Latest news with #Greenlight


Buzz Feed
4 hours ago
- Business
- Buzz Feed
9 Expert Tips to Combat Rising Prices
With the news that US consumer prices rose in June, there are mounting concerns about the impact of President Donald Trump's tariffs on inflation. For everyday consumers in this country, the potential for further price increases is particularly anxiety-inducing after years of strain on wallets. 'In times of uncertainty, it's kind of natural — or even instinctual — for some of us to close our eyes and avoid what's ahead,' Julie Beckham, aka 'Ms. Money,' the assistant vice president and financial education development and strategy officer at Rockland Trust, told HuffPost. 'But when it comes to your money, knowledge is power.' That's why it's important to pay attention to your financial situation and take action when necessary. 'Rising prices can be stressful, especially when it feels like paychecks aren't stretching as far as they used to,' said Julie Guntrip, head of financial wellness at Jenius Bank. 'The good news is there are some steps that could help people stay more grounded financially.' Below, Beckham, Guntrip, and other experts share nine things you should do amid the latest economic news: 1. Resist the urge to stockpile. 'While it's a natural reaction to want to buy items early when you expect prices to rise, this kind of stockpiling can lead to overspending and waste,' said Kimberly Palmer, a personal finance expert at NerdWallet. 'You might end up not even needing the items.' Instead, she recommended taking time to look at your overall budget and spending needs before making purchases. 'Don't panic-buy or overextend yourself just to 'beat' future price increases,' echoed Jennifer Seitz, a certified financial education instructor and director of education at the family finance app, Greenlight. 'Hoarding or chasing deals can lead to overspending and clutter. Be wary of emotional spending disguised as self-care, especially during stressful times. It's easy to justify retail therapy when prices rise and things feel out of control, but those impulse purchases often compound stress, not relieve it.' 2. Review your recent expenses. 'Now is the time to audit your spending,' Seitz said. 'Pull up your last two months of expenses and identify three areas where prices have crept up or where habits have changed ― whether it's grocery bills, restaurant takeout, or subscriptions.' An expense audit can provide clarity on where your money is going and what's actually being used. 'Start by giving yourself permission to adjust to increasing costs,' said Lindsay Bryan-Podvin, a financial therapist with Cash App and founder of Mind Money Balance. 'This is a time to review your income and expenses, and make sure you can still cover your needs without feeling too tight. Make sure your essentials are covered without feeling overly stretched.' If things are already feeling tight, Bryan-Podvin recommends looking for areas you can tweak temporarily to create more breathing room. Things like setting spending limits or increasing your meal planning can make a difference. 'I'm a fan of letting tech do some of the extra lifting for you,' she said. 'This might mean opting into more coupons and deals and opting out of tempting merchants.' 3. Try to stick to a clear monthly budget. 'Try to stick to your typical monthly budget, allowing for some flexibility around essential purchases while adjusting spending in other nonessential areas if needed,' said Courtney Alev, a consumer financial advocate at Credit Karma. Regardless of the economic climate, she emphasized that maintaining a budget that works for you will always strengthen your financial standing. 'Are there areas where you can scale back or shift spending in ways that are more in line with your goals?' Palmer asked. The 50/30/20 budget, where 50% of your take-home pay goes toward needs, 30% toward wants, and 20% to debt payments beyond the minimums and savings, can be a helpful strategy.' You can also adjust the percentages to whatever breakdown makes the most sense for your life. 'Whether it's the 50/30/20 rule, the envelope system, or zero-based budgeting, having a clear strategy helps you stay in control of your money,' said Janelle Sallenave, chief spending officer at Chime. 'A well-defined budget makes it easier to prioritize needs, reduce overspending, and continue saving, even when prices are higher than usual.' 4. Redeem gift cards and rewards. 'Since the start of 2021, prices have grown by an average of about 25%,' said Ted Rossman, a senior industry analyst at Bankrate. 'A lot of the low-hanging fruit is gone. As in, many people have already traded down to cheaper brands or cheaper stores, delayed purchases, shopped around more aggressively, sought out more discounts, etc.' If there's still room for you to do these things, that can relieve some pressure. But if you feel stretched to your limit and are worried about sticking to your budget, take a look at everything else at your disposal. 'I'm a big fan of earning and redeeming credit card rewards ― just make sure to pay in full to avoid interest,' Rossman said. 'Even things like cashing in unused gift cards can help. Almost half of US adults have these, averaging $244 per person.' 5. Track deals. 