the subject of money head-on in an easy-to-understand, friendly format. If you are a parent,grandparent, teacher, or otherwise involved in helping kids learn financial basics, this book is for you. In its pages, you’ll find straightforward answers on saving, wise spending, investing, and donating. You will find help in setting up an allowance plan for kids and various methods of tracking savingsand evaluating purchases. You will learn the language of money and be able to set your children on the path to fiscal responsibility – the greatest gift you can give them.