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How To Have Easy Money Conversations With Kids At All Ages

I was thrilled to shoot this video with Tina, from the Widow’s Wallet. In our chat, we focused on how to talk to your kids about money, and how to instill great practices that will set them up for the future. As a Financial Coach, this is not only something I’ve experienced with my own two children, who are now young adults, but also with my coaching clients as well. Being intentional with how we spend our money is so vitally important, and can teach our kids how to think ahead in terms of spending. Here are the highlights in terms of how to show your children that you’re looking to bless them, not just for today, but for always.

Money As Motivation: Instilling a strong work ethic is step number one toward creating positive spending habits in our children. Having to work for the things they want instead of just being given those things can have a positive impact on their future. When kids realize that money doesn’t grow on trees, and that nothing comes for free, it can be the light bulb moment needed to make their money last. When it comes to kids and money, creating accountability is also huge. The concept of an allowance or chore charts can be really helpful in terms of structure and organization, while providing some powerful motivation toward making their own money. Showing your children that the more work they do, the more money they can make, is a great way to inspire them to work hard for their money, and to lose any expectations or entitlement.

Learning to exchange money for goods: Giving kids an understanding of what real world items cost can be truly helpful. Even something as simple as a trip to the grocery store can be a teachable moment for children in terms of what things cost. When the grocery bill comes to $200.00 and your child only has $20.00, it can be a powerful learning experience that will stick with them for life. Likewise, something like back-to-school shopping can also be great grounds for learning. You could spend $100.00 on a pair of Nike’s, or you could ditch the designer brand and let your money stretch further.

Compare And Contrast: The power of choice is not only empowering for children, but can help them to build better habits with their money. Educating your children on things like buying brand name items versus the generic option can help your children to make smarter spending habits. Likewise, looking at what’s on sale that week, and figuring out what gives you the most bang for your buck will be something they carry with them for life. Things like clipping coupons and planning your shopping trip ahead of time can also be helpful toward solid spending habits.

Cash Versus Electronic Funds: It’s generally much easier to stay in budget when you’re working with something tangible. If you give your child $20.00 in cash, it can make it much easier for them to make their money last. They cannot overspend with cash as you could with a debit or credit card and it’s easy to see what you have left. You just don’t FEEL it the same way when swiping a card, so encourage your children to work with cash, learn to count change, and build better habits for the long run. This also helps to discourage things like racking up credit card debt. I get the new reality of online shopping and people not taking cash. That’s why I’m a HUGE fan of the new digital spending app & bank called QUBE MONEY This is sort of the best of both worlds. You can set a specific amount of money in a “qube” (specific category) and when you swipe your Qube Money card it won’t allow you to spend any more than what is allotted in that particular category. They are developing a family account and each kid could have their own qube and card! The teens of families I’ve had using it already love being able to see just exactly how much money they have and it encourages saving for the things they want. Click the link and take a look at how it works or contact me for more information!

Those are just some highlights, but be sure to check out the video for all of my tidbits of advice on how to get your kids interested in money, in order to set them up for success for the future. No matter what your age, if you feel you would benefit from some personal financial coaching, let’s set up your 45-Minute Initial Discovery Session to see if we’re a good fit to work together. You can sign up for your virtual session here.

The Smartest Way To Spend Your Stimulus Check

Now that most Americans are getting a third stimulus check of $1,400, and even more if they have children, many people are wondering: what is the best use of that money?

Some of you may have already received your check, and are asking yourselves, “what now?” Depending on your situation that answer could be very different, so it’s important to assess your own personal needs and priorities. 

If you have expenses like rent or insurance that you haven’t been able to pay due to COVID, pay those first. If you’re set on your monthly utilities and expenses, but you don’t have an emergency fund, save your check for that. 

But what if you have all of those things covered? What if that simple check could help you to rewrite your financial future?

Your stimulus check could be used as a powerful wealth-building tool if you use it wisely. While the stimulus isn’t a life-changing amount of money, it can certainly help you to reach your goals in a variety of ways. Even if you’ve already met your own personal savings goals, you could invest that money into an after-tax brokerage account or a high-interest savings account. It never hurts to have a little extra cushion, especially in uncertain times like a pandemic.  

