Making Money a Family Affair

by Stacy Francis, CFP®, CDFA

Make saving a habit not only for you, but for every member of the family including children. A rule that a percentage of all income must be saved, whether it’s from a part-time job, a weekly allowance or any other source, will teach your children the value of “paying yourself first” which they will keep for a lifetime.

Savvy Ladies’ Tip: Check out these fantastic money-saving products:

MSPig_sideangle72dpiThe Money Savvy Pig
Cost: $18.99 plus shipping and handling
Description: Four-chambered, see-through plastic piggy bank allows children to apportion their money for spending, saving, donating and investing. Includes a booklet to help parents teach money basics and a sheet of goal-setting stickers. My favorite is the purple piggy bank. To order: Visit www.msgen.com

bankbookcd-2>Money Mama & The Three Little Pigs
Cost: $40.00 plus shipping and handling
Description: A ceramic, four-chambered bank with a big mama pig compartment for spending and three smaller piglet compartments for saving, donating and investing. This is a nicely-illustrated hardcover book aimed at teaching money concepts to kids plus a read-along CD.
To order: Visit www.prosperity4kids.com

71KzzZ2YDTLMoonjar
Cost: $7.95 plus shipping and handling
Description: Three diamond-shaped metal tins for spending, saving and giving. The tins have removable plastic tops, and a wide rubber band holds the three together in a six-sided shape. Includes a small booklet on how to use the Moonjar and a passbook for recording transactions. To order: Visit www.moonjar.com

Stacy Francis is president and CEO of Francis Financial, Inc., a fee-only wealth management practice dedicated to investment advisory services for women, couples and those experiencing divorce. She is also the founder of Savvy Ladies®, a nonprofit organization that educates and empowers women to take control of their finances.

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