But if you’re like the typical American, you may also struggle when it comes to being a good financial role model for our youth.

A study by Northwestern Mutual revealed that 71% of parents feel that children should begin learning about money no later than the 1st grade. Yet, five in 10 parents say they do not set a good example when it comes to handling money, and that they are not capable of properly teaching their children to manage money.

Fortunately, you don’t have to rely on your own background and training – or the mistakes you may have made – as your only source of information. Here are a few other resources that can help you spread financial literacy to the youth you know.

Ever Heard of NAOI, NEFE or NCEE?

To boost your financial literacy, enroll in an adult education class on personal finances. To educate yourself about investing, join the National Association of Online Investors (NAOI), which has great online study courses.

For resources, fun games, tips and ideas for teaching youngsters about money, log onto http://www.nefe.org/ or call the National Endowment for Financial Education at 303-741-6333.

The Northwestern Mutual survey found that less than 40% of parents talked about credit cards, loans and debt, and their own family finances with their kids. Fewer than one in four parents (23%) talked to their children about how to invest.

When asked why each topic was not raised for family discussion, most responded, “Children have no business knowing this.” Others said they “didn’t think of it” or that they considered their children too young to broach these issues. But researchers also suggest another theory.

“It is almost certainly lack of confidence with their own financial management skills that keeps parents from discussing some of the more complex, and key, money issues with their children,” says Mark Schug, professor and Director of the University of Wisconsin-Milwaukee Center for Economic Education.

If you are a parent or educator who would like more information and free materials on personal finance education, another source to check out is http://themint.org/. That web site, jointly run by Northwestern Mutual and the National Council on Economic Education, offers practical tips, lesson plans, newsletters and interactive challenges to help teach kids of all ages about money.

Teaching Kids About Choices With Money

There are a few other companies and initiatives that I consider enormously helpful for any parent, educator or adult who wants to teach kids about money – or even improve their own financial knowledge.

One of them is a fabulous web site, www.moneysavvygeneration.com, where you can get a special four-chambered piggy bank for kids. I consider this a 21st Century piggy bank, because instead of having just one slot, this Money Savvy Pig has four slots where youngsters can put coins or dollars.

Each slot is labeled “save,” “spend,” “donate,” and “invest,” in order to teach kids about the choices they have with money. I have these educational piggy banks for my kids and they love them. Susan Beacham is the co-founder of Money Savvy Generation. She and I have co-authored The Millionaire Kids Club, a series of four money-management books for children between the ages of five and 12.

Citigroup has one of the most comprehensive financial education programs I’ve encountered. For adults, there’s Citi Cards’ “Use Credit Wisely” program, as well as its “Hablando de Credito” or “Let’s Talk About Credit” education effort for Spanish-speaking consumers.

Both offer a wealth of personal finance tools, help and information. In 2004, Citigroup launched a 10-year, $200 million campaign to support financial literacy programs around the globe.

Additionally, its Smith Barney unit has a great Young Investors Network that’s good for middle school and high school students. The youngsters in the Network are taught fiscal responsibility, they learn how to calculate their college expenses, and they participate in a stock-portfolio contest, among other activities. To learn about the full range of personal finance initiatives sponsored or run by Citigroup, visit the company’s web site at www.citigroup.com. Then click on the “Financial Education” button found in the “Corporate Citizenship” section

Finally, “Hands on Banking” is a wonderful program by Wells Fargo that teaches money skills for four age groups, ranging from fourth graders to adults. The curriculum is fun to use, free of charge, and available in both English and Spanish. A bonus element of this curriculum is that anyone can use it, because it’s designed for self-paced, individual learning, as well as for classroom and community groups. Get more info at www.handsonbanking.com.

I could mention tons of other organizations and initiatives, such as the impressive YourMoneyCounts.com educational site funded by HSBC, and the terrific financial literacy work being done nationally by the JumpStart Coalition or the New York-based WorldofMoney.org, which is planning to take its mostly African-American students to China in 2013.

So this list of resources is not meant to be all-encompassing. The important thing to know is that there are reputable, quality sources of information and advice to put your children – or the youth in your sphere of influence – on the path to financial literacy.

