Pam's Picks: Teens & Credit Cards

Teens and credit cards?  That thought could strike fear in the heart of even the bravest parent!  However, it doesn't have to be a bad experience.  The difference between a useful financial tool and a dangerous debt builder boils down to educating your teen about credit cards and debt.  

Here are some useful resources for you:

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Pam's Picks of the Week

My favorites from around the web recently...

Suzanne at Growing Rich Kids has written a wonderful blog post this week about the items kids should pay for with their allowance.  She was kind enough to email me and ask how we handle this with our kids.  Her advice and hints cover all the ages, from childhood through those crazy teen years.

Speaking of teen years...do you have to buy your teen a car?  Does it need to be a brand new, top of the line, sports car?  Squirrelers has recently tackled this topic in their post, Cars for Teens:  Don't Spoil Them with Expensive Vehicles.

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Pam's Picks: Habits, Grades & Character

My favorites from around the web recently...

Your Teen’s Habits with Money Have Everything to Do with How They Think about Money by Jill Suskind on YourTeensMoneySkills.com

You had the "money talk" with our child.  You pay them for jobs so they can learn the value of a dollar.  That should be enough, right?  Not so fast!  Jill points out a wide range of financial misconceptions that she developed from childhood.  These misconceptions were gradually built from observing lifestyles and actions of those around her. It's not what you say; it's what you do!  Jill shares an honest examination of her journey with money and finances.  All parents should read this article. 

Should You Pay for an 'A'? by Beth Kobliner on MintLife.com

Paying for grades is one of the most debated topics relating to kids and money.  Beth presents all sides of this issue in her three part series.

• Part One:  How to Motivate Your Child
• Part Two: Parents Weigh In
• Part Three:  The Experts Weigh In

Character Counts by Brian Page on FinEdChat.blogspot.com

Brian Page is an award winning teacher from Reading, Ohio.  He teaches economics, creates Financial Literacy curricula and is a proud dad to three beautiful children.  In Character Counts, Brian connects financial literacy goals with strong character traits and discusses how they go hand-in-hand.

And...thanks to the following sites for including MoneyTrail in recent articles...

• Bank Accounts for Preschoolers on SmartMoney.com and MarketWatch.com
• Just for Parents:  Teaching Kids about Money on OurMomSpot.net
• MoneyTrail App:  Saving Money for Parents and Teaching Kids about Money on SavingMoneyApps.com

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Pam's Picks: The Athlete's Edition

My favorites from around the web this week...

The College Investor had a fabulous post about our perceptions (or misconceptions) of money and how to make it work for us into our Golden Years.  Money, What Does It Really Mean? is a worthwhile read for all ages.

The financial actions of professional athletes was the topic of Beth Kobliner's post this week on the Mintlife Blog.  Sports Heroes as Financial Models?  points out some lessons that our kids can learn from the mistakes of many of our professional athletes.  She does, however, compliment Shaquille O'Neal on his educational accomplishments while being an NBA star.

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Pam's Picks: Student Loans, Credit Cards and Wisdom from Grandpa

Here are some of my favorite articles that I ran across recently.  You will see that there is a wide range of topics, from student loans to credit cards to wisdom from a Grandfather.

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Pam's Picks: April 7, 2012

Should you let your child make money mistakes?  Alisa Weinstein says you should.  She gives some great pointers on the Nightly Business Report blog.

What do your kids know about credit cards?  Danny Kofke shares a recent credit card lesson for his daughter on One Money Design.

I am always looking for articles that tell me the right things to do with my kids so they will grow up to be financially responsible.  It was fun to see a humorous, sarcastic spin on this topic in 8 Tips for Raising Money Dumb Kids on FiveCentNickel.com.

Geoff Williams thought his daughter was learning all about business and finances when she participated in the school's Entrepreneur Day.  He later discovered that the school left out one little aspect of  business finances that cost him some dough.  He shared his story in "Teaching your kids financial literacy without going broke yourself on FiveCentNickel.com.

Can you learn a lifelong savings lesson at the age of 7?  Thad did...and he shared his story in Learning to Save on ThadThoughts.com.

Ever wondered how much of your financial situation you should share with your children?  Family Money Values takes a close look at this and gives us some advice for the different stages of life.

Other great reads from around the blogosphere...
Advice for new bloggers on Passive Income to Retire
Adventures in Lottery Playing by DQYDJ.net
6 Free Financial Resources by Master the Art of Saving
When the Student Loan Bubble Bursts on Faith and Finance
Why Credit Cards are Dangerous for Students by My University Money


Thanks to the following for including MoneyTrail:
Saturday Evening Post(s) #8 by ThadThoughts.com
The DQYDJ Weekender Week of 3/25/12
Carnival of Financial Camaraderie #26 hosted by My University Money
Yakezie Carnival:  the Early Spring Jump edition hosted by Money Reasons
Carnival of Financial Planning 229 hosted by Married with Debt.

I love to give credit when another blog mentions MoneyTrail.  If I have missed putting you on my "thank you" list, please let me know!

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Pam's Picks: Save, Spend, Share

Many parents like to teach money management to their kids with a Save, Spend, Share approach.  Here are three articles I ran across this week that illustrate using those concepts with children and teens.

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Pam's Picks of the Week

There were fabulous posts on kids, teens and money during the past week.  Let's jump right to it...

Ian Scofield on Mint.com shares his thoughts on saving in Everything I Learned about Saving I Learned in Kindergarten.

Budgeting in the Fun Stuff presents us with an interesting scenario.  What would you do if you saved for college for your child and then your child received a wonderful scholarship?  What would you do with this sudden windfall of money?

