AMEX National Money Talk Night $50 Amazon Giveaway

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Congrats to our $50 Amazon Gift Card Winner Denisa! American Express will be contacting you shortly to claim your reward.

American Express, in conjunction with Jean Chatzky, is sponsoring a National Money Talk Night on Thursday, September 16th 2010 in the hopes of providing young adults with a better understanding of managing their finances independently.

Parents are asked to visit www.MoneyNightTalk.com to download and view available resources and ask as many questions as possible.  Then, on September 16th, sit down with your kids and have the Money Talk.  If you need to, use the website during your discussion to answer any questions your children might have and hopefully the entire family will come out a little wiser in the end.

In celebration of National Money Night Talk, we’re hosting a giveaway around family finances.  We want to know from you, what is one tip you have given your teen or young adult on ways to manage money better? Post your answers in the comment section and enter to win a $50 Amazon.com Gift Card, courtesy of American Express. In addition to winning the prize, American Express will pick their favorite tips from this giveaway to post on the National Money Night Talk website.  We’ll announce the winner Friday morning at 8amET and provide American Express with your email so you can be contacted and claim your prize.

If you’re looking for an example tip, allow American Express to kick things off:

American Express Cardmembers can add an Additional Card with Custom LimitsSM to their account to manage and track a spending limit created for their teen (age 15+). Parents can easily go online and adjust the limit for their child’s card at any time, and for those 18 and up, the Additional Card positively impacts the teen’s credit score.

If you’re loaded with tips, you can also check out two other personal finance blogs that are hosting this giveaway.  Make sure to leave unique tips on each, as any duplicated information will automatically be disqualified.

Published or Updated: December 17, 2011

Comments

  1. meeyeehere says:

    Well, my Grandfather always told me to never carry much money in my pocket,he said it would “burn a hole in my pocket” so he always suggested opening a bank account.
    What I tell my younger cousins is to take 20 percent of what they have evry month and put it away as “untouchable” money and then we sit around trying to figure out how much that would be 5 years from now.Which is always impressive!

  2. Get a little spiral-bound notebook that will fit in your pocket Write down every purchase — EVERY purchase, even a pack of gum — for a month. Look at how much you’ve spent without realizing it on things like Slurpees or sandwiches out even when there’s stuff at home to eat. Now you know why you never seem to have any money left from your paycheck.
    Extra credit: Separate out the non-essential purchases and add up their cost. Find one of those investment calculators that will tell you how much investing even half of that “wasted” money will add up to 40 years from now thanks to the miracle of compound interest.
    I bet you’ll start making your own sandwiches at least some of the time. And I hope you will.

  3. Ben says:

    The better you manage your money, the more X-box and PlayStation games you’ll be able to afford; so learn how to budget and save if you want the latest video games.

  4. Becky M says:

    We are already telling our three year that he needs to save his money in his piggy bank for college!

  5. janet lamont says:

    I taught my children to take any money they get (holidays, birthdays or paychecks/money earned) and divide it into catagories and assign a percentage (i.e., church contribusion, savings, specific fund like vacation money or something special they want to buy) and then no matter how big or small the amount, they are contributing to their financial goals. Thank you.

  6. Matt Vollmar says:

    We are trying to teach our children what we were taught as kids, for all the money that you earn, try and divide three ways, The first third is for saving,the second is for spending,and the last is to go to your favorite charity. Let’s make the world a better place!

  7. Elaine Kontra says:

    I’ve taught my daughter to save for the things she really wants. She has a savings account and anytime she puts money in, I explain that that money needs to stay in there for at least 6 months before she can use it. I use this strategy so she won’t put all her money in then take it right back out because she needs it. Now she has to think about how much she will need from her monthly allowance to keep for use and how much to save for long term purchases. As an example she has only withdrawn money 1 time in the last 2 years and it was to buy a Nintendo DS game she really wanted but didnt have the $25.00 in her possession. She is 9 and already a better saver than I am, although I am trying.

  8. Martha A says:

    Developing good financial habits starts early. When my daughters were young, we opened a savings account for each daughter and established the expectation that one-half of any proceeds from gift money, babysitting money, etc., go into the savings account.

    When they hit the teen years, our daughters used some of the proceeds from their savings to self-finance their international choir tours. As older teens, they fed these accounts regularly to build funds for college and future travel adventures. Just before each daughter entered college, I added each one as another Cardholder on my American Express Account to show that each had earned my trust.

    We also opened joint checking accounts. I teamed up with each daughter to assess her resources, to discuss and plan for expenses, and to examine how to work toward her goals. During their freshman college years, I regularly monitored all their accounts. After that, I stepped back. I am now consulted only as needed because both daughters are financially stable as one builds her career and the other finishes college. I am one happy mom.

  9. kay says:

    The one tip I gave to my younger cousin is to work while he is in highschool and save atleast 60% of his paycheck to help him pay for college and to practice the art of saving now so it’s second nature by the time he is 21. If could just do that at his young age he would be ahead of half of america.

  10. Belinda says:

    We have taught our children to give 10% to others (charity, etc.) first, then 10% in long term savings (can’t touch!), then 10% in short term savings (in a savings account), then to budget the rest. It has always been very helpful for them.

  11. Marilyn B says:

    My father told me never to get any credit cards. I never did and I am very happy about that. It’s been the basis of living a financially sound life. Besides it is much more fun to save for something you want and then go buy it free and clear, than to buy with credit and then have to grieve over paying for something for months into the future.