“Ask The Money Coach” is a syndicated column written by personal finance expert Lynnette Khalfani-Cox, co-founder of the free financial advice blog, AskTheMoneyCoach.com. Follow Lynnette on Twitter at @themoneycoach.

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The bad news: Our most recent Great Recession and the things that precipitated it have exposed our desperate need for financial literacy in America as never before. The good news: The Great Recession and the new economic realities resulting from it has created a generation of teens more hungry for financial education than perhaps any generation before it. They’re ready to listen. But when it comes to teaching kids about money, as parents, teachers and mentors, we must be equally ready to not only talk, but initiate the conversation. Here are some ideas to help you do just that, with the goal of teaching our teens to become financially responsible adults.

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The worst thing you can do is to avoid or delay the talk. Teaching kids about money may mean breaking generations of family tradition making it a taboo topic. Your parents and grandparents never had to face the kinds of personal financial responsibilities that we face, and our children will continue to face. They may not have known better, but we do. It is our responsibility to prepare our children to handle money well. In fact, closing the much lamented Black Wealth Gap requires us to see to the financial education of future generations as well as commit to improving our own financial literacy.

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Accept that you must set the example. For them to be more responsible with money, you must be. If financial literacy and honesty is not a priority for you, it won’t be for them. For example, your kids should see you reading at least one money book a month, and you should be sharing and discussing such books with them as well. Go a step further and buy age-appropriate books aimed at children and teens specifically focused on boosting their financial literacy. Don’t just hand them out and walk away—read them together. Young people within your sphere of influence should also see you reading Black Enterprise and other financial publications, and visiting Black Enterprise.com and other sites that address personal finance and business topics.

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Communicate as early and as often as possible that your money is not their money. Your obligation to your kids is to provide adequate food, clothing and shelter—not necessarily the best money can buy—and to see to their education and character/moral development while they are minors. Going much further than that will not only make teaching kids about money more difficult, but could hurt, not help them, in the long run. Remember, your primary job as a parent is to transform your dependent minors into financially responsible, self-supporting adults. You won’t do that if you insist on providing for their every whim.

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Teach our youth to value earned money over gifts or loans. The latter have their place—and their price. The best money is earned, not freely given. Loans must be repaid, often with interest and fees. Gifts nearly always have strings attached (which is why your parents wouldn’t allow you to accept gifts from your friends without checking with their parents, if at all.) Once you’ve provided for their basic needs, require your kids to work for everything else, by getting on the honor roll, doing extra chores, starting a business, picking up age-appropriate part-time jobs—anything that requires them to put in time and effort to get paid.

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Be open about setting financial goals and priorities for your household. When it comes to teaching your kids about money, transparency is a powerful tool. There’s no better way to help your kids develop a comfort level with saving and investing for long-term goals. Your kids desperately need the reality check of reviewing household bills with you each month in order to understand the true value of money and that cable TV, water, light, food and shelter are not free. Instead of treating the term “budget” as a dirty word, encourage your kids to develop spending plans and stick to them. Find ways to reward such behaviors, for example, by agreeing to match, dollar for dollar, savings toward an agreed upon long-term goal, such as college. Does she want $1,200 dollars for a new dress for the senior prom? Agree to pay for half, but only if she presents a plan to come up with the other half between now and when the money is due. Better yet, encourage her to find a dress for a lesser amount, perhaps by agreeing to match every dollar she saves with a contribution toward a long-term savings goal.

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Teach them the difference between smart money and dumb money. In his latest book, The Wealth Cure: Putting Money In Its Place, actor and best-selling author Hill Harper explains that dumb money is spent on things that decrease in value while you sleep, while smart money is spent on things that increase in value as you sleep. Money spent on credit card interest payments is dumb money. Spending on investments that grow in value and pay interest and/or dividends is an example of smart money. Helping your kids to see the difference will go a long way toward their making smarter money choices.

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Teach kids that spending is not the only thing they should be doing with their money. Require them to put at least 10 percent of any money they get toward savings for long-term goals such as college. Another five to 10 percent should go toward charitable giving, such as tithing at church or buying clothing or food for donation to the less fortunate. That leaves up to 80 percent for them to spend, which is quite a lot given that you are already providing for their basic needs.

