Video: Watch Elmo and me on Good Morning America!

Here's a video of Elmo and me, live from GMA this morning!

We had so much fun chatting with hosts Lara Spencer (below) and Josh Elliott all about how to spend, share, and save money—the key concepts behind Sesame Street's money project, "For Me, for You, for Later."

Loved going behind-the-scenes at GMA and seeing the hosts, George and Robin, and special guest Emeril (!), who was cooking up asparagus risotto. It smelled delicious!

But, of course, the special guy I was looking forward to seeing most was Elmo! (No offense, George, Josh, and Emeril!) Here we are on the GMA couch, reunited at last.

Parents, you can help your kids create three jars of their own! Head to sesamestreet.org/save to print the jar labels for kids to color and decorate.

Have a great weekend!

Chores, Allowance, and Jeans—Answers to Your Money Questions!

Last week I had the privilege of being a guest expert on Café Mom's forum, "How Can You Teach Your Kids About Money?" What fun! Dozens of moms asked me questions about chores, allowance, and getting their kids to save. (A personal favorite from the mom of a teenage daughter: "Is $120 too expensive for jeans?")  

Looking back on all the questions, here's my main message to moms: Even though talking to kids about money can feel overwhelming—especially if you don't have all your own financial ducks in a row—money is actually simple. It's all about making choices, delaying gratification, and using everyday moments to teach money values.

I was inspired by all the moms who participated. The fact that they want to teaching their kids to be responsible about money means they're on the right track—and their kids are lucky to have parents like that (even though they may not appreciate it 'til they're older).

If you didn't get a chance to ask a question, see if yours was answered on the forum, "How Can You Teach Your Kids About Money?" Or, you can always ask away in the comments section below.



Grover, high school, and the chance to win a prize!

My world has become all kids and money, all the time—and what a blast!

On Monday, I got to hang out with Grover and CNN Money on the Sesame Street set. (There we are in from of Hooper's store!) The video we shot—all about how to teach kids about money—will air soon. I'll send the link around when it's live.

Tuesday, I faced a far more intimidating group: high school seniors. You know, I’ve done lots of television, but nothing is quite as terrifying as standing in front of a live audience of really smart high schoolers—not even Oprah! To intimidate them, I titled the presentation, "Quantifiable Behavioral Effects of Monetary Paradigms on the 21^st-Century Post-Adolescent Psyche." The real title? The Only 12 Things You Need to Know About Money. (See the PowerPoint slides above.) To my relief, the students were so smart, so great, and so eager to learn… and now, hopefully they're prepared (at least financially) to head off to college in a few months.

On top of all that, this whole week I'm a guest expert on Café Mom. The topic: How Can You Teach Your Kids About Money? So, parents, come on by and ask me anything! If you post a question on the Café Mom website, you could win a copy of my book, Get a Financial Life, plus a Sesame Street finger puppet.



Talking with young children about money

Many parents grapple with how to talk to their kids about a certain sensitive topic. They want to know: Are the kids old enough to understand? Am I talking about this too late, or too early? Will I explain things clearly, or just confuse them?  

I'm referring, of course, to the money talk. And I'm a firm believer in the idea that no kid is too young to get it. (I even went on The Takeaway this morning to discuss—listen here.)

That's why I was so thrilled when Sesame Workshop asked me to be an advisor on "For Me, For You, For Later," a national financial literacy initiative that launched last week. Who better than Sesame Street to help teach kids about something as tricky as money? I even got to teach Elmo on camera about spending, saving, and sharing. You can see the results – free videos for kids and helpful guides for parents – at sesamestreet.org/save.

Even if you agree that discussing the building blocks of money basics is important, it can be tough to know where to start. The good news is that it doesn't have to be difficult. Focus on concepts when you talk to young children, not math. This is not teaching that five pennies equal a nickel, but about how we make decisions about using that nickel.

Here are a few lessons that even preschool-age kids can grasp:

• We make choices every day. Sometimes you choose to wear a blue shirt, sometimes you choose to wear a green shirt. When you go to the store, you have a finite amount of money. Maybe you only have $1. You can buy two oranges or one grapefruit.
  
  
• You can keep money in 3 jars. If we get money, like from our grandma for a birthday present, we can put it into three jars: some of it is for spending, some is for saving, and some is for sharing.
  
  
• Sometimes we have to wait. You wait for the swings, and you wait for your birthday. Likewise, if you save the money you earn from working and that you receive as a gift, you can buy something you really want but that you didn't have enough money for when you first saw it, like a new scooter or a dollhouse.
  
  
• People work to make money. A teacher earns money. A police officer earns money. The librarian earns money. And you can earn money by doing jobs like recycling cans, washing the car, or raking leaves for a neighbor.
  
  
• It's good to help others. You can share your time, your talents, and even your money. Sometimes it's fun to share money with a friend who has less. And there are lots of ways to help people that don't cost any money.
  
  

What roadblocks have you stumbled upon when teaching kids about money?

5 ways to teach your kids about money

Kind of funny: Today is April Fool's Day—and it's the first day of Financial Literacy Month.

Make of that what you will... but one thing's no joke. It's time to make financial education a priority.

So in honor of April's most important cause, I'd love for each and every parent out there to make a point of talking to their kids about money. It'll be easy with this cheat sheet, which is chock full of tips and ideas to get the dialogue going. Having "the talk" can be as simple as striking up a conversation with your little ones in the checkout line. Trust me: Your kids will one day thank you for it.

1. Take advantage of everyday moments. At the grocery store, explain that we're always making choices. Sometimes you choose to wear a blue shirt, and sometimes you choose to wear a green shirt. It's the same at the grocery store. Maybe you only have $1. You can buy two apples or one mango. And you certainly shouldn't choose cookies (a want) over those apples (a need).

2. Don't let your kids live in a paperless world. When you visit the ATM, bring your kids along. Explain what the bank is for, what a credit card is, and what an ATM does (and doesn't do—spit out free money!). It's important for kids to have experience with actual cash—the stuff a credit card is only a placeholder for. A story I love: When my daughter was 4, she thought dry cleaning was free since we never gave them any money—just plastic. (I wish!)

3. Introduce allowance early. Kids love having their "own" money, so use this as a teachable money moment. Some kids earn allowance for doing chores, but to me, chores are about being part of the family. Instead, I suggest giving kids a reasonable weekly wage, like 50 cents to a dollar for every year of your child's age. Set rules about how allowance can be spent. For little ones, it's probably only enough to cover little toys and treats. Older kids may wonder if they're responsible for fun stuff like movie tickets or needs like lunches and snacks. It's up to you to decide; just be clear. And encourage kids to save part of their allowance for long-term goals, too.

4. Get your kids used to waiting. When you're out shopping with your kids, don't be afraid to point out something you want but can't afford right now. Delayed gratification is a concept any smart saver should know intimately (bonus: it's even been linked to good SAT scores!). Spell it out for them: Sometimes you wait at the playground when there's a long line for the slide. And sometimes you have to pass on tempting items now to save up for one big thing you really want later.

5. Make generosity a habit. It's not just about spending and saving—it's also about giving. Next time an allowance or birthday check rolls in, help your kids research a charity they'd like to support. Heifer International was a big hit with my kids. The organization lets you buy livestock—say, a sheep—for a struggling family in a poor country. That's something a 5-year-old can understand and get excited about (especially my city kids!). And there are lots of ways to help people that don't cost any money. You can volunteer your time, or make a care package for a friend who's sick.

How do you teach your kids about money?