  12. lisa wilson says:

    I have taught our son to save his money to buy things instead of using credit and paying interest .stargazerATyahooDOTcom Thanks for entering me in the giveaway!

  13. Jennifer B says:

    Always pay cash! If you want something really bad save up for it. That takes away impulse buys and credit card debt. If you want to use your credit card to build credit back it with cash

  14. natalie says:

    a couple of things that weve tried to teach our teen daughter about managing finances have been; 1st we gave her a check book register and fake checks called it a parent bank and whenever she wanted to spend her money she had to check her bank and write out a check. it was a good learning tool because at the age of 15 she was able to experience what it was liketo have a checking account with her own money, before she got out into the real world we learned about bouncing checks and how to balance a check book.
    also we have now signed her up for a prepaid debit card, which is free through paypal and she is able to spend her money with debit function and it will not work unless she has themoney there so we are getting her in the habit of only spending money she has and not using credit, although the card looks similar we are trying to teach her good money habits and it really seems to be working!

  15. Scott Heyboer says:

    I teach my kids to stay away from credit cards and to always pay cash.

  16. Anne says:

    When my son was growing up, we insisted that he pay half towards any major “fun” item he “had to have” such as an electric guitar. It made him really think carefully about what he “needed” versus what he “wanted”. Today, before he buys anything on credit, we remind him to make the same distinction and not get into debt for something he doesn’t absolutely need.

  17. Denisa says:

    Oh, this one is so easy for us. We sit down every weekend and do our budget for the week. We have the kids help reviewing the budget, and by putting the cash in our envelopes. It helps them to see that we have an allowance, too. We also say ‘Well, we’ll have to put that in the budget for next week’ if they ask for anything (new clothes, sleep-overs, everything…). And, they have come around spendidly. They actually ask, ‘Do we have money in the budget for … ?’ now.

  18. Bernie B says:

    If you wish to spend on a costly item, wait at least two days and see if you still want it. itemize all your expenses for one month. You will be surprised where your money goes. If that is what you wish, so be it. Giving someone money rarely solves their problem. More money will not solve anything until you are in control of your spending. Two twins, one puts $2000 a year into an Ira for 7 years, and then nothing for the next 23. The second twin does nothing for 7 years, then puts $2000 a year away for 23 years. Both accounts earn 8% compounded each year. Who has the most money after 30 years? Do the math.

  19. Nancy Black says:

    My advice to my son was open a Credit Union Account, have automatic deductions for savings plus open a IRA and save!! What’s left is his to pay for essentials and gas, and some fun things.

  20. Olivia says:

    Besides the sound budgeting/saving counsel many folks have mentioned, I’ve taught our boys basic life skills. Grocery shopping info like unit pricing, using coupons, checking food ripeness. Clothes info like finding durable items in thrift/discount stores. Skills like laundering, cleaning, cooking, and doing basic home repairs. Once they start driving we’ll include changing tires, checking oil/fluid levels and those kinds of things. All hands on activities impact finances.

  21. kevin says:

    Since poker has been excelling in the past couples years and a lot of TV ads promote online poker sites, I would say to my kid to avoid those sites because:
    1. Each pot is raked on online sites

    2. A lot of professional players play there

    3. You can be addicted to the site and lose money

    4. You can make better use of your time

  22. Bob A. says:

    Always pay off the balance of your credit cards each month so that you don’t end up paying more for items you purchase than the purchase price.

  23. james anderson says:

    everytime you get a check or gifts of money always put 15-20 % in savings for the future, and realize $50.00 put in now will be worth more than $50 put in 2 or 3 years from now due to compounded interest, so use the compounding to your advantage! also realize that each purchase made on a card will have to be paid eventually so only buy what you mujst have with a card and for those things you do not need immediately save up and pay cash for it!

  24. Andrew says:

    Keep your receipts for all your purchases for each week, and every Saturday, deposit $0.50 for every dollar you spent in the past week, into a savings account that you do not dip into. This is a great way to create an emergency fund for later in life and a great way to reduce impulse spending.

    -Another version of this is: Multiply the weekly total amount paid in sales tax by 5 and deposit that into the savings account every week. This works well to emphasize healthy living because grocery food is tax free (so they don’t get penalized for buying good food) and you don’t want to encourage them to cut back on spending by buying unhealthy cheap food. (obviously this trick only works in states with sales tax.)

  25. Eri says:

    (1) Set aside the amount (which depends on the goal they set) to save *first*, then plan on the rest.
    (2) CDs are (a) for security and (b) to take advantage of their rewards program; hence never carry a balance, pay in full every month.
    These two are what I would teach my kids. Simple, but two of the keys to success in personal finance.

    • Eri says:

      CDs -> CCs (credit cards). Sorry!

  26. Mark Badi says:

    Wait out a major purchase for at last two to b sure you are not just rushing into buying something that you do not immediately need.

  27. Claudia M says:

    i teach the Kids to only have 1 Credit Card and only use it for Emergencies.

  28. We like the spend, share, save principle.
    Teach your children by example – save a proportion of income, share with others, church or charity and have an amount to spend to enjoy life guilt free.

  29. Cynthia S says:

    I’ve always taught how fast the money goes bye, especially when used to purchase things that will be gone in minutes like candy, arcade games, etc. It adds up fast, as fast as the money goes. I also address what you can buy when you don’t buy those things, things you will have for some time, not just minutes.

  30. Rakesh A says:

    I have been teaching my kids to treat each dollar like a seed; when planted at an early age, each seed can yield a tree full of fruits at a later age. Similarly, thanks for compounding, each dollar saved can grow into a large pot of money at a later age.

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