Continuing through Financial Literacy Month the next step is to identify and document your fixed monthly expenses.

Fixed expenses are those that do not vary from month to month. Examples of fixed expenses include car payments and mortgage or rent payments. Fixed expenses are the most difficult to manipulate. There is a worksheet on the website to determine how much money per month you must dedicate to cover your fixed expenses.

Once you figure up your fixed expenses and deduct them from your income each month, then you know how much money you have left to spend on your variable expenses and other expenses.

That is why it is important to have a handle on your fixed expenses and keep track of how you spend your money on other things.

Nancy Kvamme

In the past few years there has been more resources becoming available to teach kids about money. Although it is not known yet if it helps to start teaching it earlier, it seems like it cannot do any harm.

I have volunteered for Junior Achievement the last two years. It is a fun and very rewarding experience. I just finished the sessions last week and it is surprising how you can bond with the students in only a few hours of time.
Today, I saw this article about Sesame Street and PNC Bank joining forces to provide videos, games and other materials to teach kids about finances.

The For Me, for You and for Later: First Steps to Spending, Sharing and Saving was developed to provide parents, caregivers and educators with resources to turn everyday experiences into financial teaching moments.

The free bilingual, multimedia kit includes a Parent and Caregiver Guide, a Children’s Activity Book, 3 Jar Labels, and an original Sesame Street DVD that features Elmo, Cookie Monster, and their Sesame Street friends as Elmo learns the basics of spending, saving, and sharing.

Kits are available for free at any PNC branch, or can be ordered over the phone at 1-877-PNC-GROW.
You can also download the following pieces from the kit here:
• The Parent and Caregiver Guide
• The Children’s Activity Book
• The 3 Jar Labels

Another organization providing resources is ND Jumpstart Coalition. It is free to register and they have a weekly email that consists of various resources.

Nancy Kvamme