For the month of October I am participating in a 31 day event where bloggers post each day on different topics. I chose the topic of teaching kids about money and finances.

Besides your long-term savings, it is also recommended to have an emergency fund of about three to six months of living expenses saved. With the way the economy is and if your job is possibly in danger it may be necessary to have more like 9 months or more of expenses saved. In some cases it is taking people a year or more to find a job.
An emergency fund is for true emergencies, a job loss, car repairs, medical expenses, etc.

By having money saved for these things it may help you to pay for unexpected expenses without having to use credit cards and other types of debt.

Click here for my previous posts.

Posted in Budgeting, Saving
Nancy Kvamme
30
Oct

FMCT Special

The FMCT Children’s Studio Theatre program is having the opening night of Humpty Dumpty is Missing, Wed, Oct 31 at 7:30. They are offering a special that if you order an adult ticket you will receive a free child’s ticket. The price of an adult ticket is $14.00.

Since it is Halloween they are also having a costume contest.

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Nancy Kvamme

For the month of October I am participating in a 31 day event where bloggers post each day on different topics. I chose the topic of teaching kids about money and finances.

The Teen Girl’s Gotta-Have-It Guide to Money which has ideas about ways to make, save and spend money. It has ideas of ways to make money besides having a full time job such as babysitting, dog walking, cleaning houses, etc.

And when you are ready to apply and interview for a job it gives you tips on things to do and not do to ace an interview.

When it comes to saving the author explains The Rule of Four ways of spending. To think of the money you have as a grid divided into four squares. Spending, Saving (Short term), Saving (Long term) and Charity. Their suggestion is to allot 30% of your money to spending, 30% to each of the Saving squares and 10% to Charity.

The book shows you how to make a list of your short term and long term goals and how to save money towards them.

It also explains compound interest and the different kinds of savings accounts.

It is a good book with basic ideas on saving, spending and giving to help a teen gain the knowledge of how to earn and spend money. It is only 95 pages so it is a quick read and a great reference. In the back there is a list of websites to check out.

Click here for my previous posts.

Posted in Books, Budgeting, Saving
Nancy Kvamme

For the month of October I am participating in a 31 day event where bloggers post each day on different topics. I chose the topic of teaching kids about money and finances.

Cash Course is a free online program to help college students learn how to handle their finances. They can register online and have access to resources, such as articles, quizzes, calculators and budgeting tools. It was created by NEFE, The National Endowment for Financial Education. Once a school is enrolled, CashCourse is available to students to access directly 24/7.

It is offered by over 550 colleges and universities throughout the country. Locally it is offered at NDSU, UND, Minnesota State University Moorhead, and NDSCS Wahpeton.

More high schools are offering personal finance classes but it is still important to continue this into college. For many students, this is the first time on their own and away from home and they may not know how to handle the money they may be earning. Also, to learn the consequences of credit card and student loan debt.

In 2010, the number of schools using CashCourse increased by 61 percent, while traffic to the schools’ sites collectively increased by 78 percent. A wide range of campus departments are using CashCourse, from financial aid and career services to student life and alumni associations.

NEFE is an independent nonprofit organization committed to educating Americans about personal finance and empowering them to make positive and sound decisions to reach financial goals. They also offer a high school program.

Click here for my previous posts.

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Nancy Kvamme

For the month of October I am participating in a 31 day event where bloggers post each day on different topics. I chose the topic of teaching kids about money and finances.

Yesterday I wrote a post about Instant Gratification. I feel it is also important to teach kids the value of money.

Some people choose to give their teens their budgeted amount for clothes and other items in larger sums and let them make their own choices on how to spend it.

One of the books that covers this idea is The MoneySmart family system was written by Steve & Annette Economides who are known as America’s Cheapest Family.

The book covers the steps they used to teach their kids about money and finances. One of the things they use is the 5/50/500 rule of life. Each chapter ends with ideas to use the 5/50/500 rule in relation to the topic of the chapter.

