8 Questions to Help Teens Avoid Impulse Spending

“That money is burning a hole in your pocket.”  This timeless phrase was uttered to me many times as I was growing up and I have found myself saying the same thing to my kids.  It is no surprise that young kids want to spend their money immediately.  To them, owning a dollar makes them rich! However, as kids get older, the amount of money that they may be handling is significantly more than just a dollar.  Monetary gifts for...

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Using Children’s Books to Teach Money Concepts

Children’s literature is a fabulous resource for teaching your child money concepts or initiating money conversations between you and your child.  In this first installment of book reviews, I will discuss two books that are favorites of mine, Double Fudge by Judy Blume and Ramona and her Father by Beverly Cleary.&nbs...

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5 Tips for Setting Up an Effective Allowance System

Photo taken by Brittany Whitlock If asked, most parents would say that they want their children to have smart money skills.  Figuring out the best way to teach your child about money can be a bit tricky.  There are many theories of how allowance or money lessons could be structured and used within a family.  Do you give an allowance or not?  Do you tie the allowance to chores?  Do you pay for grades?...

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The Beanbag Budget

I grew up in a very small town in North Carolina.  We were just your average, middle-class family of four – dad, mom, son and daughter (and a handful of assorted pets).  Economically, we were middle of the road, too.   There were plenty of families that were wealthier and plenty of families that were poorer.   As my Mom would say, “We weren't rich on money but we were rich on love.”   One summer, we decided to have a huge yard sale.  My mom and dad sold most of our living room furniture and the...

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Teach Kids about Money by Letting Go of the Bike

Toy marketers do their jobs very well these days and can convince my kids that a $10 ball will bounce higher than a $2 ball or that they absolutely must have a new video game to make their life complete!  One of the challenges that I have faced over and over again as a parent is keeping my mouth shut when one of my kids buys a toy that I know will be living under the bed or in the back of the closet once the newness wears off.  That’s...

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Pop Quiz! Money Advice from the Kids

Frank and I try to include our kids in money discussions.  It can be as simple as which cereal to choose in the store and as difficult as explaining why it is not feasible to pay $3000 for a school trip (seriously!).  All in all, I think my kids are fairly responsible money managers for their different ages.  Last night, the curious teacher in me came out and I decided to give them a surprise quiz!  So after dinner, when each...

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Welcome to the MoneyTrail Blog!

So…I have been saying for a few months that I wanted a blog to go along with our MoneyTrail website.   I have been writing down ideas every time the light bulb goes off and we finally got the design finished for the blog today!  The kids are in bed, the dishes are done and I am ready to write my very first entry.  Guess what?  I don’t know what to write!  And…I am choosing to ignore the grin on my husband’s face at the moment. Let’s just start with the basics.  My name is Pam.   My husband and I are...

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