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Maggie

Blog Info

Name:
National Bank of Mom
Category:
Family
Tags:
Start Year:
2016

Blogger Bio

Location:
Pennsylvania, United States
Age:
30s
Race:
Unspecified
Gender:
Female
Life stage:
Unspecified
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Latest Blog Posts

Have you ever heard a friend or relative say, “I’m bad with money.” (Or maybe you’ve said it yourself.) Maybe you think that one can either be “good with money” or “bad with money.” If you’re “bad with money,” that’s just the way it is. You can’t change it, so you might as well live it up! Beyond the scope of money, you may also think you’re “not creative” or “bad at math” ...
Posted: Sep 28 2017 @ 8:53 PM
Several weeks ago, my sister sent J a gift in the mail — the Harry Potter Lego Dimensions Team Pack. J is a HUGE Lego fan, so naturally Legos are a great gift for him. When he received them, however, he told me that he didn’t have the rest of the parts necessary to use them. Apparently you need a starter pack, and oh, it’s available for PlayStation 4, PlayStation 3, Xbox ...
Posted: Sep 12 2017 @ 9:05 AM
For over a year, I have been paying J interest at the Bank of Mom. He started with $45.00 and earned $1.35 the first month. (I pay 3% monthly.) This month, he’s up to $231.99 and earned $6.76 in interest. I print and email him a copy of the statement each month. (He has his own email address and when I send the statement, I add other notes and tips. Hopefully he will ...
Posted: Aug 30 2017 @ 3:16 PM
Back in March, we went on a road trip and J calculated how much we spent. I thought it was great for him to be able to see exactly how much a vacation really costs. So when we went to Virginia Beach a few weeks ago, I wanted to have him calculate the cost again, with a few tweaks. During the trip, we collected all receipts in a folder. We didn’t attempt to ...
Posted: Aug 30 2017 @ 2:29 PM
Allowances. To give or not to give. It’s a hot topic. To put it simply, I think there are three main camps: Don’t give it at all. I already feed, clothe and shelter you. Give it unconditionally. Here is some money and it is yours. Give it conditionally, based on desired actions. Here is money for completing X chores, getting Y grades, etc. And we… Subscribe to the second item, unconditionally. With caveats. (I realize that ...
Posted: Aug 11 2017 @ 10:57 AM
At the end of every school year, the teacher sends home a few summer learning packets. There is normally a packet for math and one for reading/language skills. You’ve probably heard the statistics on summer learning loss — that kids lose at least one month of learning over the summer. I’m in favor of the idea of these packets, but in practice they’ve never worked for us. We just don’t get around ...
Posted: Jul 30 2017 @ 4:01 PM
If you’ve been around awhile, you know that my focus on National Bank of Mom is 1) teaching my son kick-ass money management skills and 2) fostering good communication between us. I teach him how to balance his savings, spending and giving accounts, how to plan for a large purchase and how to save at least 10% of his income. The more I thought about it, though, the more I realized that talk ...
Posted: Jul 18 2017 @ 11:07 PM
Late last year, J took a trip with his dad to visit his cousins. When he got home, he recounted all his adventures and added, “they must be rich because they have a pool.” A few years ago, I would have agreed with him. His cousins have a very large house, drive fancy cars and take elaborate vacations. But then I read The Millionaire Next Door. (Here’s the first chapter if you ...
Posted: Jun 30 2017 @ 11:28 AM
J’s 9th birthday party was last weekend! If you remember, we asked for no presents, phrasing it like this: “Please, please no gifts for the birthday boy.” And if guests wanted to, they could bring something to donate to our local animal shelter. We said: “J would like to make a donation to [Specific Shelter] for his birthday. If you would like to donate with us, please consider something small from ...
Posted: Jun 20 2017 @ 10:51 AM
A few weeks ago, J and I went out to dinner with my parents. When the check came, my dad asked J to calculate the tip. Luckily we had just talked about this, so he was able to figure it out — but it made me think about all of the other money and finance lessons I’ve learned from my parents. So far I’ve mentioned that my dad would drill me on ...
Posted: May 30 2017 @ 3:11 PM

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