Teaching children the value of money and financial responsibility is one of the most practical and important lessons children can learn. Our consumption-driven society has never been more fiscally irresponsible. In 2006, the savings rate was a negative 1 percent! So on average, people not only spent every dollar they made, but also had to either go into debt or draw on their savings to spend even more. There hasn’t been a savings rate this low since the Great Depression. Of course, during the Great Depression, the unemployment rate was at 25% – today it’s less than 5%. Back then, people were forced to spend more than they earned just to take care of their basic necessities.

Read more ...

I needed some money for food and stuff.

I looked into my "impressive" checking account into which my pay gets automatically deposited and saw $2.63 in it and my account for spending had .93 cents in it (which was an improvement from the .84 cents that was in it at another point.) I had some plans to make a trip to go visit a Jewish friend in another state for the week of my birthday that was coming up.

Read more ...