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Remove the stigma from the phrase: “I can’t afford it.” Teaching kids about money means taking into account the emotional factors we all associate with money and spending. One of the biggest psychological/emotional factors behind our failure to live within our means is attaching feelings of shame, disappointment or unworthiness to the idea that we can’t always have what we want when we want it. Remove the self-judgement associated with “I can’t afford it” by adding the words “yet” or “right now.” Then help them to come up with a plan to budget and save for what they want.

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Using credit as a substitute for money you don’t have or have access to is credit abuse—teach our kids that it’s unacceptable. Credit is meant to be a convenience to help you avoid carrying all of the cash you have access to, not a way to spend when you are broke. Learning and practicing this simple lesson alone would prevent tens of thousands of our kids from beginning adulthood saddled with credit card debt. Taking on student loan debt should be a last resort for financing a college education, but does fall in to the category of smart money. Excessive credit card debt is a classic example of dumb money.

Want these lessons to stick? Then, again, we have to set the example. Remember, kids, and teens in particular, can spot hypocrisy a mile away, even if they are two respectful to call you out on it. What we preach to them about handling money we also have practice ourselves.

The program Brendan attended, the Youth Investment Club, is jointly run by the Lanham, Maryland-based Literacy Institute for Financial Enrichment and Reid Temple AME Church in Glenn Dale, Maryland. Brendan and about 24 other students received a crash course in saving, budgeting, and debt management. But the sessions on investing have the entrepreneurial-minded sixth grader thinking even bigger. “I would like to have stocks,” Brendan says. “I can invest in what other people own and make money off of it.”

In the wake of the recent financial crisis and Great Recession, a growing number of parents and educators are increasing their efforts to teach children the rudiments of money management. “Many of our kids are constantly surrounded by messages in the media that promote overconsumption,” says Lanta Evans-Motte, founder of the Youth Investment Club and director of outreach, partner, and community programs for LIFE. “We wanted to provide an early introduction to the complexities of the financial world, so they could develop a healthy attitude about money and avoid financial struggles later in life.” Tiffany “The Budgetnista” Aliche, author of The One Week Budget (CreateSpace; $14.99) and developer of a financial game for youngsters called Real Life, agrees: “If you’re not responsible with your finances at 15, you’re probably not going to be responsible at 35,” she says. Studies show that financial education is sorely needed. According to a 2010 study by the University of Michigan Retirement Research Center, fewer than 33% of young adults have a basic understanding of concepts like inflation, interest rates, and risk diversification.

Errol and Mercedes Pierre, parents of 18-year-old Alexa, a high school senior, believe a financial education should be a top priority. Last summer, the couple enrolled their daughter in World of Money, a finance camp founded by its CEO, Sabrina Lamb. The couple says they didn’t have access to the same opportunities when they were growing up, so it was important to them to make sure Alexa received a solid financial education.

Although Alexa says she initially wasn’t thrilled about attending classes during the summer, she’s now grateful for the experience. “World of Money has this motto: Learn, Earn, Save, Invest, and Donate. I learned to apply this by saving at least 10% of my income. I also learned not to let money sit in the bank, but to invest it.” This summer, Alexa is putting the last part of World of Money’s motto to use by donating her time and becoming a peer teacher.

Alexa’s parents are also grateful for the education she received, especially since finding a quality finance camp is no easy task. After the Randolph, New Jersey, couple searched the Internet and came up empty-handed, they learned about World of Money via word-of-mouth. Errol and Mercedes note that the program goes beyond lessons on how to save and invest. Recently, participants took trips to the White House and the New York Stock Exchange.

An early grasp of financial concepts can support a lifetime of smart financial choices. But each child has a unique learning style, and programs vary in what they offer and how the material is taught. Here are a few things you should know before choosing a program to boost your child’s financial IQ.

Understand the Learning Process
Children learn to manage money in three key ways, says Paul Golden, a spokesman for the National Endowment for Financial Education, which has conducted research into financial behavior. “Parents are the No. 1 influencers,” Golden says. Secondly, children absorb information from whatever formal financial training they receive outside the home. The third way kids learn is by managing their own income, which they receive from either a job or by way of an allowance.

