Weekly Family Finance Picks (#16)

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.

Oops! I’m a bit late getting the picks out this time. Sorry ’bout that! Here are our favorites from the preceding week:

If You Give a 7-year-old $100…

056/365/2010 [easy come easy go]

I loved Julie’s story about her Mother-Son bonding weekend in New York City with her 7 year old and ...“The Benjamin” — aka the $100 bill. It’s a funny, instructive account of her son’s transformation from spendthrift to saver (with a little clever assistance from Mom & Dad). A great teachable moment.

Three Money Lessons From Teenagers

This is a follow-on to Laura’s Six Ways to Teach Your Children About Money post that we featured here a couple weeks back. The sequel post was prompted by her own kids. They came up with a few savvy recommendations that Mom missed the first time around. I’d say the Dogu kids are on the right personal finance track. Well done, Mom.

The Family Department Of Taxation & Finance

Check out Bella’s unique allowance and chore system which she dubs “The Family Department of Taxation & Finance”. Read about how she weaves together a set of components — expected tasks, behavior dings, extra job opportunities, and mom grants — to form a creative financial education system for her child.

Oh yeah, and here’s the other cool thing: Bella was able to implement her custom system in FamZoo using a clever combination of accounts and checklists. Nice!

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