'Given the current economic uncertainty and strain on consumers, many retailers are offering sales and discounts throughout the year,' Palmer said. 'Take advantage of those lower prices when you can, especially if you need to purchase an expensive item like a new appliance.' She suggested price-monitoring tools like the Honey, PayPal, and Camelizer browser extensions. 'When you are making a purchase, take time to compare prices to make sure you're getting the best deal,' Palmer added. 6. Avoid rushing into big decisions. 'Don't panic and make financial decisions from a place of fear,' Guntrip said. 'When prices rise, it's tempting to take on more debt or dip into savings without a clear plan. But try to avoid knee-jerk reactions, like cashing out retirement funds or relying heavily on high-interest credit cards to fill gaps.' Indeed, 'doom spending' is a very real phenomenon that consumers should seek to avoid. 'Don't rack up additional debt or dip into long-term savings for short-term costs,' urged Bo Tran, a Northwestern Mutual financial adviser. 'While the uncertainty remains high, the answer in dealing with unpredictability in the economy and markets is unchanged. This is the time to focus on stability, not short-term fixes, and understanding the broader picture helps to respond thoughtfully rather than reactively.' Remember that we can't predict the future, so just focus on what makes sense for you in the given moment. 'One thing we've learned about tariffs in recent months is that these announcements can be fickle,' Rossman said. 'It's one thing if you really need a new car or refrigerator and so on. But if you're stocking up just because you think you're getting ahead of something that might happen, you might end up regretting that decision.' He recommended delaying large purchases that don't need to be made right now. Unless there's a serious urgency, you can probably live with your old kitchen cabinets, car, or washing machine for another year or two. Rushing to buy big-ticket items or entering into big contracts can lead to issues like overpaying, not getting the model you wanted, and getting stuck with high interest rates. 'Don't try to time the market, buy into the latest 'sure thing'/ investment, or take big financial swings,' Bryan-Podvin said. 'If you're tempted to make a major money move, pause. Sleep on it, go for a walk. Giving yourself space to process instead of reacting in the moment can save you from bigger headaches down the road.' 7. Build a financial cushion. 'With ongoing updates and changes in the news, the best approach is to focus on proactive steps to protect your financial well-being, no matter what's happening in the broader economic landscape,' Alev said. 'Building a financial cushion through an emergency savings fund can provide a buffer and give you peace of mind in any economic circumstance.' She emphasized the value of consistency, whether you're paying down debt or contributing to savings and emergency funds. 'As much as possible, do not forgo saving and investing for the future,' said Vincent Birardi, a certified financial planner and wealth advisor at Halbert Hargrove. 'That means sticking with your investment plans to pursue future goals such as retirement and college planning for kids. Economic cycles are exactly that ― peaks and valleys ― but sticking to a long-term plan helps you to harness the powers of compounding and dollar-cost averaging.' Overall, try to keep your approach as simple as possible. 'Focus on the basics ― an emergency fund (ideally in a HYSA), paying down high-interest debt, and making sure you have financial space for life's little treats,' Bryan-Podvin advised. 'Even when things are tight, too much financial restriction can backfire.' 8. Lean on your community. 'Lean on your community,' Bryan-Podvin urged. "Share with friends and family alternative ways to connect and hang out that are more affordable. Sharing resources, offering support, or staying connected through local events can be just as important as any line item in your budget.' In particularly difficult times, you may also discover organizations dedicated to helping people make it through ― from community centers to food pantries to councils on aging. 'Reach out to see if there are local resources you aren't leveraging,' Beckham said. 'An organization that helps you today may be the one you end up volunteering for or donating to tomorrow.' 9. Be kind to yourself. 'With ongoing announcements and updates about tariffs and their potential impact, it's important to focus on what you can control right now,' Alev said. Understand you can't change the economy, but you can dictate your reaction to it. 'Life is long, if you are lucky,' Beckham said. 'And just because everyone is talking about the economy doesn't mean you need to let it consume you. Stay informed, but also stay focused on what is important, not just in the world, but what's important in your world.' She recommended savoring the little things in life that bring you joy and remembering that the economy tends to be cyclical with ups and downs. 'Enjoy what you have and try different things with the family,' urged D'Andre Clayton, co-founder of Clayton Financial Solutions. 'Enjoy simple things with your family that may not have a high expense. Board games and cards, swimming, hiking, and exercise also keep a clear mind, so that irrational decisions are minimized.'