The most effective financial education programs take all these factors into consideration. Golden points out that NEFE has a learning module for parents that teaches them how to communicate with their kids about money. At the very least, parents should personalize what they learn by tying lessons to the family’s own financial situation, Golden advises. Adding an interactive component to financial learning can bring the information to life.

Experts suggest allowing your child to make financial decisions with small amounts of cash. Using real money or cash from Monopoly, you can create fun exercises, such as playing store; or group projects, like setting up a lemonade stand. “Half the battle is getting our kids interested and engaged in what they’re learning,” says Laura Levine, executive director of JumpStart Coalition for Personal Financial Literacy, a national coalition of organizations that provide advocacy, research, and education resources to improve the financial capability of young people from preschoolers to college-age adults.

Group dynamics is another factor that can play a role in helping your child retain financial knowledge. It’s like peer pressure in a good way, says Nan J. Morrison, president and CEO of the Council for Economic Education, an organization that trains teachers in financial literacy instruction. “If you have a whole class of kids getting excited about saving money, it’s hard to be the grumpy little kid sitting there and saying ‘I don’t want to participate,’” she says.

While most financial literacy programs are created for children in middle and high school, you can start introducing personal finance concepts to your kids as early as preschool, says Levine. “While they won’t understand very sophisticated financial concepts, they can develop habits like being frugal and being generous,” Levine says. “When they get to middle school and high school and learn about how finance works, some of the more fundamental things will already be part of their nature.”

Find the Right Program
Deciding to give your child a first-rate financial education is the easy part. Finding the program that best suits your child’s needs can present more of a challenge. While the number of schools that teach personal finance is rising, most parents will need to look further. According to the Council for Economic Education’s Survey of the States 2009: Economic, Personal Finance, and Entrepreneurship Education in our Nation’s Schools, only 13 states required students to take a personal finance course in 2009. That means roughly 70% of students from elementary through high school were not required to learn anything in the classroom about managing money.

If a school system doesn’t offer classes or after-school financial literacy workshops, parents can look to churches, as well as community organizations such as the YMCA, YWCA, and the Boys & Girls Clubs of America. Banks and credit unions also have programs, but be wary of those that may be more interested in pushing their own agenda. “For example, if a bank emphasizes opening up bank accounts at that bank, that would be a red flag,” says Aliche. If you’re having trouble locating a program in your area, ask other parents or local financial professionals for a recommendation.

Prices for programs can run the gamut. Some are free; others can charge as much as $1,000. But, beware, warns Golden: High cost doesn’t necessarily signify quality. “There are too many good programs out there that don’t have any commercial ties that are completely free,” he says.

You should also review the curriculum to make sure it’s appropriate for your child in terms of his or her age and upbringing. For example, a child growing up in a rural area may not understand the financial challenges common to an urban upbringing. “What you’re looking for is content targeted for your kid’s group,” Levine says. Ask if the curriculum has been evaluated, suggests Golden. Many programs have a component that gauges how much a child’s financial knowledge has increased after taking the program. “It can be a simple survey that is done before and after,” he says.

Since price isn’t an indicator of quality, “Parents may want to make sure there is some soundness to what’s being taught,” Levine says. One way to do that: Find programs that use an evaluated and widely accepted curriculum. The JumpStart Coalition compiles a listing and description of teaching materials at www.jumpstart.org/jump$tart-clearinghouse.html. “If a curriculum is listed in our clearinghouse, that means we’ve reviewed it and determined it’s pretty sound and that the content aligns with our national personal finance standards for grades K-12,” says Levine.

If the program is not based on a national training module, find out the qualifications of the person who developed it, Levine suggests. “Inquire if someone on the staff has financial expertise or if a guest was brought in to help develop it,” she says.

Financial education programs can take on a variety of formats, including summer camps, online modules, and after-school workshops. While the format you choose will largely depend on availability and convenience, “It should be something that happens regularly,” Aliche advises, “because knowledge that’s not put into practice will atrophy.”
The key is making financial knowledge as familiar to youngsters as the three R’s. “If you can get kids to develop good financial habits early, they’ll be able to set a goal and achieve it,” says Morrison. “Start the dialogue early and it will stay with them forever.”

— Additional reporting by Sheiresa Ngo

Lesson 7. Money really doesn’t grow on trees. Nine out of 10 reported that the recession affected them by causing them to have a greater awareness of financial hardship.

