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“A Penny Saved is a Penny Earned.” – Benjamin Franklin

I used to believe that this quote was about putting money into a savings account or other savings method so that my hard earned cash would earn interest. I agree with the principle of saving money in the traditional sense and work diligently to conserve for various future uses. Maybe that is just what Ben was trying to communicate to the people of the 1790s. However, in today’s consumer-driven society and with recent trends in the economy and the rising cost of food and gas I have gained a new understanding of this clever quotation.

I have discovered that I save money every time I do not spend it. This may sound obvious, but every time I go to the store, I have begun to think carefully about what I put in my cart. By making a menu plan and a grocery list for a minimum of one week, I reduce my trips to the store. If I can walk out of there with just a few less items, I may have just saved $10. I read somewhere that shoppers spend an average of $10 on unanticipated purchases each time they visit a store. If you stop at the grocery store 3 or 4 times a week, you may be spending an additional $30 or $40 a week. That is about $120 to $160 extra every month. If you do not believe me, take a look at your pantry and/or deep freeze. If it looks like you could feed an army for a month, then maybe you could benefit by making fewer trips to the store. By planning ahead for my daily errands, I can put everything I need by the door. On my way out, I will remember to get the library books for the library, a package to mail at the post office, and a bagged lunch so I can pick up Clark at preschool before we end up hungry and turning to fast food to satisfy our grumbly tummies. If I can make one less trip to town in a day, that may be worth $3 to $5 in gas savings. That is like money in the bank!

My interpretation of this well-known quote has helped me save money and resources so that I can do my part to provide the necessities for my family in these times of increasing prices.

Jennifer Tankersley is the creator ListPlanIt.com where you can find over 300 lists and planning pages including cleaning schedules, daily to do lists, grocery lists, and holiday/party planning to put your world in order and also of List Mama Blog: Lists of Lists for List-Lovin’ Mamas.

The basic ideas about money are simple enough that quite young children can grasp them. For example, Robert Kiyosaki’s best-selling Cashflow 101 game comes in a simplified version, Cashflow For Kids. Classic games such as Stock Market and Monopoly provide great learning opportunities, too.

We have played Robert Kiyosaki’s board game Cashflow with our kids since they were very small, at first in a simplified form, but from about nine or ten they were playing the full version. We have also played games like Monopoly and Stock Market, and taken the time during the games to explain the real-life money lessons explored in the games.

A while ago one of the girls, aged about ten, during a game of Cashflow, looked up from the board and said “This is real life, isn’t it? This is what you are doing in real life. You have the apartment that you rent out and the businesses … and you won’t let us buy doodads with your money! We have to buy them with our own money!”

The trick is to find the money ideas expressed in a way that is engaging for kids. There are some great story books which include important money concepts. George Clason’s The Richest Man in Babylon is a classic, and our girls read Robert Kiyosaki’s Rich Dad, Poor Dad for themselves from the age of ten or so.

Whether or not your kids are earning money outside the home, you can use your child’s allowance to start teaching them about saving and investing. Teach them to set aside some money, for saving and for giving to charity, each time money comes in. You can use a visible method, like keeping cash in three separate jars, or you can keep the pocket money as entries in a book, and record deposits and withdrawals. The records, can be a useful teaching tool, especially if you note what the money was being spent on.

Our daughters have been in business since they were between nine and twelve, and all of them are currently working on internet businesses. They soak up information rapidly, and are very good at spotting adults making money mistakes.

Keeping language positive is very important. I had to train myself out of saying “We can’t afford that,” or “we don’t have the money for that”, and instead replace those statements with ones like “we choose to spend our money on other things”, or “I don’t want to buy that for you”. I usually followed up with “you can have the thing, you just need to buy it with your own money”.

If they didn’t have enough money, I would say “well, you’ll need to earn some more, then,” and follow up with suggestions for things they could do to earn money – Grandma’s ironing, or extra chores at home, or washing the neighbor’s dog.

Kids may need lots of help at first to think of creative ways to provide value for other people (and be paid in return). Even a small amount of cash flow is very motivating for kids, though, so once they have a little experience they quickly develop ideas of their own!

Free book to download – Finding The Right Niche For Your Cash-Smart Kid Free email course – Get Started! How To Start A Money-Making Web Site For Your Child

Jenny Ford is an expert in educating children about business and wealth creation. She is one of the founders of Cash-Smart Kids.

She holds an Honours degree in Psychology, a Diploma in Training and Assessment Systems, and an Advanced Diploma in Business Management. She is the mother of three young entrepreneurs, all of whom started successful businesses when they were nine to twelve years old.

Kids Money Articles Review by Jenny Ford

The new E55 AMG wagon packs power of 469 horsepower and 0-to-60 mph times of 4.6 seconds with its 5.5-liter supercharged AMG V8 engine. It has high-performance four-wheel disc brakes with oversize perforated and ventilated rotors with multi-piston calipers.

The exclusive new wagon also comes with AMG aerodynamic bodywork with AMG 18-inch alloy wheels with staggered tires. Inside, black Birdseye maple trim is standard, as well as special AMG gauges and sport seats finished in nappa leather.

Standard to the E55 AMG wagon are four-zone climate control that allows different temperature settings for the rear outboard passengers as well as the driver and front passenger. Also standard on the both the E55 AMG wagon and sedan models is a harman kardon Logic 7 audio system that features seven-channel surround sound, concert-quality output and 12 high-end speakers.

Air suspension from the S-Class, called Airmatic DC (for Dual Control), is standard on the E55 AMG models. Airmatic suspension uses sensors that monitor road conditions, driving style and cornering forces to ensure that the system always chooses the best air spring and shock absorber settings. The system can switch between different damping profiles in a fraction of a second, and the driver can also select from four pre-set suspension response programs.

A new sports suspension for the CLS55 AMG that’s based on the Mercedes-Benz semi-active air suspension with giant vented and perforated disc brakes carry staggered 19-inch wheels with 255/35 tires in front and 285/30 at the rear. To help handle all the power, the ESP system can apply the brakes on just one wheel to transfer torque to the wheels with better traction, achieving much the same effect as a limited-slip differential.

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Jenny McLane is a 36 year old native of Iowa and has a knack for research on cars and anything and everything about it. She works full time as a Market Analyst for one of the leading car parts suppliers in the country tod