A great article from Cleveland NPR discusses how grads are changing their approach and goals to respond to a tough job market.

“After graduating from Case Western Reserve University in May, 22-year-old Duwain Pinder moved back home to Reynoldsburg, Ohio, a suburb of Columbus.

His mom, Dora, quickly put him to work, dealing with one of the effects the recession has had on their family: The local school district is in financial trouble, and last year’s failed school levy meant the end of bus service for its high school students.

So Pinder has been the family chauffeur — shuttling his sister to and from school each day. He’s also been doing errands around the house and catching up with friends and family.”

Read the full article here.

We are getting ready to start another new year. This year, with the economy still a mess and the entire country realizing that we haven’t been very smart about money, many parents are looking for ways to teach their children some financial literacy.

1.    Give your child allowance… for a job well done. Assign household chores such as making a bed or doing the dishes. Consider adding socially responsible acts to this list such as helping a sibling or doing something nice for someone else.

2.    Teach your child how to save. Now that your child is earning his or her own money you can teach the value of saving. Buy your child two piggy banks and label one “spending” and the other “saving.” Have your child split his or her allowance into two parts and put each part into the appropriate bank.

3.    Shop with your child. Put aside one day a month to take your child shopping. Do not let your child spend more than is in his or her “spending” piggy bank. If he wants something that costs more tell him you can come back for it when he has enough—giving him extra money does not help your child learn.

4.    Try to teach your child the difference between “want” and “need.” One way to do this is to NOT buy your child whatever he or she wants. Buy necessities of course, but when he asks for a toy or something unnecessary explain why he can’t have it. You can always offer more ways for your child to earn his or her own money.

Do you have any tips for parents? How did you learn about money?