Lesson 6. Don’t relax during the good times. Teens are also learning that when times are good, jobs are plenty, and paychecks are coming, that doesn’t mean you should abandon your budget. Out of the group polled, 59% agree it’s easy to get carried away and spend too much when times are good.

Lesson 5. It’s important to take care of what I have. Teens are doing away with a common young-adult sentiment: “I don’t care if my (insert name of expensive item here) breaks, gets dirty, or goes out of style, I’ll just buy another one.” Close to two-thirds of the respondents (64%) say they are more grateful for what they have.

Lesson 4. I shouldn’t spend my entire paycheck in one shot. Teens have learned the importance of saving their cash. Seventy-seven percent describe themselves as “super savers,” in contrast to 23% who describe themselves as “big spenders.” The study found that teens have an average of $1,000 saved. About 76% say their primary reason for saving is for college expenses.

Lesson 3. There’s a difference between wants and needs. That all-too-familiar sense of teen entitlement is also going to the wayside. Of the teens polled, 58% say they are less likely to ask for things they want.  

Lesson 2. My parents aren’t substitutes for an ATM (or a job). More than half of the respondents (58%) say they have a greater appreciation for their parents’ hard work.

Lesson 1. I need to be cautious when taking on a loan. Teens are realizing that a loan isn’t free money. This is an especially important lesson to learn before the college years. About half of the respondents (51%) say it’s important to understand the consequences of borrowing money.

At what age do you think it’s appropriate for your child to get a job? Do you think school is your child’s job? Or does a job early in life teach you valuable lessons about money management? How old were you when you got your first job?

Take our poll and leave us comments below.

The Kids Allowance and Rewards Lite app tracks payments and rewards good behavior.

Sure, iPhones, iPods and smartphones can be all fun and games. From capturing video, images, Sudoku and finger bowling games, making phone calls and listening to music are sometimes the least of our concerns when it comes to our digital devices. But what better than to turn this into an interactive learning experience for your young one. Whether you’re using an Apple, Droid or RIM operating system, more and more companies are making money apps suitable for young people.

Kids Allowance and Rewards Lite – Track your kid’s allowance disbursements and how the money is spent with the Kids Allowance and Rewards Lite app. Schedule and track multiple kids allowances, view transactions, make adhoc payments and also give reward points to promote good behavior

Share a Bill Lite – If your child has finally agreed to start helping with small bills here and there, Share a Bill Lite will allow you to track how much is owed and split the correct amount. Whether you’re going out to dinner, promised to split a car rental or prom fees, this app will help you keep track when it time to pay up.

Kids Meal Deals - Like to eat out every now and then? Teach your child how to spot a deal with the Kids Meal Deals app. Just put in your zip code and the day of the week and the app will find restaurants within a 30 mile radius with specials for kids. Turn it into  a game when visiting new cities.

Compound interest calculator – If you haven’t taught your child the value of compound interest, the time is now. If you’re a saver, putting money in an account that yields compound interest (re: money market accounts) this can be a great way to multiply your savings. If you’re a spender compound interest on from your credit card, student loan debt, or that big item purchase can sink you into debt rather quickly. The compound interest calculator will help your child understand how much that student loan will really cost or even keep track of mom and dad when pulling out that little piece of plastic.

Kids Shopping Calculator – Want to teach your kid how to budget? Get started with the Kids Shopping Calc app. The money is set, your little one will need to spend within means when going grocery shopping. Make the game especially engaging my rewarding your child with real life prizes for meeting or falling below your budget.

Young adults have plenty to gain by learning to be smart about money.

Have you ever taken $40 out of the ATM and a few hours later asked yourself where that money went? Or, do you use your debit card to make purchases but don’t keep track of them…and then wonder how your balance got so low?

While everyone can benefit from learning about money management and taking a more hands-on approach with their finances, young adults — including those just starting a career or a family and others still in high school or college — have plenty to gain by learning to be smart about money, and a lot to lose by making uninformed decisions.

“As a young adult, even if you don’t have or earn a lot of money, the financial decisions you make today can affect your lifestyle now and for years to come,” said Luke W. Reynolds, Chief of the FDIC’s Community Outreach Section. “The good news is you don’t need to be a finance expert to take charge of your financial future. A few basic concepts can go a long way.”

