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Kids & Money

If you are a single parent living below the living wage, you are not alone.

Those who make below a living wage "make insufficient income to live locally given the local cost of living," according to Poverty in America.

Use this living wage calculator to determine if you fit into this group. You can also see which professions you should aim for in order to rise above the living wage for your state.

Of course, the long-term plan for most below the living wage is to work toward raising one's wage and to make it to a point where you are no longer struggling. Meanwhile, you must still survive day-to-day life while working towards that goal.

That's where things become difficult...

As the economy worsens and parents find themselves short on funds, more and more families are pulling young children out of daycare. 

Enrollment at some child-care centers is falling, and nanny agencies are reporting mounting layoffs as families cut child-care costs, which rival mortgage payments in many households. An October online survey by the women’s website BettyConfidential.com found that 12% of 100-plus parents who responded are cutting child care.  Source

Financial guru Suze Orman says don’t buy all that Halloween stuff!
 
She was recently on the Today Show and she told a story about running into a woman at a department store.  The woman was very excited to see her and proceeded to explain to her son who she was.  Suzie looked into the woman’s cart and saw all kinds of Halloween stuff and candies.  Suzie looked at the woman’s son and asked, “Can your mother afford all of these things?”  The son answered “no”.  All of the items went back on the shelf. 
 
I had an argument with my 12-year-old daughter on the same subject recently.  We were buying groceries and she began to put Halloween candy in my shopping cart.  I started putting it back.  I told her that if I had extra money for Halloween candy then I would buy some at that time.  Until then, it was the last thing on my mind.  In her argument, she implied that it was my duty to supply Halloween candy to the neighborhood kids and she implied that I should go as far as to try to give out the best candy.  I doubt that will happen.

Halloween is probably the most popular holiday on the planet (in one form or another).  People love dressing up in costumes, going to parties, and getting and giving away candies.  People also spend a great deal of money on Halloween -- even if it means going into debt to purchase all of those fun things.  This is not smart. 

You can still enjoy Halloween while staying within your budget.  Here's how...

The teen years often set the course for a person’s adult spending habits.  For that reason, it is wise to attempt to influence a teenager's spending habits as early as possible.  

Perhaps the easiest place to begin is with your teen's clothing & accessories, gadgets, and electronics.

Numerous reports are stating that there will likely be very few job opportunities for teenagers this summer.  This is unfortunate. However, there are some fun alternatives that you might not have thought of.

Since the "traditional" summer jobs may be fewer in number this summer, teens just need to be a little more creative to come up with their own job opportunities.

Here are some ideas...

According to the Jumpstart Coalition for Personal Financial Literacy, the average high school graduate lacks the basic skills needed to manage his or her own personal finances. In fact, young people tend to fail miserably in managing their first credit card, and they learn to manage finances through trial and error. 
 
Most children tend to learn all of their parents' bad financial habits and none of the good.

Yesterday I saw a segment on NBC's Today Show which reminded me of my college days when I contemplated debt consolidation... or credit counseling... or even bankruptcy. 

This was Ivan's question for money expert Jean Chatzky:

I am a 21-year-old college student with a lot of debt. I owe $15,000 and the credit card companies don't stop harassing me because I can't even pay the minimums. My income barely covers those minimum payments. I attempted to consolidate my credit but backed out last minute due to all the articles I read. Someone told me my best bet was to file for bankruptcy. Any advice?"
 

Hearing Ivan's situation made me flash back to my own college days when I, too, was in debt up to my ears.

Jean Chatzky's recommendation for Ivan was basically to try credit counseling. Here's why, plus what to look for when you're trying to find a reputable credit counseling company...