Episode #19: Mistakes Parents Make, Part III

A mistake parents often make is they are too secretive about money. Too often parents say, "We don't want our teen to know anything about our finances." These parents are concerned their teens will "blab" sensitive, personal financial information all over the neighborhood. Or, that their teens will not understand the complexities of what they hear. Because discussions about family finances can often be sensitive, the best way to avoid this trap of secrecy is to use a model. The Real-Life Money Game® offers a pie-chart model parents can use to show their teens their family’s financial circumstances without using real numbers.

Thanks for watching this video blog. I hope you enjoyed it and will share it with others. I'd love to hear from you. Send me an email with your comments or questions.

Download the PDF of The Real-Life Money Game Pie-Chart Model for Family Financial Discussions

Episode #18: Mistakes Parents Make, Part II

A mistake parents often make is that they are overly strict with money. Being overly strict is the opposite of the Automated Teller Mom I talked about in the last video blog who just hands over the cash without holding his or her teen accountable. Overly strict is the other extreme in which some parents believe that if you give your teen less money than your son or daughter actually needs, he or she will learn frugality. Such parents often end up with a contrary result. Teens who never have enough money often feel frustrated and begin to associate money with negative feelings. Listen to this video blog to find how The Real-Life Money Game® helps parents avoid this trap.

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Episode #17: Mistakes Parents Make, Part I

One day, I casually mentioned to a parent friend of mine that I was practicing money management with my teenage son. She said, with tongue in cheek, "Yeah, so am I. I just give it to them." This is what I call an ATM—an Automated Teller Mom—giving your teen money without holding him or her accountable. Loose money arrangements without accountability are missed opportunities to teach teens about spending. The problem is that parents do the thinking and parents make the decisions. They, not the teen, have taken the responsibility for the cost. To find out how you can hold your teen accountable, listen to this video blog. The Real-Life Money Game® offers four simple things you can do.

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Episode #16: Money Game Plan

I've created The Real-Life Money Game® Plan to help guide, direct, and validate every one of the money-management skills I wanted my son, Michael, to possess. Let me tell you how the plan helped the Wilson family. Connie and James Wilson had a daughter Karen who was about to turn 16. She wanted a car. Her parents were willing to help her, but they told her she had to contribute to buying the car. So they wanted her to get a summer job. Karen was not happy with that suggestion. She had never worked except for babysitting, and she told her parents that all her friends had gotten cars when they turned 16 and they didn't have to get jobs. Her parents told her that they never got cars when they were young, and they had to go out and work. Listen to this video blog to find out how the Wilson family used The Real-Life Money Game® Plan to resolve this conflict.

Thanks for watching this video blog. I hope you enjoyed it and will share it with others. I'd love to hear from you. Send me an email with your comments or questions.

Download the PDF of The Real-Life Money Game Plan Worksheet

Episode #15: The Game is About More Than Money

The object of The Real-Life Money Game® is to assist you in transferring control of money to your teen and in helping your son or daughter take more responsibility for his or her own finances. With that goal in mind, I like to remind parents that by shifting this responsibility, they gain an opportunity to teach their teens a set of tangible, hands on money-management skills, which lead to intangible skills. Listen to this video blog to find out what I mean.

Thanks for watching this video blog. I hope you enjoyed it and will share it with others. I'd love to hear from you. Send me an email with your comments or questions.

Episode #14: Bank Reconciliation

I don't know anyone who looks forward to reconciling their checking account. But, remember what I shared in the last episode: banks make $17 billion each year from overdraft fees. You're probably thinking, "I have trouble getting my daughter to clean her room. How could I possibly get my teen to do a bank reconciliation?" Well, I've spent some time creating The Real-Life Money Game® Bank Reconciliation Worksheet, to make it easier for your teen. Even if your teen banks online he or she will still need to reconcile his or her statement.

Thanks for watching this video blog. I hope you enjoyed it and will share it with others. I'd love to hear from you. Send me an email with your comments or questions.

Download the PDF of The Real-Life Money Game Bank Reconciliation Worksheet

Episode #13: Checking and Debit Cards

Did you know banks make $17 billion every year in overdraft charges? The Real-Life Money Game® teaches your teen about checks and debit cards so they don't contribute to the problem. A checking and debit card account is ideal for teens who have a regular source of earnings or income. A check register is the best mechanism for managing money. This tool enables teens to learn to record every transaction they make in a given month. Now you might be saying to yourself, as some parents have told me, "My son would never keep track of all of his transactions." Or you might object, saying, "I would never give my daughter a debit card. It looks too much like a credit card." This is a big concern expressed by parents, so listen to this video blog to find out how I address these issues.

Thanks for watching this video blog. I hope you enjoyed it and will share it with others. I'd love to hear from you. Send me an email with your comments or questions.