Here are EIGHT tips to get you started.

1) Create a personal financial plan that will make it easier to boost savings and control spending.

“It isn’t how much you make that’s important, it’s how much you keep,” said Paul Horwitz, an FDIC Community Affairs Specialist. Start by keeping track of what you earn—and what you spend and where. Then take a sharp look at how much you spend on optional purchases, such as restaurant food and entertainment, and instead put some of that money to work for your future by saving or investing it. “The key is to make some hard decisions about ‘needs’ versus ‘wants,’” added Horwitz, “because every dollar we spend on something we don’t really need is a dollar we don’t have to save or spend on something we do need.”

Steps to increase savings and control spending:

• Open a savings account and regularly add to it. Also “pay yourself first” with a set percentage of every dollar you get going to savings. “Set a realistic savings goal and remember that even $5 or $10 a week can add up over time,” Horwitz explained.

• Arrange with your employer to automatically transfer some of your earnings to a savings or investment account.

• Build up an emergency savings fund you can use to pay for major, unforeseen expenses.

• Consider a separate account to save for big-ticket purchases, such as a new TV or bicycle, instead of charging them on a credit card and paying the money back over a long time with a lot of interest.

• Limit the amount of money in your wallet or purse and in your checking account, so you’re less likely to spend it. Only carry a credit card when you plan to use it. Also do your best to limit regular living expenses, such as food, transportation and utilities.

Reynolds also advised that young adults protect against financial loss by making sure they have proper insurance (such as life, health and property insurance) and then reviewing the coverage at least once a year.

2) Start saving for both short-term and long-term goals, including retirement, even though that may be many years away. “Thanks to the miracle of compound interest, even a small sum of money saved regularly at a young age can quietly grow to a surprisingly large sum over the years,” said Reynolds. The sooner you begin saving, the easier it will be to reach your financial goals, which may include buying a home, owning a business or retiring, instead of having to save a high percentage of your income at an older age. And if you are working, “it makes so much sense to start, on the very first day, to put money into a retirement savings plan, especially if your employer will match part of your contribution, which is like getting free money,” said Alberto Cornejo, an FDIC Community Affairs Assistant.

3) Keep your banking and bill-paying costs down. Comparison shopping for financial services can save you from paying unnecessary fees. A good strategy is to open a basic, low-cost checking account at a bank and pay attention to your balance so you don’t spend more than you have in the account and pay high fees for overdrawing it.

“Maybe you can download an ‘app’ to your phone to help you track all money that comes in and out of your account or you can request electronic notifications when your balance drops to a certain level. Of course, you should always maintain a register to help you monitor your balance,” said Reynolds. “Another way to save money is to avoid fee-based overdraft programs and instead ask your bank to cover any shortages by linking your checking account to a savings account.”

4) Build a good credit record. As you pay your own bills and debts, you are building a credit record. Credit reporting companies collect information on your history of paying debts, which is used to prepare credit reports and credit scores that reflect your creditworthiness. In general, the better your credit history and credit score, the better your chances of borrowing money at lower interest rates. Your credit history may also be considered when you apply for a job, an insurance policy or an apartment. A good credit score will be particularly important when you decide to buy a house.

One of the best ways to build and maintain a good credit record is to pay all bills and other debts on time. To do that, avoid charging more on your credit card than you can pay off in full by the due date each month. If you can’t afford to pay that much, at least be sure to pay the minimum due, consistently and on time, to avoid late fees and a bad mark on your credit record. And if you cannot qualify for a regular credit card, you may consider a no- or low-fee secured credit card, for which you would keep cash in a deposit account that would serve as collateral.

Also obtain a free credit report once every 12 months from each of the three nationwide credit reporting companies at www.annualcreditreport.com. Review each report, correct any errors and check for suspicious activity that may indicate you are a victim of identity theft.

5) Stay safe online. Banking or conducting other personal business online can be a convenient way to handle your finances, but you need to take precautions. Among them: Install and automatically update antivirus software and firewall protection on your computer. Never give your Social Security number, credit or debit card numbers, personal identification numbers or any other confidential information in response to an unsolicited e-mail, text message or phone call, regardless of who the source supposedly is.