Yahoo
08-07-2025
- Business
- Yahoo
7 Ways to Help Your Teen Become a Financially Independent Adult
Experts recommend starting the conversation around finances by giving your teen an allowance so they can practice managing money and making real-world spending choices. Talk often about credit, debt, and budgeting to help them avoid financial mistakes and build smart habits. Encourage them to find a job to earn their own money and allow them to make and learn from their mistakes to grow financial independence and always been a challenge to transition into adulthood, but kids these days have it even tougher than we did. 'Teens are growing up in an economy with a high cost of living, record levels of student debt, and a more complex financial landscape than ever,' says Jennifer Seitz, certified financial education instructor and director of education at Greenlight. A 2025 survey even found that a whopping 50% of parents pay for their adult children's needs, shelling over an average of $1,474 per month. While many parents are happy to help when their kids are facing a financial crisis, having to support your adult child on an ongoing basis isn't sustainable for most parents—especially when planning for our own lives and retirements. All of this is all why teaching financial literacy to our teens and young adults is more important than ever. 'Early exposure to money management helps guide teens before they make big financial decisions, like whether to take out student loans, work a summer job, or buy their first car,' Seitz notes. Still, according to a recent survey at Greenlight, while teaching financial literacy is a priority for parents, parents also rank it as the hardest life skill to teach their kids. No worries—we've got you covered. Here, we'll share expert-driven tips to teach teens financial literacy skills that they can carry with them into their young adult years. Raising more financially independent teens means offering them practical tools, helping them gain real-life practice, and teaching them important financial concepts. Here are seven pieces of financial literacy advice from experts we connected with. If you don't already give your teen an allowance, now is a great time to start. says Shalini Dharna, CPA, financial advisor and CFO at Dharna CPA. Doing so is a hands-on way to teach kids that we all have infinite wants, but only a finite amount of resources. And you don't have to run to the bank and take out cash for their allowance (like in the old days). Now, you can give your child a debit card made for kids to use, or give them money on a digital wallet app, like Apple Pay. Either way, the idea is to give them a set amount of money on a regular basis so they can learn to manage it. It's vital that you talk to your kids about how credit cards work, the cost of interest, and the importance of paying credit card balances in full, says Seitz. 'When teens understand that debt isn't 'free money,' they're less likely to fall into avoidable financial traps,' she says. 'It will also equip them for future decisions around student loans and car loans.' Model the concept of loaning money and paying interest on it by offering your teen a small credit line (let's say $10 per month) and charging them 20% interest on it. If they don't pay it, then the interest increases—just like a real credit card. This will help them learn that they need to pay off any money they borrow before it snowballs into something they can no longer manage. It's essential to teach your teen to learn the difference between necessary spending—like groceries and essentials—and trendy, desired purchases, says Seitz. Teach them that once you become an adult, you need to ensure you can pay your bills before you go out and buy a pair of expensive designer sneakers. 'This lays the groundwork for spending within your means and resisting impulse purchases,' she says. Dharna recommends having regular family conversations about money and about your family's finances. 'Start planning weekly family money dates—maybe like a Sunday after brunch and talk about how things are going, financially,' she says. During these talks, you might discuss what bills you have, and how much you are bringing in. 'The more it's talked about, the more comfortable your kids will be also in managing their own money and sharing their own concerns,' she explains. According to Seitz, it's never too early to discuss even more complex financial topics, like investing. Keep it simple and straightforward, since it may confuse your teen if you delve too deep. "Introduce investing early to take advantage of compounding: Even small amounts invested consistently can grow significantly over time, thanks to compounding returns,' she says. 'Showing them how their money can grow helps teens shift from short-term thinking to long-term planning.' Budgeting is an important part of being financially literate and managing your money well. Sarah Kipnes, LCSW, PPSC, licensed therapist, recommends showing your kids the ins and outs of budgeting. 'With your teen, use a budget template to walk through today's cost for different categories—rent, food, utilities, internet, phone, gas, entertainment, etc.—and compare that to the income your teen thinks they will be earning based on reasonable employment options,' Kipnes describes. 