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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Woo Hoo! It's My Birthday!

From Flickr

Since it's my birthday, I am going to jump off topic and talk about something completely unrelated to kids & money --- me!  I have enjoyed several blog posts from other bloggers who take a moment to tell you more about themselves.  So, what better day to do that than my birthday?


Here's some things you might already know if you have been around my blog of awhile.  But, just in case...

• I'm 43 years old.
• I have been happily married for 20 years.
• We have four kids, ages 18, 15, 11 and 9.  Our daughter is the oldest and the younger three are boys.
• We live in Atlanta, GA.
• I'm a southern girl, born and raised in NC.
• I am a former teacher (elementary school and preschool special needs) and a former educational daycare director.

And, here's some things you probably didn't know...

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Teaching Your Kids about Money: March Edition

Using Short Term and Long Term Savings to Teach Delayed Gratification to Your Kids and Teens

Teaching your Kids about Money is a comprehensive guide for teaching your child or teen about money management and financial literacy.  At the beginning of each month in 2012, I will give you more information and tips about introducing these topics in your family and will share some practical ideas for implementing these concepts into your everyday life.  For previous month's topics, click here. 

Have you heard about the Marshmallow Study? Researchers at Stanford University (in the late 1960’s) wanted to test the ability of preschoolers to delay gratification. They told each kid that they could have one marshmallow immediately or two marshmallows if they could wait for fifteen minutes. The goal of the study was to “identify the mental processes that allowed some people to delay gratification while others simply surrendered.” (source: The New Yorker)

The results of the study were:

• 1/3 ate the marshmallow immediately.
• 1/3 waited for a short period of time but then gave in to the desire to eat the first marshmallow, causing them to forfeit the second marshmallow.
• 1/3 were able to delay their gratification and earn two marshmallows.

Many years later the same children who participated in this research were interviewed as adults. The children who were able to delay their gratification had higher incomes, happier marriages, better health and scored an average of 210 points higher on the SAT (source: Daily Finance).

Source:  Katerha's photos on Flickr

How does the Marshmallow Study relate to financial literacy and kids?

Teaching children how to curb impulses and delay gratification can lead to financial success as adults. 

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The Hidden Cost of the Birthday Present

I am annoyed this week.  Let me tell you what is going on and see if you folks have any suggestions for me.  My youngest child just turned nine (Happy birthday, big guy!).  He asked for one toy for his birthday present, a remote control helicopter. My older son had also been saving his money for one of these snazzy copters so when I went to the store, we purchased two.  And…of course…I bought the 6 AA batteries that went with each helicopter.  I spent about $10 on the batteries.

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When Should Parents Stop Giving an Allowance?

Kt Ann's photos on Flickr

Last week, I shared some tips for setting up an allowance system.  After reading this, Thad (from Thadthoughts.com) asked a very thoughtful question in our comments section. 

What do you do when your teenager actually begins to earn some money through babysitting or other jobs?

Thad raised a great point.  There are many articles and books written on the pros and cons of giving an allowance to your child.  Heck, I have written about it several times myself!  One often overlooked aspect  is determining when to stop giving the allowance.  It is important have a clear exit strategy so that everyone (parent and child) is on the same page.

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Sunday Funnies #4

Take a break from your busy schedule and have a laugh.  Here are my chuckles of the week...

idiehlplare's photostream Flickr

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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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Happy One Year Blog Anniversary!

The MoneyTrail Blog is one year old today!  It has been a fun ride and the learning curve has been astronomical.  Here's a look back at our first year of blogging.



First Post:  Welcome to the MoneyTrail Blog  March 2, 2011
I really didn't know what I was doing when I wrote this first entry and I remember being so nervous to hit the "publish" button.  I included what I now know is called a Mission Statement.  I think I have stayed with this message all year.  Here is the statement:

When I think about what I want this blog to convey, the first thing that pops to my mind is to make this a fun, informative place for parents to read and chat about kids and money --- how to help our kids learn the value of a dollar, new ideas for activities or systems to try with your family, current news about financial literacy and simple observations from this Mom’s perspective.

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