Fun Ways to Teach Kids about Money

by Sara Seeger 19. June 2014

1st Mariner Piggy Bank

Encouraging positive and responsible money habits in your children's minds is arguably one of life's most important lessons. The sooner children start learning about the "value of a dollar," the better. However, kids don't have to know how to count to be introduced to and taught about money. Luckily, with today's technology, there are many ways to make learning about money fun for kids of any age. Read on for some quick tips to make learning about money fun.

1) Use Cash Yourself

Try not using a credit or debit card on everyday purchases. By allowing your children to see you use cash, they will begin to understand the value and purpose of money. Other great ways to introduce your child to money is to take them to an ATM so they can watch you withdraw money, or let them deposit coins in a parking meter.

2) Give Them a Piggy Bank

Children's piggy banks come in a variety of colors and designs. Some even have their favorite movie character or superhero. A piggy bank will teach children to put away money for saving, and that this savings can be used to purchase an item or toy they really want. There is also a newer "modern" piggy bank that has multiple slots that divide money into categories such as save, spend, invest and donate.

3) Go Online

The Internet is full of age specific money games for kids. T. Rowe Price teamed up with Disney to create an interactive, online game called “The Great Piggy Bank Adventure.” This game teaches age appropriate financial lessons, such as the importance of saving money with a specific goal, interest, and financial distractions.

4) Play Games

Board games are also an easy and non-invasive way to talk about money. Board games, such as Monopoly, The Game of Life, and Payday, help children develop and master their financial management skills.

5) Give Them an Allowance

There’s a strong argument that an allowance is the best way to teach a child about handling financial responsibility. An allowance reinforces the lessons that money is limited (even yours) and it must be earned. Use allowances to combat the “I want this” during a Target trip, and let your child know that they need to bring their own money from their allowance if they want to buy something.

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Infographic: Traditional vs. Roth IRA

by Sara Seeger 12. June 2014

We know there are lots of different types of retirement accounts, and it sure can get confusing! Here's a simple illustration of the differences between Traditional and Roth IRAs.

Traditional vs Roth IRS

This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax advisor.

The Roth IRA offers tax deferral on any earnings in the account. Withdrawals from the account may be tax free, as long as they are considered qualified. Limitations and restrictions may apply. Withdrawals prior to age 59 ½ may result in a 10% IRS penalty tax. Future tax laws can change at any time and may impact the benefits of Roth IRAs. Their tax treatment may change.

Securities offered through LPL Financial, member of FINRA/SIPC: www.finra.org; www.sipc.org. Insurance products offered through LPL Financial or its licensed affiliates. 1st Mariner Bank is not a registered broker/dealer and is not affiliated with LPL Financial.

The LPL Financial Registered Representatives associated with this site may only discuss and/or transact securities business with residents of the following state: (MD)

NOT FDIC Insured Not Bank Guaranteed May Lose Value
NOT a Bank Deposit  

 Not Insured by Any Federal Government Agenc

 

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Father's Day Gifts He'll Actually Use

by Stacy Tharp 11. June 2014

Father's Day

If your father is anything like mine, when asked what he wants for Father’s Day, he’ll reply, “I could use more socks.” No, Dad, I’m not going to get you socks. Instead, take matters into your own hands. Get him a unique gift based on one of his hobbies or interests – that way you know he’ll put it to good use! Here are some examples:

For the Dad with Baltimore Pride:

If there’s one thing that all Baltimore dads have in common, it’s that they can’t get enough Old Bay®. Help your dad season his crabs, shrimp, fries, eggs, pizza, etc. with style with this Old Bay Crab Feast 2 Piece Set. Throw some of these Old Bay® Seasoned Virginia Peanuts on the side (or make your own Old Bay® concoction!) and you’ve got yourself a nicely themed gift for your Baltimore dad.

For the Baltimore Techie:

If your dad spends a lot of time by the computer, get him something useful that also allows him to show off his Baltimore pride, such as a crab-themed wireless mouse. Or if your father always has at least one eye on his mobile phone, how about a crab-themed iPhone case? You could also go for the DIY approach with a hand print crab. It’s shown here on a T-shirt, but you could do the same thing on a mouse pad or anything else!

For the Golfer:

If you’re looking for a nicer gift (possibly a group gift), consider the Garmin Approach® S1. This sport watch features a GPS which can measure individual shot distances and track how far you walk on the course. Also check out the other Approach® models for different features.

If you’re looking for a golf-themed gift that’s a little bit easier on the wallet, golfer dads could always use more of their favorite golf balls or golf gloves. Add a personal touch by creating a basket of all of his favorite items on the green: golf balls, tees, snacks, drinks, sunscreen, etc. Or this DIY golf tee porcupine is a great gift from the kids.

For the Grill Master:

No matter how much your dad enjoys grilling, no one likes cleaning up afterwards. This Grand Grill Daddy Platinum Steam Cleaning Grill Brush makes cleanup a breeze. If you’re looking to spend less, how about a BBQ wing rack, a seafood grill rack, or even a jalapeno popper grilling rack? Round out the gift with your dad’s favorite rub or barbeque sauce, or make your own homemade sauce.

If your dad doesn’t fall into one of these categories, choose a hobby he does enjoy and I’m confident you can come up with a creative gift that he will love! You can view our Pinterest board for more ideas.

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