'This will prepare your teen to not only learn how to budget but to get a sense of the financial responsibilities of an independent adult and the realities of spending versus earning.' According to Seitz, teen should start working as soon as they're ready. It doesn't have to take away from their school or play. Find jobs in your community that allow for flexibility so your teen doesn't feel overwhelmed. Working a summer job, babysitting, tutoring, or finding other creative, innovative ways to earn money online or in your neighborhood is a great way for kids to learn how to budget their own income. 'A steady income provides even more reason to budget and a sense of ownership over their decisions,' Seitz you want to make meaningful changes this week, start talking more openly about money today. According to Melissa Murphy Pavone, founder at Mindful Financial Partners, maybe the most powerful thing parents can do is to make money a normal topic—something that isn't taboo, isn't something to lecture about, and is just part of the normal conversations you have in your home. 'Teens are especially attuned to authenticity,' she says. 'They're far more likely to absorb your values than your rules.' Talk about money throughout the course of your day, and do so as honestly as possible. Sharing real and relatable stories works best, because they invite dialogue rather than shame or fear, says Pavone. For example, you can say, 'I once racked up a credit card bill in my 20s that took years to pay off and I learned the hard way how stressful that can be.' 'By consistently weaving these conversations into everyday life at dinner, during car rides, even while shopping you demystify money and teach your teen how to think critically about their own financial decisions,' she says. 'They begin to see money not just as a tool for spending, but as a reflection of their values and goals.'When it comes to teaching money matters, you might be tempted to step in frequently—for instance, advising your child not to buy something they can't afford or to blow their whole allowance on something they probably won't like in a week. But experts recommend taking a more 'hands off' approach, and letting your kids learn about the consequences of poor decisions naturally. How exactly to do this? Seitz recommends the following: Begin with clear money expectations, which might look like a weekly budget or allowance If your child blows all their money early, let them experience the consequence of having a zero balance with no spending for a week Don't be tempted to give them more cash, so they can learn how to make it last the next time This natural cause-and-effect helps build self-control in decision making, which is more effective than a lecture alone. However, it's important to be reassuring and kind to your child as they learn. Assure your teen that financial mistakes happen in life, especially when you're young, says Dharna. The road to financial independence is different for everyone, so take the time to listen to how they feel and ask them what support they may need. Read the original article on Parents

Finextra
02-07-2025
- Business
- Finextra
Is financial literacy still important? New survey says now more than ever
0 This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community. Money – acquiring it and managing it safely and effectively - is causing more household stress now than ever, and not just among parents, but kids too. It's not a huge surprise to hear this message arising from a recent survey of more than 1,000 full-time working parents of children 8-18. The study was conducted by Greenlight – an Atlanta-based company whose mission is to 'Shine a light on the world of money for families and empower parents to raise financially-smart kids' - and its partner Researchscape. 9 out of 10 banks and credit unions say financial literacy is business-critical Also noteworthy from the survey results was the finding that when 256 bank and credit union leaders were asked their views of financial literacy, '93% [said] improving family financial literacy is important to achieving their business goals'. Slightly lower but still substantial numbers (88% and 70% respectively) answered that they have 'seen demand for financial education rise' and 'received direct customer inquiries about family focused tools' to address these needs. There is a silver lining to this troubling news. Help, in the way of financial education programs, increasingly provided in concert with financial services providers, is coming, or already available to many of those over-stressed parents and children of our latest generations. And for their elders, too. Matt Wolf, chief commercial officer of Greenlight and a veteran of several roles in banking and business development before his three and a half years at the family banking solutions provider, says of the survey's findings, 'I think it's still concerning […] that, with all the tools available [in financial literacy education] we're still seeing, [among working families], the vast majority have a lot of stress' surrounding money. Wolf also noted that the company's survey results showed 'almost three out of four parents say the most stressful thing that they are running into is financial anxiety.' The problem gets deeper, Wolf said, in that children look to their parents as the 'number one source' for financial advice, yet many parents aren't ready. 