SavvySugar

Monitor Your Children's Allowances Like Citibank Millionaires

SavvySugar — Fri, 20 Aug 2010 13:00:37 PDT

Citibank recently launched one of the latest web tools for the fabulously wealthy: an online system called Spend Grow Give that monitors their kids' allowances. It's a strategy that aims to capture a chunk of the millionaire heir market. By getting them involved at a young age, the bank is hoping this will ensure the heir's loyalty even after he or she reaches adulthood.

The good news is you don't have to be a millionaire to track your children's money the techie way. I found a pretty nifty downloadable program called KidsSave that costs $19.95. Unfortunately, it's not a website, but you can try it free for 35 days to see if you like it. You can set up accounts for your children, enable saving locks, and even create interest rates for their allowance. Judging by the fun buttons and bright colors, it seems to be pretty kid-friendly!

Parents find negotiation for cars and talking to their children about finances to be equally stressful, according to a new poll by PASS from American Express. Perhaps using a program like this is a great way of introducing the topic!

Does Abigail Breslin Earn More Allowance Than You Did?

SavvySugar — Tue, 30 Jun 2009 08:30:55 PDT

She may hold a place on Forbes' Young Hollywood's Top-Earning Stars list, but Abigail Breslin has to earn her allowance like any other kid. The My Sister's Keeper actress celebrated her thirteenth birthday in April, and in her house that meant her allowance increased by $1. She earns her age in weekly allowance, and the chores she must fulfill for the $13 might sound familiar to what you had to do as a kid. Abigail described her duties to People magazine and said,

My chores have gotten a little heavier. My brother used to always to feed the cat and now I feed the cat, which isn't a big deal, but it kind of is, because my cat eats tons. It's like an all-day long cycle.

What chores did you have to do growing up? And did you get an allowance for completing them?

Tell Mommy: Do Your Kids Have a Budget?

babysugar — Sat, 01 Nov 2008 05:00:00 PDT

Suze Orman may be the money guru of today, but sometimes I think she took a page from my parents' handbook on raising financially responsible children. Growing up, my folks paid us for hard work done around the house and allowed us to spend it how we wanted. My chores included cleaning my room, making my bed, helping with dinner, doing dishes, and other things that eased the burden on my mom and step-dad. As we grew older, my sister and I had to set up a budget for our monthly expenditures. Based on our needs and wants, our parents devised a monthly allowance for us. It taught us both that perhaps a Polo shirt wasn't as necessary as the cheaper version available at Target.

Tell mommy, do your kids have a budget?
Source

Your Two Cents: Did You Get Money For Good Grades?

SavvySugar — Wed, 27 Aug 2008 06:30:17 PDT

It's back-to-school time, and most middle school students in Washington, D.C., are entering with new motivation to do well in school. The district is testing a new incentive program that rewards kids with money for getting good grades, and they could earn up to $100 per month.

While my parents didn't use money to motivate me to get good grades, many of my friends' parents paid them for doing well in school. Did your parents use money to motivate you?

Source

Guess Who? Always Trying to Save

SavvySugar — Tue, 12 Aug 2008 11:00:48 PDT

"I paid for my cheerleading and everything [by working at Wendy's for six years]. It was like whatever you want to do outside of school, you have to pay for it. I never had a car because I was always trying to save."

Do Your Kids Earn an Allowance?

LilSugar — Mon, 02 Jun 2008 05:00:28 PDT

My daughter loves slipping crisp bills into her purse. On a recent outing, we stopped for lunch and when the check came, she announced, "I'll pay! I'll pay! It's MY treat!" At four, her cash flow comes more from her dollar gifting Grandpa then from accomplishing chores. That's not to say that she doesn't pitch in a hand around the house, but at this stage in the game we aren't doling out an allowance or teaching her financial responsibility.

Do you give your kids one?

Source

Your Two Cents: When Should Kids Stop Getting Allowance?

SavvySugar — Thu, 22 May 2008 08:17:18 PDT

If you watched Gossip Girl this season you probably noticed the characters' drool-worthy clothes, gadgets, limos and upper-crusty lifestyles don't come cheap. Even though it's pure fiction, the show's depiction of a pack of wealthy New York City teenagers raises some questions about our culture's financial ideals and expectations. Namely, how much money should children and teenagers be given and what kind of monthly allowance are these teenagers getting? Giving children a weekly allowance can be a useful way to begin teaching them about the cost of living, but when should you stop giving your children allowance?