Len Penzo shared his thoughts (in 100 words!) on The Most Valuable Subject Taught in Grade School.

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Pam's Picks: Mom Guilt, Africa and Charlie Brown

Financial literacy is becoming a well-talked about topic on the web.  I had so many choices to include in my Picks this week.  Here are my favorites of the week:

Have you ever felt a little bit sad or guilty when you didn't buy your sweet child the toy that he/she re-e-e-ally wanted?  Nancy Phillips tells us why we should release the guilt in her guest post on Financially Smitten.

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Pam's Picks: America Saves Week

This past week has been America Saves Week and there have been many, many fabulous articles written about saving and financial literacy.  America Saves and the American Savings Education Council are the two coordinators of this event.  They both have resources for all ages.  Here are some of the articles and resources they have posted (not just from this week) that pertain to kids, teens and money management.

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Pam's Picks: Articles, Carnivals and Giveaways

Let's jump right to it.  Here are some fabulous finance articles from around the web this week.

Kids Money Management discussed teaching teenagers about budgeting.
Boomer from Boomer and Echo tells us how to put your kids to work.
Your Smart Money Moves listed the  Top 10 Unusual Scholarships 
Paul at The Frugal Toad discussed Personal Finance for College Graduates.
Nicolas Pell on Mint listed the best college majors by salary.
College Parent Central had a roundup of resources for staying safe and healthy in college.

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Pam's Picks: From Helicopter Parents to Duct Tape

I found quite a range of articles this week dealing with parents, children and financial literacy.  One side of the parenting spectrum presented by AJC blog was about helicopter parents who head off to work with their adult children, even joining them on job interviews.

At the other end of the spectrum were parents who encourage independence and entrepreneurship in their children, such as Len Penzo.  Len's 12 year old daughter, Nina, wrote a post this week about her latest business ventures, one of which involves duct tape!  This is one talented, motivated young lady.

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Pam's Picks: The Jello Edition

It's been a busy week around the Whitlock household --- jury duty, an injured finger and a little situation with Jello.  It seems that my youngest two sons decided to see how difficult it would be to throw orange jello in the air and catch it in their mouths.  They learned that it was more difficult than they originally thought and that a broom & dustpan aren't the best option for cleaning up the mess.  They also learned that based upon the amount of orange stickiness, their mom can figure out that they weren't doing their homework.

Motivated by this little episode, I went in search of alternative uses for Jello and found a fun Jello playdough recipe.  It requires some cooking so parent supervision is necessary but maybe it won't end up all over your kitchen.

And now...on to the financial articles from this week:

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Pam's Picks: Learning from Grandparents, Ourselves and the Super Rich

What an amazing week!  I have such a long list of fabulous articles and blog posts that let's just jump right in...

Cheapchic shared on Mint.com her thoughts on 5 money lessons we can learn from Grandpa and Grandma.  I found myself nodding along as I read her list of five pieces of practical advice, from avoiding debt to buying experiences instead of things.

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Pam's Picks: More College Thoughts

College has been on our mind lately because our oldest child is in the process of applying for admissions.  Here are a few really good college articles that I ran across this week.

Janice D'Arcy at The Washington Post brought up an interesting question:  If parents are paying for college, do they get a say in what major their child picks?

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Pam's Picks: A Little Bit of Everything

I'm running a bit late on my Picks of the week.  I spent a wonderful weekend in NC with my family, my parents and my brother's family.  We shared lots of laughs and lots of coffee.  Now it is back to work time.  Here are my picks from around the web from the past week or so.

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Pam's Picks: Mowing Grass, Playing with Trains & Watching Cartoons

My favorite picks of the week...

Natalie Peace guest posted on Get Rich Slowly and wrote 5 Unusual Ways to Raise Successful Children.  I especially like the lesson she learned from mowing her grass.

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Pam's Picks: Angry Kids, Angry Birds & a Carnival

There was a wide variety of articles circulating the web this week to wind down 2011.  Here are some that I really enjoyed reading.

My 15 year old sent me a link to this article from Keith Wagstaff at www.techland.time.com which listed tweets from angry entitled kids.  My son told me that I should "write an article about the value of money education or you end up with kids like these."  He has a good point.

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Pam's Picks: Yakezie Links of the Week

This week I want to share some of the great blogs that I have been reading from my Yakezie teammates.  Here's a look at what's been going on.

Holiday Thoughts: 
Maria at The Money Principle wonders "What Do You Really Want for Christmas?"

The folks at Your Finances Simplified give you some really last minute gift ideas if you haven't started your Christmas shopping yet.

Did you spend too much on Christmas?  The Single Saver has suggestions for getting back on track.

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Pam's Picks: Countdown of Treats 6,5,4,3,2,1

We all love holiday treats and, boy, did I find some financial treats for you this week!  And...these are truly calorie-free.  Check out these great articles.

6 Classic Movies About Holidays and Money by Dana Dratch on www.bankrate.com
If you need to take a break from the holiday madness, Dana has compiled a slideshow of 6 classic movies that incorporate excellent money lessons.  Pick a movie, pop some popcorn, gather the kids and enjoy a quiet evening.  You might even be able to initiate a financial discussion.  Read the article...

5 Ways to Put Santa on a Budget by Janet Bodnar on www.kiplinger.com
Janet Bodnar is the editor of Kiplinger's Personal Finance and the author of several books, including Raising Money Smart Kids.  She recognizes the tendency for holiday spending to get out of control within families and offers 5 great tips for reigning in the holiday frenzy of spending.  Read the article...

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