'They tell us it's among the hardest life skills and most important things that they should teach their kids, but that they don't feel equipped to do so.' Both kids and their parents can profit from proper financial education tools There is an upside though, he asserted, in that both parents and kids 'are yearning' for financial education tools, and the company is eagerly partnering with bank and credit union clients to provide them. Financial institutions increasingly recognise that they need not just these tools, but also must 'really engage with customers or members in ways that [meet] them right where that next generation is.' Greenlight's approach is to address the known problem of financial education where it is most relevant and present – through the financial services provider - without putting extra burdens on schools, for example, to take on this challenge. 'We have this prime player (bank or credit union) involved that can help them solve that problem. We don't have to rely on the schools necessarily to do things that are outside their core competency.' Schools can't do the job on their own, so FIs stepping in with new tools Despite the fact that more US states are now requiring financial education as part of standard public-school curriculum, Wolf says more specific, directed help is needed, and financial institutions are seeing the logical fit and opportunity to help deliver that knowledge to their clients. '88% of the FIs (financial institutions) we talk to say that they are seeing this demand, and now the ball is really in their court to help address this problem,' just as they tackle other challenges in the financial lives of their customers, Wolf explained. Greenlight has been successful fulfilling its mission thus far, less than 12 years since its founding, but Wolf and his colleagues see a growing need for financial education beyond the company's present list of clients. 'We have millions of users, and we partner with 150 financial institutions that provide accessibility to this type of content. It's also our understanding that there's more out there,' in terms of both FIs clients and their own customers or members that haven't yet taken advantage of the services available. Thus, new educational tools are being frequently introduced to keep pace with the fast-evolving financial products and services marketplace. Specific generational approaches and programs help improve success Being flexible and staying current with industry trends is critically important, Wolf says, especially when generational differences in purchasing, banking, and savings habits and expectations are considered. Greenlight has adapted its offering to match the developing needs of the youngest cohort in the financial system, for example adding elements of gamification to the tools they provide. 'With those 150 FIs, we are taking our financial education into a game experience called 'Level Up,' one Wolf said has been 'tailored for Gen Z and Gen Alpha.' The company recognises the importance of engaging younger customers and members with relevant approaches that 'feed a need and an appetite' and fulfil their specific learning preferences and expectations. Gamification done right works – but not when it encourages or ignores risks Gamification within financial services has thus far offered a mixed bag of new products and services, with some creative ways to save and bank and win rewards being introduced by a number of innovative fintechs and FIs. Unfortunately, the internet has also seen a few very bad ideas promoted by some startups (often well-funded by prominent venture capital firms) that put individuals' earnings or life savings at risk. Wolf was quick to point out that Greenlight's approach to gamification is sensible and secure. 'We built the best-in-class curriculum, but we broke it into bite-sized fun challenges with videos and games and animation, and really tried to meet users where they are, getting them to develop these habits through a game, but not incentivising actions that [encourage reckless or uninformed behaviour] like purchase this, buy that.' Integrity is very important with financial education, because the absence of it can result in damaging lessons being taught, or learned, by consumers and businesses. In one recent instance, where customers of scores of fintechs of various sizes and flavours depended (mostly unaware) on a specific intermediary company (Synapse) and a handful of insured FIs to manage deposit and withdrawal reconcilement activities for their clients, the results were devastating, in some cases tragic. When Synapse declared bankruptcy in April 2024, around $100 million or more in thousands of individual custodial accounts were frozen due to a lack of proper accounting. Now, more than a year later, that case - amid continued wrangling between the Synapse estate, bankruptcy trustee, fintechs with customers 'caught in the middle,' and some of the banks holding the money - continues to unwind in court. As you read this, most, but definitely not all of those precious funds on deposit have been returned to their rightful owners. Complex new financial offerings demand higher levels of user understanding Talk about financial education! The Synapse situation revealed a fundamental lack of understanding by most clients of the fintech companies involved of how federal deposit insurance – which is focused on ensuring consumers don't lose their covered balances up to $250 thousand per qualified relationship – actually works, and has worked, during scores of bank failures managed and mitigated by the FDIC over the past 100 years. In the Synapse