It has been a busy Spring here at Money Savvy Generation with National Financial Literacy Month in April and all that revolves around this high, holy month of financial literacy.  I’ll be sharing a few snippets of what we’ve been doing since my last post – some really exciting and inspiring things – starting with the crowning of a new Money Smart Kid in Chicago.  The Money Smart Kid for 2012 is a dynamic young lady named Deirdre Flanagan who “wowed” the crowd – and the Money Smart Kid committee – with her essay to the following question: Continue reading

Suze Orman – thank you.  Your prepaid card is a good thing for the millions of unbanked adults out there who have no other palatable financial options.  Your fee is low and you give them an option to only using cash, and having to pay to have checks cashed. You are also doing a good thing by getting Transunion to gather data on these prepaid cards in the hopes that one day, this data could help get these cardholders some kind of credit score that could bridge them to the traditional world of credit.

BUT, Orman claims that her prepaid card is a good way to teach kids about money.  I disagree. It is not the best option for our kids.  Nope, not by a long shot. Continue reading

Holiday money mistakes are a great teachable moment for kids. It’s easy to break the bank during the holiday season. Talk openly with your kids – always in an age-appropriate way – about gift-giving this past season and discuss options to make sure next year’s spending stays within budget.

Discuss starting a holiday savings account now where money is deposited each month in preparation for the end of year spending. Consider layaway options for bigger gifts. Plan for homemade gifts. Maybe a summer garden will provide the family with the makings of some homemade jam to gift next December. And don’t forget to think about the opportunities to earn some extra cash this summer when school is out. A good old-fashioned lemonade stand could help make a nice contribution to the holiday savings account.

Over 5 years ago I met Chicago City Treasurer Stephanie Neely when we both volunteered as Principals for a Day at a south side elementary school in Chicago.  I gave her a Money Savvy Pig so she could give it to her then 4-year-old son so they had something visual at home to help them talk about money.  Over the holidays, the Treasurer shared her story with the Chicago Examiner of the impact the Money Savvy Pig has had on her son becoming a “determined saver”.  Here’s a link to the article:  http://www.examiner.com/city-hall-in-chicago/federal-program-teaches-youth-about-money

Since that first meeting, Treasurer Neely has become a wonderful partner and advocate to help reach young Chicago Public School students with lessons of financial literacy.  With the Treasurer, through The Money Savvy Generation Foundation, we created a truly unique and rewarding program called the Financial Education Initiative for Students and Families.  To see a video of the impact from the 2011 program, click below.

Thank you, Treasurer Neely, for sharing the Money Savvy Pig with your son – and for making financial literacy a priority in Chicago. Because of you, and the other program supporters, over 200,000 Chicago Public School elementary students have learned about the basics of personal finance over the last few years.  Lessons that will last a lifetime.  Thank you!