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Weekly Family Finance Picks (#12)

We’re constantly scouring the Internet looking for articles related to family finances and teaching kids good personal finance habits. You can visit the FamZoo delicious page to see our ever growing list of family finance bookmarks. Each week, we pick our favorite articles from the previous 7 days and post them here.

It was another big week for family finance articles and posts — we collected 32 links in all. Here are our top 3 picks for the week:

The Great Allowance Negotiation
by Alison Griffiths
on Calgary’s Metro News

I like how Alison’s article walks through a very short, real-world scenario of setting an allowance based on a budget rather than using an arbitrary figure. I recreated Alison’s allowance negotiation vignette in FamZoo — even capturing some of the dialog from the article in the budget comments. Here’s a screenshot:

The Great Allowance Negotiation
Click to see full size

How to Prepare Your Kids for Money Challenges
with Jill Schlesinger
on CBS News

Molly Wood’s interview with Jill on the CBS News web show “Eye On Parenting” provides an excellent overview of allowance approaches through the various phases of childhood. She doesn’t mention FamZoo in the online resource section at the end, but it’s a great segment nontheless! Here’s the video:

4 Tips for Kid-Friendly Savings
by Constance Gustke
on Bankrate.com

When it comes to virtual FamZoo accounts vs. real-world bank accounts, it doesn’t have to be an either-or proposition. Using the two together is an excellent best-practice. Whenever your child’s FamZoo savings account hits a certain level — say $50 — consider “rolling it over” to a real world savings or investment account.

This article suggests some low cost options for your kid’s real-world accounts along with 4 tips on teaching kids about savings.

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