There are five stages to the 5/50/500 money rule:
The $5 stage: ages 0 to 5
The $50 stage: ages 6 to 11
The $500 stage: ages 12 to 17
The $5,000 stage: ages 18 to 23
The $50,000 stage: ages 24 and beyond

Some of the other topics covered in the book are saving, spending, giving and sharing. Instead of giving their children allowances they each have a Point System, where they get paid for each point they earned.

The 4 categories of their Point System are:
1) Morning point – They earned a point they had to eat breakfast and get ready without complaining or procrastinating
2) School point – a point was earned for following the instructions they were given from their teachers and parents. It also included doing their homework.
3) Chore point – Each child had some daily age and ability appropriate chores.
4) Round-up point – Round-up time is at the end of the day where the kids and parents round-up all of the items they left out during the day. They earned a point by helping with the round-up.

As with other books, all of the ideas may not work for you but there may be ideas you can use in your family.

Click here for my previous posts.

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Nancy Kvamme

For the month of October I am participating in a 31 day event where bloggers post each day on different topics. I chose the topic of teaching kids about money and finances.

One of the reasons many people are in financial difficulties is that it is so easy to satisfy our need for instant gratification. With many stores offering payment plans and the ease of getting credit cards it is easy to buy what you want, when you want it on payments. Sometimes it is fine to buy on payments, unless you get too many than you can afford.

On one segment of the Suze Orman Show, there was a couple with a 12 year old and 7 year old. The 12 year old had gotten into the habit of trying to buy whatever she wanted instead of saving money. Also, recently she couldn’t afford something she wanted, but made the comment that the holidays were coming up and she would be able to afford it after getting money from her relatives that she usually received. Suze suggested telling her grandparents that this year they were going to donate money to charities instead of buying and receiving gifts.

One presentation I gave about money was to a group of Boy Scouts who were about 7-9 years old. The leader said her son had borrowed $40 from her for some legos that he really “needed”. She told him she would charge him interest besides what he borrowed. Each time he received his allowance, half of it went back to her to pay back what he had borrowed. She figured it would be a while before he would decide to borrow money again.

This also becomes a problem for many who have gotten used to receivng a yearly bonus from their employers, but now may not be receiving it or not the whole amount they are used to. Also, for some who have had their income decreased but have not decreased their expenses to match their incomes.

I realize that buying presents is a big part of the holiday season,but if you find yourself in circumstances different than you are used to you have to adjust your spending. I know you may feel like you are letting your kids down if you are not able to buy gifts they want. But if you sit them down and tell them that because of the circumstances, things will have to be different this year.

It is better to deal with the circumtances now rather than putting it off and ending up in more debt later.

Click here for my previous posts.

Posted in Budgeting, Saving
Nancy Kvamme

The YWCA Emergency Shelter is seeking children’s costumes for their residents. Following is a post from their Facebook page. If you have costumes that your children have outgrown or will not use again, this is a great way to be put to good use.

Also, some thrift stores have new and used costumes and some retail stores may be marking down their Halloween items in the coming days.

“With Halloween next week, The YWCA Emergency Shelter is currently in need of Halloween costumes for the children residing at the shelter. New or used costumes can be dropped off at the shelter, located at 3000 South University Dr., Fargo. Please call (701) 232-2547 with any questions.”

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Nancy Kvamme

For the month of October I am participating in a 31 day event where bloggers post each day on different topics. I chose the topic of teaching kids about money and finances.

Here is a blog post I saw on with a list of books to encourage kids to become financially literate.

Click here for my previous posts.

Posted in Books, Budgeting
Nancy Kvamme

RUReadyND.com is a free resource for education and career planning. It can help parents assist their children achieve their education goals. Educators can use it to help students explore options for work and education. It will show students career suggestions based on their interests.

As an adult, if you are considering additional education or a career change you can use the adult version to meet your career and education planning needs.

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Nancy Kvamme

The North Dakota Economic Security & Prosperity Alliance (NDESPA) has been holding townhall meetings around the state. The latest is tonight at the downtown Fargo Library from 6:30 to 8:30 in the Community Room.

The purpose of the meetings is for residents to learn about the difficult challenges that individuals in the community are facing during the current economic downturn.

I am planning on attending and will be posting information discussed in a later post.

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Nancy Kvamme