2 Money Lessons From A Deli Cashier

I was in a local deli recently. 

What did I have with me?  On my tray was a book covering financial concepts and savings to read as I ate.

As I paid for my lunch, the cashier (in his early 20’s) noticed the book and asked “why are you reading that?”

It's an easy answer for me, “the more I learn, the more I can share, and hopefully help other parents with less time that have “almost flown” kids along the way.”

My new-found cashier-friend replied “can I tell you my story?”  By now I am thinking, gosh, I’ll never get to eat my lunch and read my book but I am the friendly type and said “I’d love to hear.” 

His story?
(very abbreviated version) 
“I started saving in my teens.  I’ve got money in CD’s, the 401K with this deli company, I work two jobs and…and… and… and...”

(Remember, he is behind the cash register and in his early...

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Don't Teach Your Kids to Budget

Budget.  That’s right . . . budget.    Things have changed. 

Have you used that word 6-letter word “budget” lately?  Go ahead and be honest with yourself.  You probably have.  But let me make a case on why you need to stop.   Times have changed.   Consider the following:

"Budgets" are Constricting

“Mom, I need $20.”   (funny how it used to be they only asked for $10!) 

“Honey, I just gave you $20 like…yesterday.  Can’t you budget your money?”

And there it is.  That word, that horrible sinking feeling word. The implied connotation to our kids and our “almost growns” is . . .  you can’t buy the things you want, you will never have enough money, and you are a one emoji away from busted.  Life is one trick multiple question with “none of the above” always included. 

Need stats to support this? 

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Is it time to introduce money management to your teen? Here's how

SUMMARY:

How do you introduce money management tracking with them?

  • Start before they hit high school if possible.  If you haven't started it yet, start now.

Why will they benefit while in high school?

  • They will experience guilt-free spending.  Priceless.
  • They will be able to say "no" to something because they are saving for something bigger.

How should they actually start?

  • With so much coming at them, starting simply is crucial.
  • Start with pen and paper.
  • Avoid the fancy money software. . . at least until later.
  • Paper helps them more clearly see the movement of their money from category to category.

What are 6 things to remember as you pick money management software for your young adult:

Again, we strongly suggest starting with pen and paper before moving to this level.  Many will be happy with just a simple, direct pen and paper system.  But if you have a teen or young adult that is ready to level-up to something more, you will find these 6 items...

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