Author Archives: Khooppres

Financial Gift Ideas for Young Children

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Parents are their children’s first teachers.  I know I don’t have to tell you that they watch EVERYTHING we do, say, and even the things we don’t do or say.  Because our children are always watching, we often have to find ways to incorporate teachable moments in the least suspecting places.  Christmas time is one of those occasions when parents can incorporate educational opportunities through the act of gift giving.

A key principle for Rags to Riches is to leave an inheritance for future generations, but in addition to establishing a legacy, we must teach children how to be good stewards of what they have.  The earlier we begin teaching our children sound financial principles, the better off they’ll be.  The reality is whether we intentionally teach them or not, many children adopt the financial habits of their parents.  If you are struggling to ‘make ends meet’, I know this is not the future you want for your children.  That being said, I ask you to be open to trying something new.

As you finalize your Christmas shopping this year, consider incorporating at least one financial gift for each child you plan to buy for.  Included below are some pretty cool gift ideas that are affordable, educational and fun:

Piggy Banks – Every child should have a piggy bank.  There are numerous options available, from the most traditional to the talking ATM machine.  I’ve highlighted two types for your consideration:

  • Money Savvy Pig – While this bank doesn’t talk to you or include flashing lights, it helps children develop the habit of allocating their money to key categories – saving, spending, donations and investing.  If children are taught this key principle from the beginning, it becomes second nature and they will always approach money in this manner.  This is a gift that qualifies as a life-long blessing!
  • Summit Zillions Deluxe ATM – This bank incorporates all of the bells and whistles that we have in a real ATM machine.  Although the Money Savvy Pig is my first choice in banks, this is definitely a contender.  Because of the interactive components of this bank, children will seek opportunities to earn money just to deposit it into their bank!

Pretend and Play Checkbook – Children are always looking for opportunities to be ‘grown up’ like their parents.  Think about it; how often do you see young children playing house?  The Pretend and Play Checkbook includes checks, deposit slips, check register, pen and calculator.  While reading the reviews on this item, I was extremely impressed by one couple’s approach.  In addition to giving the checkbook to their child, they included a beginning balance.  Each time the child asked for money, they had to evaluate if there was enough money in their ‘checking account’ and determine if their ‘want’ was worth reducing their balance.  Now that’s a real life experience!

Cash N’ Carry Wallet – My son is always asking if he can carry a wallet like his dad.  This year his wish will be granted.  We have been looking for ways to teach him basic money principles and I think this gift is a perfect way to educate him in a fun and interactive manner!  The set includes play bills in various denominations and plastic coins that are close to the real thing.  It also includes a Visa and Cash Card as well, which just might be the perfect way to introduce the concept of credit management.

Toy Cash Register – There are numerous choices in toy cash registers and children love them!  While completing my research for this post, I was most impressed with Learning Resources Teaching Cash Register.  This toy touts all of the bells and whistles!  Children will be engaged for hours with creative play while learning basic math concepts and money recognition.  In addition to including make believe cash, this toy has a scanner for coupons and credit cards and a scale that really works!  I’m sure that this toy will put a smile on a child’s face even if it’s not the first choice on their Christmas list.

While the gifts highlighted in this post are clearly for younger children, I hope you’ll seek opportunities to give financial gifts to the older children in your life as well.  It’s never too late to start, and many times, sustainable change is accomplished through taking ‘baby steps’.  Please join me in adopting a new principle this year and blessing our children with a learning experience they won’t soon forget!

Place Your Goals Under Arrest!

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As we prepare for the Christmas holiday and the end of the year, many of us may be measuring how successful we’ve been in achieving our goals.  If you haven’t experienced the growth you expected this year, it’s time to figure out what’s really holding you back.  We all start out the year with great intentions, and I would even venture to say that most of us even have the appropriate level of commitment in the beginning.  However, something happens and we allow outside forces to stop us from continuing to pursue our goals or we are stopped by something within us.

I have recently been reading a book titled, An Enemy Called Average, and in one section of the book, the author has a list of questions that he charges the reader to answer.  While reflecting on the things that often stop me when I think I’ve hit a stride, I decided to raise the following questions to you:

  1. What one decision would you make if you knew that you would not fail?  –  FEAR
  2. What one thing should you eliminate from your life because it’s holding you back from reaching your full potential?  –  DISTRACTIONS
  3. What good thing have you committed to do that you’ve quit doing?  –  ENDURANCE
  4. How have the people you respect earned your respect?  –  RELATIONSHIPS
  5. What are your gifts, talents and strengths?  –  PURPOSE

Take some time and answer these questions for yourself.  In your responses, I’m sure that you will find the answer to what’s holding you back.  Next to each question, I’ve listed a factor that has to be addressed if you want to achieve success.  Let’s take a closer look below:

FEAR – At some point, we all have dealt with the fear of failure.  F.E.A.R. is merely false evidence appearing real.  However, when we experience it, it feels very real.  Make a commitment to yourself to move in spite of the fear.