case, FDIC and other regulators determined insurance didn't even apply to individual customers' losses from the fintech's failure, much less the long delays many experienced when simply trying to get their money back from the banks involved. That's because under present FDIC rules a covered financial institution itself had to fail (or be in danger of imminently doing so) for any insurance payments to be made. While reforms were proposed by regulators in late 2024 to force financial institutions to more carefully manage and scrutinise third-party relationships, they've gained little traction under the present administration – and wouldn't provide any extra financial protection to guard against the failures of 'middlemen' like Synapse in financial service 'chains' anyway. The courts, or some other monetary compensation outside of standard banking circles, offer the only recovery opportunities available to victims of the Synapse collapse. All ages targeted by financial fraudsters, so education is step one for proper use, protection Greenlight continues to grow and promote what Wolf called 'a fun, safe way to learn best practices' in financial matters. But that effort is not just about parents and kids anymore. Recently, the company introduced a new product called 'Family Shield' to help protect older members of families from fraud and financial predators. 'It's a subscription plan designed to give caretakers the ability to protect their seniors,' said Wolf, 'with advanced account monitoring, fraud and identity theft protection.' In concert with its financial institution partners, Greenlight intends to keep improving its educational offerings around teaching 'the basics' of banking and saving to younger (and older) users of the platform. As they actively engage with its tools and features, they can progress through new opportunities to learn, earn, and manage money effectively. This is especially critical for younger users, Wolf explained. 'Once you've mastered those habits of green lights, core products, and a parent's permission, you can do some of these things, like spend money - although with our parental controls, they can limit where that money is spent.' Investments, and even fractional share trading, are also available to users, but 'only with a parent's permission,' Wolf emphasised. 'There's a time and a place for gamification, but it's not in some of the things that can lead to more destructive habits, which we've avoided.'
Yahoo
15-06-2025
- Lifestyle
- Yahoo
My teens' social lives are thriving, but my wallet isn't. Dances, movie tickets, and mall outings add up.
My youngest two kids are 12 and 14 and have formed important friendships in middle school. They're starting to have more frequent — and expensive — social events. While I'm happy their social lives are thriving, I'm not so thrilled about the financial impact. I have four kids. My youngest son and daughter, 12 and 14, respectively, are in middle school. They've both formed important friendships during this time — no small feat for kids this age — and being able to maintain these bonds is important to them and to me. That often means spending money. My money. Don't get me wrong. While I love seeing how happy my kids are as they branch out into the world, staying connected to their friends part of doing so means going to social events, including sleepovers, going on trips to the mall and movies, and other social outings, like dances and birthday parties. These often come with a price — sometimes, a hefty one. Movies, a popular weekend activity, include not just the cost of admission but also snacks. Even if they opt to get snacks for a more affordable price before hitting the theater, the cost of a ticket alone is steep, at $14.75 each. A mall excursion costs between $20 and $40 for food and some sort of desired or needed item. I do my best to have them purchase something they actually need while they're there, so I'm getting the most for my money. My kids' friends often bring their Greenlight card, a debit card for kids, loaded with $100 or more. More than once, they've come home complaining that they don't get the same. We've talked about how there will always be people with more than we have, and others who have less. The trick is to be grateful for all that we have, no matter how it stacks up to others. They're getting a valuable lesson with these trips for free, I suppose. For me, the most costly endeavor of all, though, is a school dance, which happens in the spring. There are outfits, shoes, and nails. Acrylic nails are popular where we live in the suburbs of Southern Maine, and a full set costs between $60 and $80. Though we could have done her nails at home, I opted to get them done professionally as part of her graduation gift. Outfits and shoes are purchased with a limit in mind at discount prices. Still, for my daughter's recent dance and graduation, we spent $35 on bedazzled heels to match the $50 dress. Accessories, a mix of affordable jewelry, included a necklace and earrings with a combined cost of $30. She got straight A's and worked hard during her three years of middle school. Still, the total cost was almost $200. I know this is far less than most of the parents in our town spend. It's less expensive for my son, as for him, I only have to worry about a nice shirt and some sort of name-brand, trendy shorts. I've already done all of this with my two oldest, now 18 and 20. They needed and wanted the same