Teaching Children to Save Early Part 1: K-4

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myFICO Kids – Making financial awareness, protection & health a part of the entire family.   Today is Teach Children to Save Day, a national program that organizes bankers who are willing to volunteer and to teach children about the importance of saving early on in life. This program has been going on since 1997 and has helped over 6 million students develop good saving habits early in life.   Saving early is essential to having a successful, debt-free life upon entering adulthood. Members of the class of 2011 graduated with an average of $26,000 in student loan debt. Had they saved or invested, I’m confident that number would be much lower. The general population believes financial education is becoming increasingly important, bordering detrimental to the … [Read more...]

How to Help Your Child Avoid ID Theft

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A blog post for myFICO Kids – Making financial awareness, protection & health a part of the entire family.   Earlier this month we posted an article about the abundance of child ID theft and what parents can watch for to protect their children from those who may be seeking a new identity. Identity theft is highly preventable, not only for parents, but for children as well. Our youth are growing up with new technological advances that give them access to all things the internet has to offer. Most classes today even require the use of the Internet for research or projects.   One study found that 85% percent of kids aged 12-17 used social media networks in 2013, with 94% of teens on Facebook. With the constant updates to Facebook, everything your teen posts - status … [Read more...]

Consumer Protection Rights & Your Children

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A blog post for myFICO Kids – Making financial awareness, protection & health a part of the entire family.   National Consumer Protection Week is an annual campaign that creates awareness about consumer information and protection. There’s actually a lot of regulation put into place to protect consumers that many people don’t even know about.   Thanks to the CARD Act, consumers are protected from unfair rate hikes, retroactive rates and late-fee traps, and important terms and conditions must be publicly available. That’s just to name a few. What you may not realize though, is that consumer protection isn’t extended just to adults; children need protection, too. Your child’s personal information, like yours, is protected by law. Sadly, identity theft threatens the … [Read more...]

Turn Extra Halloween Candy Into Cash

Turn Extra Halloween Candy Into Cash

Happy Halloween! If you’re like most Americans, you have a stockpile of candy ready for the trick or treaters who’ll be knocking on your door tonight.   However, whether you have kids of your own or you’re just passing out the goodies, the prospect of extra candy lying around the house can be daunting. In addition to potentially sabotaging your own diet, most parents don't want their kids feasting on sugary empty calories for weeks on end. But what’s the alternative - taking the excess candy and throwing it away? It's wasteful, and you have to play the Bad Guy.   Fear not! There's an alternative solution that not only rids your house of excess candy, it puts extra cash in your pocket: the Halloween Candy Buyback program.   The program works in conjunction … [Read more...]

Financial Lessons for Kids at Any Age

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It’s never too early to start teaching your kids about good personal finance.   A few key, simple lessons about money at even a very early age will create a strong foundation of good financial habits that will benefit them for years to come.   Here are some quick tips for easy finance lessons at any age:       PRESCHOOL   Food isn’t free. Take your children with you while you grocery shop and tell them what different items cost. Explain that you can only buy what you can afford.   Start a piggy bank. Give your child his or her own personal piggy bank and make rules about when it can be emptied.       GRADE SCHOOL   Money must be earned.  Start an allowance in exchange for chores; … [Read more...]

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