Quantcast
Get breaking news alerts via email

Click here to manage your alerts
Gifts to begin new year can impart wisdom
Saving » These ideas will get your kids thinking about money management.


< Previous Page


He also suggests funding a 529 college savings plan and giving a young adult a subscription to Kiplinger’s or Money magazines.

Eleanor Blayney, consumer advocate, CFP Board of Standards • Instead of clothes or gadgets, how about picking up the fee for a session with a personal financial planner? For a young adult or couple, it’s a chance to sit down with a professional to tackle debt, budgeting and other financial topics, said Blayney of the Certified Financial Planner Board in Washington, D.C.

Photos
At a glance

Suggestions from parents, grandparents and the pros

Buy DVDs/books such as “Money Mammals” or The Berenstain Bears’ “Trouble with Money”

Open a Roth IRA account for kids

Forgive part of a loan to a loved one

Buy U.S. savings bonds

Pick up the fee for a session with a personal financial planner

Contribute to a 529 college savings plan

Join the Discussion
Post a Comment

"Spending an hour or two with a financial planner can help them set some priorities . and get them off on the right financial footing," said Blayney, who estimated hourly rates at $150 to $250.

Jane Bryant Quinn, money columnist, AARP.com • She endorses traditional gifts, such as contributing to a 529 college savings plan, an IRA or Series I savings bonds.

For her kids and grandkids, once they turn 12, she slips checks or cash into envelopes. "At that point, they enjoy the fun of shopping for themselves," said Quinn.

Quinn says handing over a large amount of cash - such as for a future house down payment - is risky, since there’s no guarantee it won’t get spent on something frivolous. Instead, keep the funds in your own account and "tell the grandchild you’re ready to help with X amount of dollars when the time comes."

Karyn Hodgens, financial educator • For young kids, "The Money Mammals," a DVD/ book that teaches kids about saving money; "Saving Money is Fun," a musical CD; and "Share & Save & Spend Smart" banking kit.

Books — The Berenstain Bears’ "Trouble with Money" and "Mad, Mad, Mad Toy Craze." Other favorites are "Alexander Who Used to Be Rich Last Sunday" by Judith Viorst or "The Monster Money Book" by Loreen Leedy.

Games — Monopoly Junior and The Allowance Game.

For middle-schoolers — "Not Your Parents’ Money Book" by parent and author Jean Chatzky; The Game of Life board game.


story continues below
story continues below

For parents — "Raising Money Smart Kids" by Kiplinger personal finance editor Janet Bodnar or "Raised for Richness," Hodgens’ own book on teaching good money habits to kids ages 6 to 16.

For stocks — Hodgens recommends kid-friendly funds such as the Monetta Young Investor Fund and using discount brokers such as ShareBuilder.com.



Copyright 2014 The Salt Lake Tribune. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Top Reader Comments Read All Comments Post a Comment
Click here to read all comments   Click here to post a comment


About Reader Comments


Reader comments on sltrib.com are the opinions of the writer, not The Salt Lake Tribune. We will delete comments containing obscenities, personal attacks and inappropriate or offensive remarks. Flagrant or repeat violators will be banned. If you see an objectionable comment, please alert us by clicking the arrow on the upper right side of the comment and selecting "Flag comment as inappropriate". If you've recently registered with Disqus or aren't seeing your comments immediately, you may need to verify your email address. To do so, visit disqus.com/account.
See more about comments here.
Staying Connected
Videos
Jobs
Contests and Promotions
  • Search Obituaries
  • Place an Obituary

  • Search Cars
  • Search Homes
  • Search Jobs
  • Search Marketplace
  • Search Legal Notices

  • Other Services
  • Advertise With Us
  • Subscribe to the Newspaper
  • Login to the Electronic Edition
  • Frequently Asked Questions
  • Contact a newsroom staff member
  • Access the Trib Archives
  • Privacy Policy
  • Missing your paper? Need to place your paper on vacation hold? For this and any other subscription related needs, click here or call 801.204.6100.