things as their younger siblings. For me, the most important thing has always been setting limits and explaining the value and cost of things. While I don't want to stress my kids out, I want them to know that their dad and I work hard for our money. I also want them to understand that they can't and won't get everything they want. Our younger kids, who aren't working yet, often save money from holidays or birthdays to get some of the things they ask for; sometimes, we will split the cost with them. We do pay for their necessities, and make sure to distinguish between the two, which has become a lesson in want versus need. Once my oldest children began to work, they realized just how difficult it is to earn money. They also understand the value of things and their true importance. I want my younger kids to learn the same lessons. While we don't give weekly allowances, we reward them for helping with certain things around the house and for getting good grades. They also know they are expected to work when they turn 15 or 16. We don't want work to interfere with school, so we'll limit the number of hours they can work, just as we did with their older siblings. Social ties are important for kids. I'm lucky my kids have found friendships where they feel they are part of something. While I wish the price of being social weren't so high, I don't mind that it gives me another opportunity to talk to them about money. Read the original article on Business Insider

Business Insider
15-06-2025
- General
- Business Insider
My teens' social lives are thriving, but my wallet isn't. Dances, movie tickets, and mall outings add up.
Don't get me wrong. While I love seeing how happy my kids are as they branch out into the world, staying connected to their friends part of doing so means going to social events, including sleepovers, going on trips to the mall and movies, and other social outings, like dances and birthday parties. These often come with a price — sometimes, a hefty one. Each social outing adds up Movies, a popular weekend activity, include not just the cost of admission but also snacks. Even if they opt to get snacks for a more affordable price before hitting the theater, the cost of a ticket alone is steep, at $14.75 each. A mall excursion costs between $20 and $40 for food and some sort of desired or needed item. I do my best to have them purchase something they actually need while they're there, so I'm getting the most for my money. My kids' friends often bring their Greenlight card, a debit card for kids, loaded with $100 or more. More than once, they've come home complaining that they don't get the same. We've talked about how there will always be people with more than we have, and others who have less. The trick is to be grateful for all that we have, no matter how it stacks up to others. They're getting a valuable lesson with these trips for free, I suppose. For me, the most costly endeavor of all, though, is a school dance, which happens in the spring. There are outfits, shoes, and nails. Acrylic nails are popular where we live in the suburbs of Southern Maine, and a full set costs between $60 and $80. Though we could have done her nails at home, I opted to get them done professionally as part of her graduation gift. Outfits and shoes are purchased with a limit in mind at discount prices. Still, for my daughter's recent dance and graduation, we spent $35 on bedazzled heels to match the $50 dress. Accessories, a mix of affordable jewelry, included a necklace and earrings with a combined cost of $30. She got straight A's and worked hard during her three years of middle school. Still, the total cost was almost $200. I know this is far less than most of the parents in our town spend. It's less expensive for my son, as for him, I only have to worry about a nice shirt and some sort of name-brand, trendy shorts. I don't want to stress my kids out, but I do want them to be aware of money I've already done all of this with my two oldest, now 18 and 20. They needed and wanted the same things as their younger siblings. For me, the most important thing has always been setting limits and explaining the value and cost of things. While I don't want to stress my kids out, I want them to know that their dad and I work hard for our money. I also want them to understand that they can't and won't get everything they want. Our younger kids, who aren't working yet, often save money from holidays or birthdays to get some of the things they ask for; sometimes, we will split the cost with them. We do pay for their necessities, and make sure to distinguish between the two, which has become a lesson in want versus need. Once my oldest children began to work, they realized just how difficult it is to earn money. They also understand the value of things and their true importance. I want my younger kids to learn the same lessons. While we don't give weekly allowances, we reward them for helping with certain things around the house and for getting good grades. They also know they are expected to work when they turn 15 or 16. We don't want work to interfere with school, so we'll limit the number of hours they can work, just as we did with their older siblings. Social ties are important for kids. I'm lucky my kids have found friendships where they feel they are part of something. While I wish the price of being social weren't so high, I don't mind that it gives me another opportunity to talk to them about money.