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Personal Finance Round-Up: They grow up so fast!

By Money Crashers

I’ve got two kids and another on the way, so studying the behavior and thought patterns of children is really interesting for me. When I read this article titled If You Give a 7-year-old $100 by Julie Meyers of Just Precious, I knew I had to share it.

In the article, the author notes the mental and emotional burden that giving a sever-year-old child $100 dollars and sending them into New York City can bring. By the end of the story she did find a solution to the boy’s urge to spend the whole $100 on toys and things they would have to haul around during the rest of their stay in The Big Apple.

I’m impressed by the boy’s understanding of the proposition given to him by his parents and his ability to stick to his goal if it meant simply increasing his savings for future purposes. I know as a seven-year-old I would have probably spent the money on video games and enough candy to last me through a school year.

Here are a few more from the week with great lessons to be learned for all ages:

Baby on a Budget
Becoming a first time parent can be just as scary as the thought of sending them off to college one day. There is a lot of hype and inevitably bad advice about buying everything you need before baby arrives, some of which is corrected and remedied in this article. [Debt Free 4 Ever]

Top 5 Worst and Best Baby Shower Gifts
This pieces sums up some of the best and worst baby shower gifts. Baby showers can really help a new parent get on their feet as the cost of having a baby is high, but not all those that attend have a clue about having a baby and give gifts that highlight this fact. Some things are just not meant for baby and others are simply profit vehicle for big business..like those super cute tiny shoes..no baby is walking right out of the womb, what purpose do those shoes serve? [The Saved Quarter]

Are You A Peter Pan Spender?
This seven-year-old highlighted above may have learned a few lessons in NYC with his Mom, but some adults pass up the lessons of life any chance they get, clutching at childhood forever. Do you know any financial Peter Pans? [Beating Broke]

Vices That Are Making College Students Go Broke
As a parent watching your kids grow up, it would seem they move from age seven right into college dorms. These tips can help warn against some pitfalls sure to be encountered during the college dorm days. [Studenomics]

Will You Pay for College for Your Kids?
Another peril of the financial world..student loans. Even if you have managed to pay off your own student loans, once you get married and have kids of your own, you will start thinking about their future. Will you pay for their college education or let them fend for themselves? [My Dollar Plan]

Helping Vs Enabling: How To Know Which Is Which
With paying for your child’s education in mind, are you actually helping your child have a better future, or enabling the and providing a disservice? [Christian PF]

Five Easy Ways to Save on Laundry
Another tricky adventure in adulthood..doing your own laundry! Done wrong, not only will your laundry expenses be high, you may end up with countless hand puppets and doll outfits. [Fiscal Fizzle]

Dumb Money: Telling the Internet You’re Not Home
This new social era we live in can be tricky to maneuver. There are certainly dangers that should be avoided, one of which is being a little too open about your daily life on social networking websites. Take these tips to heart and be careful out there. [No Debt Plan]

Tips for a successful interview
Believe it or not, there is life after age seven and the time will come when you need to land a job and start making a living. Second only to the actual search, interviewing for a job is a tricky skill to master but these tips can help. [Three Thrifty Guys]

10 Cheap and Creative Halloween Costumes for 2010
Halloween is just around the corner. Check out some of last years frugal and hip Halloween costumes and some predictions about this years that will surely make you the hit with your friends and your bank statement. [PT Money]

Advance purchasing can save you money
And for those of you who think you are way ahead of the game, how far is too far to buy things in advance? Is it too early to start Christmas shopping for this year, or are you already working on 2011′s Christmas list? [Gather Little By Little]

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(photo credit:dux_carvajal)

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  • http://just-precious.com/ Julie Meyers Pron

    Thanks so much for the link and shout-out, Jesse. It amazed me how easily my son “got it” when we changed the game. It was even more encouraging this week, when he opted out of buying a soft pretzel at school, and saving his allowance money for “something else.”

    • Jesse Michelsen

      No problem, it was a great story; very well written. I think we need to apply that same strategy, changing the game, to ourselves at times when we don’t seem to grasp our goals. You’re doing a great job on that kid though!

  • http://www.beatingbroke.com Beating Broke

    Thanks for the mention! Great topic with some great posts.

    • Jesse Michelsen

      You’re very welcome!

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