Another way to boost your financial life via your stimulus check is to set yourself up for success in other ways. Pursuing self-development opportunities that can help you to get ahead in the workplace is a great way to proactively set yourself apart from the crowd.

Maybe you have a great idea for a side hustle or business, but there’s a missing component that’s been blocking you from pursuing it. Maybe you need to take some classes or workshops, or maybe you would benefit from some professional coaching or mentoring. 

Maybe there’s a state certification that’s required in order for you to make a career change. Whatever your situation, learning new skills can allow you to make more money in the future. According to Business Insider, paying to learn new skills also helps to stimulate the economy, because when we pay professionals for their expertise, they also can move their businesses forward.

Time is money, so another way to spend your stimulus check could be on hiring help that allows you more time in your day. Whether you’re hiring a babysitter, dog walker, cleaning crew, or a grocery delivery service, securing time-saving services could even help to save you money if you use it wisely. 

For business owners, hiring a virtual assistant could be a great use of this money, in order to free up more time for you to focus on other areas of your business. 

Now is a great time to focus on self-care practices that might normally be considered a splurge. Maybe you would benefit from seeing a chiropractor, massage therapist, or acupuncturist. Maybe you’ve been wanting to get some dental work done, and just haven’t wanted to spend the money. Investing in yourself in this manner can help to lower your stress level, and up your productivity, so don’t feel guilty about spending on yourself.

I say the smartest way to use your stimulus check is to reinvest in yourself and set up your financial future. Hiring an expert to help you improve your finances can set you up for success in the long term. Maybe you should hire a tax professional or a financial planner. Maybe you decide it’s time to invest in your goals, and maybe even some coaching from me! If you think you might benefit from financial coaching, request your 45 Minute Initial Discovery Session. You can book your appointment on my website at https://pennywisecoaching.com/contact-pennywise-coaching/.


A journey of a thousand miles begins with the first step. Fill out this form to be contacted to schedule your Free 45-minute Discovery Session and begin the journey to become WISE with money.


Three Ways To Pay Off Your Student Loans Faster

It’s no surprise that the cost of college and university tuition is astronomical in the United States.

Student loans can be tricky business, as most people tend to commit to them before really understanding what they’re getting themselves into. Here is a quick guide with some helpful tips and tricks to paying off your student loans faster:

Three Ways To Pay Off Your Student Loans Faster

  1. Make more than the minimum payment – Making only minimum payments will make it nearly impossible to pay off your loans. Whatever extra you can pay monthly, every little bit helps. You could even consider making payments every two weeks instead of once a month in order to get caught up more quickly.
  2. Consolidate and refinance – Refinancing is one of the best moves you can make to decrease your interest rates, and pay off your loans faster. If you consolidate all of your loans, you can end up with one flat monthly payment, instead of several, which can be wildly helpful in getting your loans paid off. Lower interest means a lower monthly payment, which can make your student loan debt less daunting, and easier to get caught up.
  3. Figure out your pay off date – While this won’t help in the immediate, having this understanding can serve as powerful motivation. This knowledge alone may help you to make better decisions toward repaying your loans. The best way to do this is to use the National Student Loan Data System to view your federal loans. Find out more online at https://studentaid.gov/. Once you know your pay off date, you can come up with a realistic game plan for tackling your debt. You could look for a job that offers student loan forgiveness, apply your raises, trim your budget, or take on a part-time job or side hustle.

There are lots of great options for paying off your student loans faster. Choose the options that make the most sense for your lifestyle, and think about where you can cut your costs. Prioritizing your student loan repayment strategy now can have a serious impact for the long haul. If you think you would benefit from my financial coaching program, request your 45-minute Initial Discovery Session here.


A journey of a thousand miles begins with the first step. Fill out this form to be contacted to schedule your Free 45-minute Discovery Session and begin the journey to become WISE with money.