Dipping Into Savings – 401k Kid Accounts

One of the core philosophies of our kids’ financial lives is the Share Save Spend strategy:  the first part of all income goes partially into giving, and partially into savings, before being allocated into a spending category.  What’s the point of putting money into savings, though?  Aren’t you just going to spend it all eventually? Well, of course you’re going …

BretDipping Into Savings – 401k Kid Accounts

No Debt Not Ever – Raising Financially Responsible Kids

If there’s one thing you should keep in mind when working with your kids to teach them about being financially responsible, it’s this: No Debt, Not Ever. This goes beyond preventing your kid from incurring debt.  It should also be a part of the way you talk about money and paying for things.  Here’s an example:  You’re at the store, …

BretNo Debt Not Ever – Raising Financially Responsible Kids

Teaching Kids to Manage Income

We have been working out the details of managing an allowance for our kids over the last six years, and have a few guiding principles that have helped us adapt when changes are necessary: An allowance isn’t their money, it’s ours; we’re just giving them freedom in managing it An allowance doesn’t cost us anything; it’s the same amount we …

BretTeaching Kids to Manage Income

Kids Managing Money: Getting Started with Share Save Spend

When you’re starting to talk about money with your kids, the place place to start, in my opinion, is with the Share Save Spend philosophy. Look a bit around the ‘net and you’ll find references to it everywhere – I’m not sure if it was Nathan Dungan who came up with it first, or Dave Ramsey, or ThreeJars.com, or Elmo …

BretKids Managing Money: Getting Started with Share Save Spend

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