Photo courtesy of the CW

In Her Shoes: April Beyer, Matchmaker and Relationship Coach

Anna Monette Roberts — Tue, 14 Feb 2012 03:05:36 PST

In the spirit of Valentine's Day, April Beyer, expert relationship coach and matchmaker, gives SavvySugar an insider's look into her unique career. Helping men and women find lasting relationships for almost 14 years, she is the founder and president of Beyer & Company, a matchmaking and relationship consulting firm. She's frequently interviewed and has been seen on Dr. Phil, 20/20, and Good Morning America. Beyond her weekly clients, April writes on her blog, conducts seminars, and is working on a book to help women prepare for love and romance. April tells us what it's like to assist other people on their journey to finding love and happiness.

SavvySugar: Can you tell me about your career path and how your business has grown throughout the years?

April Beyer: I started out in the high-end matchmaking industry nearly 14 years ago. I had worked with a matchmaking company and was there for about six or seven years. I was responsible for many marriages there. In 2003, I decided to venture out on my own and start a relationship coaching and consulting business. Now, I still have my matchmaking company. I work with a handful of highly successful marriage-minded men. I am also a coach and a writer.

Now my passion is to help women better understand themselves first so then they can naturally attract the man of their dreams. I am a little bit more of a holistic dating and relationship coach, but I think of myself more as is a communication and authenticity coach. For me, it's not about teaching people dating skills, it is teaching them relationship skills.

Click here to read more about April.

How to Adjust Your Tax Withholding

Kiplinger — Mon, 13 Feb 2012 16:14:10 PST

We're thrilled to present this smart Kiplinger story here on Savvy!

Political theater over whether or not to extend the 2% payroll tax holiday has overshadowed the fact that most workers can do more to reduce the amount of tax withheld from their paychecks than anything cooked up in Washington.

The power-to-the-people ploy? Using a W-4 form to put an end to overwithholding from your paychecks. First, let's set the stage. Even as anti-Washington sentiment rises to a fever pitch, most middle-class Americans continue to allow the government to claim more than its share every single payday. The proof: In 2011, 109 million of the 145 million individual tax returns filed called for refunds. That's 75%. The average refund last year: $2,913. That's significantly more than even the highest-paid worker gets from a 2% payroll tax holiday.

Yes, we love our tax refunds. But we ask this simple question of those of you who get refunds year after year: Doesn't it make more sense to get your money when you earn it?

If you agree with us that the answer is a resounding "yes," we have good news. Unlike stubbornly high unemployment, it's easy to fix overwithholding. All you have to do is file a revised Form W-4 with your employer. The information on that little form determines how much federal income tax is withheld from your checks. The more "allowances" you claim on the W-4, the less income tax will be withheld.

Read on for more.

Experts Say Sexism Keeps Women Out of Military Combat Roles

Annie Scudder — Mon, 13 Feb 2012 12:06:25 PST

Ask GOP presidential candidate Rick Santorum why women shouldn't be allowed to serve in combat roles, and he will give you various reasons. First off, a man's emotions. Santorum believes men will try to save their fellow female soldiers, explaining this weekend: "instead of focused on the mission, they may be more concerned about protecting someone who may be in a vulnerable position, a woman in a vulnerable position." In addition to chivalry, Rick says "You throw on top of that just simply physical strength and capabilities," and women simply can't handle the job. Fortunately, the military, which recently opened 14,000 combat jobs up to women including tank mechanic and front-line intelligence, doesn't completely agree with Rick, and experts say "sexist" attitudes are responsible for a policy against trained female soldiers serving in combat positions.

Sociologist Ryan Kelty, who specializes in studying the military, tells LiveScience that the old-fashioned belief that women must be protected is not a good enough reason to exclude women who want to and are capable of serving their country. In other words, chivalry is not a legitimate basis to deny a woman employment, especially when there is no evidence that professional and highly trained male and female soldiers are incapable of carrying out their missions. Kelty explains the military should employ gender-neutral, objective requirements. For example, a soldier should be able to carry 100 pounds for eight hours, regardless of gender.

There may be back and forth, but the truth is that women already serve in these combat roles. In Iraq and Afghanistan, 144 women have lost their lives, 60 of them in combat, while 865 have been wounded. And countries including Canada, Israel, and Australia already allow women in close-combat roles. Despite the slow evolution of American rules on women serving, it can be said that the US military doesn't have the most retro policy. In China, women recruits must display a talent like singing or dancing and Russia holds a Miss Russian Army beauty pageant.