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Gift for Garden State Grads!

I know that many of you know how important managing money is to me. I wish there had been someone to teach me a little bit more about the importance of saving (treat it like a tax – you’d put the money in that account if it was a tax!), and what a difference it can make in our peace of mind. So with that in mind, I wanted to let you know about something amazing going on at Boiling Springs Savings Bank for Garden State Grads right now! This is so great, and I’m thrilled to see a bank reaching out to students and rewarding them not only for their achievements, but also helping them get off to a healthy financial start. From May 18 through June 30 (hurry!) Boiling Springs Savings Bank, BSSB, is going to give $20.15 (cute, right? 2015 grads, listen up!) to every student ages 14-23 who opens up a Student Checking Account with $20.15 or more! I love that! [Tweet “@BSSBankNJ is giving $20.15 to #GardenStateGrads through June 30! Go open up a Student Checking Acct!”] Why on earth are they doing this? Because the BSSB Student Checking Account is a great first checking account for high-school students eager to learn how to manage their money, for students heading off to college, and for recent graduates beginning a new career. It’s a great way for parents to start their kids off right, and teach them independence when it comes to money. And in addition to the extra $20.15 that BSSB will add to your child’s brand new account, here are some details on the Student Checking Account: No monthly fees Interest earned on all balances Free specialty checks or a discount on custom checks Free online banking Free online bill payment Free 24-hour telephone banking Minimum deposit to open account is $1.00 (no seriously, just one dollar!) Free transactions at Boiling Springs ATMs with Boiling Springs ATM card or Debit MasterCard Direct deposit Overdraft protection transfer service available At age 23, account will convert to a regular NOW account Boiling Springs Savings Bank will make an interest bonus deposit of $20.15 into all Student Checking Accounts opened with $20.15 or more during the promotion period. I know, you’re ready to run right out now and open up an account for your kids, right? So here’s a list of local locations for you to...

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It’s Only A Penny

It’s only a penny. Or is it? To me, money is money is money. At least, that’s what I told my son as he walked so proudly into the bank last week to deposit his plastic cup full of coins. He’d been collecting our leftover change, and money he found here and there, and putting in this cup in our kitchen. My lesson to him is always “know where your money it. It’s a very powerful tool.” I told him about which account we’d be opening and why. I told him about interest, and let him in on the secret that if you let a bank use your money to lend out, they’ll pay you money in return. He thought this was brilliant. I didn’t have the heart to tell him that they lend it out for even more and make a killing on it, but that lesson will have to come some day. What I want him to learn is that it’s important he never become someone banks lend a lot of money to. As we sat with the kind woman who opened his account, he got rather impatient waiting for all this “stuff” to be done. He wanted to count the money in that cup! I told him that it was important that we get this right, that we learn his account number and that he understand the terms of his account. Then he looked at me like I had two heads and said, “Hey, where is all the money in this bank?” Perfect question to ask, isn’t it? Especially given all the money we’ve all given banks recently. This question produced giggles from the tellers nearby, but they were really happy to see a small child ask these questions and get excited about his account. I told him that the money is in the back and that they don’t just leave it out for everyone to see. This seemed to satisfy him for the moment. Finally, we got to dump the change into the “money counter” run by a cute little avatar named “penny.” He was SO excited to see her and listen to her talking to us. We guessed how much money was in the cup then dumped it in. He was ecstatic. We got the final number (much more than we had thought it was!), and he got to take the receipt up to...

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What About Allowance?

What About Allowance?

This article comes from Amanda van der Gulik, owner and founder of Teaching Children About Money. I have been asked again and again about allowances. The questions are numerous but the main ones are: “Should I give my child an allowance?” “How much should I give my child as an allowance?” “When should I start giving my child an allowance?” “Will an allowance ruin my child’s entrepreneurial spirit?” I understand your questions. Allowances are a very touchy subject and really come down to each individual’s personal strategies for financial education for their child. Teaching children about money can be very difficult and confusing for the parent as well. Most of us were raised with the value that “money is evil,” or “you don’t need to have money to be happy.” But have you had a good look around you lately? Can you find me a family who is in a lot of bad debt that is not stressing about its finances? Maybe money doesn’t make you happy but not having money will make you a lot more unhappy, I can tell you that for sure. Just imagine, you have a recurring income of more than $10,000/month. How would that feel? Would you feel stressfree because you are now able to pay off all of your expenses and thereby not create any bad debt? How will you feel when you have money left over at the end of every month instead of living paycheck to paycheck? What if you were financially able to give away 10% of your income, every month, without even noticing the financial impact? What would you give it to? Who would you like to help? How would it feel to be able to help others in need with the extra money that you are earning without even feeling the financial impact? It would be pretty awesome right? So how does this tie into the topic of allowances? Here are some of my own suggestions on the topic to get your financial juices flowing. Maybe when we give our children an allowance it might start to create the feeling of entitlement in our child? What if by giving our children an allowance we were actually hindering their financially creative minds? Would they be so used to just getting money that they wouldn’t even bother to come up with creative new ways to earn their own money? And...

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