DISTRACTIONS – I know that I’m not sharing any breaking news when I say that life moves at a rapid pace and is often full of distractions.  To achieve anything in life, you have to learn to move past life’s distractions.

CONFIDENCE – Become your own cheerleader.  There will be times when you may be disappointed to find out that the people you thought were in your corner are not.  Naysayers are a reality, but you have to believe in yourself and know that the naysayers can’t keep you from your destiny.

ENDURANCE – I think endurance and consistency go hand in hand.  Don’t worry if you find yourself falling short in this area because endurance is developed over time; you have to work at it.  No one runs a marathon without practicing.  The same concept applies when we set out to accomplish our goals.  The more we work at it, the more endurance we’ll build over time.

RELATIONSHIPS – If you’ve followed my blog, you’re familiar with the phrase, “iron sharpens iron.”  Check the company that you’re keeping.  If they are not goal oriented, it very well may be the reason you’re having trouble achieving your own.

PURPOSE – This is merely my opinion, but if your goals are not aligned with your purpose, you may have a difficult time reaching them.  I think our inner-compass prevents us from moving forward.  If you feel like a hamster on a wheel, it may be time to assess if your goals are derailing the journey to your destiny.

There’s officially one month left in 2011.  If you have fallen short in accomplishing your goals, spend some time reflecting on the questions included in this post and make a commitment to start again.  In the book, An Enemy Called Average, the author states, “Thoughts lead to purposes; purposes go forth in action; actions form habits; habits decide character; and character fixes our destiny.”  Let’s adopt this principle, recalibrate and try, try again.

Give Thanks and Keep the Bank!

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Today is a day when most of us will reflect on our blessings, spend time with our loved ones, and eat till our heart’s content.  In addition to enjoying great food, family and friends, many of us will stand in line to take advantage of the numerous deals that will be available on Black Friday and Cyber Monday.  According to a study performed by American Express, Americans will spend an average of $831 on gifts this holiday season with many spending $504 on Black Friday.  While it’s nice to think of others and remember them through the act of gift giving, we should not create additional stress for ourselves by ‘giving away the bank’ during the holiday.  After all, there’s life after Christmas day. 

Before you join the masses in the ‘hustle and bustle’ tomorrow, consider the following money saving tips and gifts that can benefit the recipient beyond Christmas day:

  • Establish a Gift Giving Budget.  Before you begin your shopping journey, decide how much you can afford to spend.  I recommend that you not only establish a lump sum budget, but you should also create a list of all the people you plan to buy for and establish a budget for each person.  If you do plan to begin shopping on Black Friday, take time today to create your detailed budget and review the numerous sales ads that will be included in today’s newspaper.  In essence, develop your plan of action
  • Give Gifts that are Impactful.  Take a moment and think about those on your list.  What makes them tick?  What causes are they most passionate about?  I’ve often heard people say, “What do you buy for someone who has everything?”  In lieu of buying something that they may not use, consider making a donation to their favorite charity.  You might also want to consider their hobbies; a gift card to a store that supports a hobby (e.g., Hobby Lobby for a Scrapbooking, Bass Pro Shop for hunting and fishing, etc.) will definitely be appreciated and used by the recipient
  • Give the Gift of Exposure.  Perhaps you have someone on your list that has never experienced being pampered, or maybe they’ve talked about taking dance lessons, but have never taken the time to do so.  This holiday season; consider giving a gift of a new experience.  This is especially important for children.  Many times as parents we will buy toys and video games for our kids, but what if we used that money to pay for swimming lessons, basketball camp, or music lessons?  Remember, we are significant contributors to our children’s value system.  This Christmas, think about the camps or lessons that you wanted to enroll them in last year but didn’t have the money to do so; take a moment and set aside a portion of your Christmas budget to ensure that they’re able to participate this time around.  A child may not remember what toys they received from year to year, but they will remember a gift of exposure

As we ‘break bread together’ and enjoy our families, don’t forget the reason for the season.  Take a moment to pray for those that are less fortunate, and make a commitment to keep your Christmas spend within your means.  Although my father-in-law is no longer with us, he had a saying that I will share with you today, “Love one another and take care of one another.”  Happy Thanksgiving!

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