National Money Night Talk $50 Giveaway

Wow! Great answers, everyone. I had a really tough time selecting a winner. Thank you all for contributing. Rest assured that if you aren't chosen, you will have a chance to win in September, and then again in October. So stay tuned for those giveaways. They may even be for bigger amounts. ;)

Okay. The winner of the $50 Amazon gift card is.....Jerry!!!!! Congrats to Jerry! Thanks again, everyone for your comments! Look out for the next giveaway coming in September.

An important lesson for teenagers is checking your balance once a week on-line is not the same as knowing what you're spending. Most kids see their balance but don't have any idea where the money went. Write it down in your register and add up your categories at the end of each month. It's amazing how what you "think" you're spending on something doesn't always match up to what you're actually spending. Knowing (in and of itself) has the effect of making you more thoughtful about your money and more purposeful in how you spend it.

Heads up kid, social security is going to collapse so let me introduce you to the power of compound interest... Seeing a chart demonstrating the difference between starting with a small amount now (and automating the transfer into the account) versus starting 8 years from now (even with more money) made all the difference and my 19-year-old started a roth IRA.

I told my daughter to choose a bank that rounds up your debit card purchases to the next whole dollar as an easy was to watch her savings grow.

Wow - just one tip? That is hard ( you know we parents like to give lots of advice :)

I would strongly encourage my children to start IRAs as soon as they have earned income and make it a priority to contribute even when they are not making a lot of money. Early savings makes everything later so much easier.

I told all my kids that regardless of how much or how little they made to ALWAYS save at least 10% of it and not touch it unless it was an emergency.

The best tip that I could give any teenager would be to create a budget and stick to it. Consider money for savings into your budget each month so that if emergencies come along you are prepared.

I suggested to my sons that when they want an item, to give it consideration at the very least over night. This has worked well and many items/wants have gone unpurchased and money saved. We live in a instant gratification society and I believe this has helped by my college aged children. My oldest son has used his money to start a 401k.

Get a credit card and pay it off every month.

My tip would be not put all your eggs in one basket when it comes to income. Whether having a side job or your own business, freelance, etc..you need to expect the worst such as losing your job and be prepared to have other incomes coming in.

My best tip to my daughter was I introduced her to Dave Ramsey. she has paid off all her credit cards and has no debt and she is only 22! She has irregular income and budgets like crazy and is a saver too. I am so proud of her. Budgeting is the ket for this family. :)

Well, I have told my cousin who just moved in her own apartment to keep a budget and to always keep just a little to save even if it is just a couple of bucks every month and to put it away so she can not touch it unless it was an emergency so she gives it to me to hold for her.
My grandfather always told me to never keep money in my pocket,he said it would burn a hole through my pocket. I understand now that he meant I should put the money away and not carry it with me so my temptation to spend it might have a chance to subside after I left the store that was tempting me. You know,he was always right!

My tip would be to keep a notebook or Excel spreadsheet with expenses, and keep yourself on a budget. If you notice from your spreadsheet that you're going over budget during the month, you have time to decrease your spending so you can meet your budget goal by the end of the month.