“Also, ignore online ‘friend’ invitations from people you don’t know, because these may be covers for fraud artists,” cautioned Michael Benardo, Chief of the FDIC’s Cyber Fraud and Financial Crimes Section. Likewise, he said, be careful about the profile and contact information you post on social-networking and employment- related Web sites, because in the wrong hands it can lead to identity theft and other crimes.

6) Keep important cards and numbers safe. Most experts suggest you carry in your wallet or purse only the plastic cards (ATM, debit, credit cards) you truly expect to use soon. Don’t carry your Social Security card, either. Also, don’t leave your birth certificate or documents with your Social Security number unprotected at home, at school or anywhere else.

7) If you need to buy a car, consider the best way to pay for it. Understand the difference between buying and leasing a car. If you’re renting a house or apartment, consider whether it’s time to buy. Once you start earning a steady income, and you expect to stay in your community for a number of years, you may want to consider owning your first home.

Always keep learning about how to handle your money. You can start, of course, with Black Enterprise. Also be sure to visit www.mymoney.gov to find financial education resources and tools from more than 20 different government agencies and Web sites.

SOURCE: FDIC Consumer News

The average family will spend more than $600 on school supplies this year.

Summer is coming to a close. It’s almost time to stay up late checking homework, pack lunches, and shuttle the kids back and forth to school once again. I’m sure you just can’t wait. But before you think about all the fun you’ll have, be on the lookout for deals on back-to-school items for the kiddies. With families spending more than $600 on school-related needs such as clothes, shoes, electronics, and supplies, there’s little doubt you’re looking for a way to save on your shopping trip. The following Websites will help you stretch those dollars into the next school year.

VistaPrint is offering free school supplies. All you have to pay is the cost for processing and shipping. Some of the site’s offerings include free T-shirts, wall calendars, and mailing stamps.

Overstock has a special section on its site dedicated to back-to-school shopping. Items are on sale for very young students up to college age. Overstock makes your shopping experience easier by organizing items according to grade and category. There’s even a section for teachers.

RetailMeNot also has a special back-to-school section. It features promo codes, discounts, and coupons for store such as Children’s Place, Barnes & Noble, and Office Depot.

Check out the Twitter site Early Bird Offers, which advertises the latest deals for back to school items such as backpacks and clothing.

Bizrate allows you to compare prices on everything from electronics to clothing. You’ll be able to get the best price and save time since you don’t have to check individual Websites. When you type “back to school” in Bizrate’s search engine, you’ll see a list of items for kids, teens, and college students.

For more advice on getting the best steals and deals, check for Shopping Insider every Friday at BlackEnterprise.com.

Sheiresa Ngo is the consumer affairs editor at Black Enterprise.

Going independent to get more money for school is an urban myth.

Whether you have a child that’s prepping for college or your young one has finally made it there, the rumor of filing for financial independence to increase financial aid eligibility is pervasive. After all, it makes sense: the less income you generate the more aid you’re likely to receive. But, it’s more of an urban legend than actual fact, says Ken Clark, author of The Complete Idiot’s Guide to Paying for College, debuting October 5.

READ: Alternative Ways to Pay for College

“The only place it’s going to make a huge difference is maybe whether or not you’re eligible for a Pell Grant which can be an additional $5,000 to $6,000 a year,” says Clark, a certified financial planner. “The government is savvy enough to know that when people are trying to look like independent students.”

Aside from a slim chance of boosting your financial aid package, the process can be costly and lengthy. Students looking to emancipate themselves must provide documentation to prove that mom and dad do not provide an ounce of financial support. In the end, with court fees and documentation, this process can end up costing up to $2,000.

Clark says students who do receive little financial help from mom and dad should consider applying for status as an “independent student” through the Department of Education. The Department of Education’s website has all the paperwork and information students need in order to file as an independent student. And, unlike emancipation, students will still have access to their parent’s current medical coverage.

Finally, Clark urges to students to consider the American Opportunity Credit passed by the White House. “If you spend $5,000 on college in any given year you’re going to get a $2,500 rebate against what you owe,” says Clark. “If you spend nothing the federal government will send you $1,000 as a check.”

The credit only applies to undergraduate students.