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Great post by the team at The Motley Fool and agree that getting educated about money as well as learning how to budget and how to save are critical lessons to know by age 50 -- and preferably by age 21! 

As I mentioned in my last post, I recently moderated a panel discussion on money at the Women of the World Festival held at the majestic Apollo Theater in New York City. In the interest of transparency, my employer, Citi, was one of the festival’s sponsors.

Over the hour-long discussion, we shared financial “routines” for living a financially fit and fulfilling life, which you can read about here. During the Q&A, one audience member asked about how one could use their pocketbook to effect change for women and girls in need – a topic near and dear to the panel, which included Jacquette Timmons and Judi Rosenthal.

Why? Every time we spend, invest or donate a dollar, we have an impact on the world.  So we should use our pocketbooks with a mind toward the kind of world we want to live in, whether that goal is to empower women and girls – or to address poverty or climate change. Here are three ways we suggested to take action:

1 - Buy fair trade. You can help tackle poverty when you shop if you buy “Fair Trade" products. When something is labeled “Fair Trade” – whether it’s a box of sugar or a handmade rug – you can be reasonably certain that the actual producers of the items are receiving a fair and stable price or wage from the manufacturers of the products. You can learn more from Fair Trade USA and Fairtrade International.

2 - Invest for impact*. When you invest, choose stocks, bonds and funds not only on the basis of projected financial return – but also with an eye toward whether they are generating measurable, positive societal and environmental impact. Today, there are traditional investment vehicles to choose from – as well as tailored funds focused on specific issue areas, such as water conservation. There are also funds that pool the investments of individuals and institutions and make micro-loans to entrepreneurs, farmers’ cooperatives and others in need of capital. Some have a minimum investment as low as $20, while others may require significant financial commitments. To learn more about impact investing, check out Calvert Foundation, Social Venture Network, Global Impact Investing Network, Morgan Stanley’s Institute for Sustainable Investing, and Kiva.

3 – Donate strategically. Consider concentrating charitable donations on a single issue that you have a particular passion about, rather than making an array of gifts to a wide variety of causes. It’s a way to have a significantly deeper level of impact.  Another idea is to join a giving circle. That’s where individuals pool their money to target a project or issue that will help a particular group. Giving circles can address domestic or international issues like preventing domestic violence, providing access to education, or supporting microfinance.  Some giving circles operate casually and others have formal structures and minimums for participation.

So, the next time you shop, save or give, remember the power that rests in that simple click, tap or swipe.

For more from all of the great conversations from the Women of the World festival, check out the discussion on Twitter via #WOWApollo.

At the Women of the World Festival held at the majestic Apollo Theater in New York City, sponsored in part by my employer, Citi, I had the pleasure of hosting a panel discussion on ways to make sense of the money madness that surrounds us and find a peath to peace of mind and wallet. Joining me for this discussion were two of my favorite money minds, Jacquette Timmons and Judi Rosenthal.

You can follow all the great conversations happening during the festival on Twitter via the hashtag #WOWApollo. Provided below are the financial routines that they shared for living a financially fit and fulfilling life:  

1 - Reflect, don’t react in the “moment”. Before you swipe, tap, click or take out your wallet, whether to buy a stock or bond, new pair of shoes or pants, or anything else, think it through. Don’t let lust, fear or greed “cloud” your financial mind.

2 - Have a “plan B.” No matter how “good” things are today, the reality is that life, love or the markets is likely to toss us a curveball or two over a lifetime. Having a back up plan – from an emergency cash fund to insurance – will enable you to pivot on your financial front foot rather than be pushed by circumstances.

3 - Keep a close pulse on your money – what’s coming in and what is going out. Look for patterns in your financial activities and what triggers those behaviors. It’s a great way for maintaining an even keel through the month.

4 - Know what you need. Put “pen to paper” and map out how you want to live, where you want to live, and the things that you want to do with your time. That will tell you how much you need to cover your daily expenses and to save for your goals. Then, figure out the income side. If there’s a gap between what you are earning today and what you need, then either downsize your “life” or put an income-building plan in motion. Take a second job. Go back to school to boost your earning potential. Pursue a promotion. Negotiate a salary increase. Bottom line, the choice is yours.

5 – Participate, don’t abdicate. Today, there are more choices than ever to get help with your money.  I’m a huge fan of tapping professional help. Whether you work with a financial professional in person, over the phone or via the web, actively participate in the conversation and the decision-making. After all, it’s your financial health on the line.

Last but not least, remember that financial success doesn’t start in your wallet. It begins with your attitude, said Jacquette.

For many the concept of saving money is easy, but for others it can be a challenge. But when it comes to teaching our children how to save properly, we must rise to the occasion – as the financial security of their futures depend on it. It’s not only important to start teaching children how to save – it’s also critical to help them adopt a positive attitude about saving. 

Some months ago, Mindy Mercaldo, a 25-year veteran of the banking industry and colleague at Citi, shared some of the tips she uses to teach her daughter how to save, which I’ve curated below:

1. Take a family trip – to the bank. Open a saving account for your child as a family.  Making them a part of this process will allow them to ask questions and get firsthand experience interacting with a banker and the banking process. 

2. Help your child set goals. Has your son/daughter been asking for a new video game or toy?  Encourage your child to save their money, so they can purchase the item for themselves. Setting short-term financial goals is a great way for your child to start saving, as it also creates the perfect opportunity for your child to learn the value of money. Make it fun by creating a board together to help them track their progress. Long-term goals such as college or a new car (if they’re older) may take some time to reach, but you should still encourage your child to start saving if it’s something they really want.

3. Give your child ways to earn money. Saving is an act of responsibility. It takes focus and determination, but most importantly, it takes currency. If your child is under the legal working age, give them responsibilities around the house that will allow them to earn and save some money – something outside of their daily chores – like helping you cook dinner, watering the garden, or washing the car.  For younger children, tasks can be simple, such as feeding the family pet, getting the mail, or helping put away groceries. 

4. Reward your child for reaching their goal(s). Encourage your child to set a savings goal for one year, and then reward his or her achievement by offering a matching contribution. Think of it as being similar to how an employer matches your 401(k) retirement contributions. This not only compliments your child for a job well done, but it also provides a platform to discuss how investments and retirement plans work – a little early, but imminent.

One of my most vivid childhood memories is grocery shopping every Saturday morning with my dad. We would make the list, clip coupons from every newspaper and circular we could get our hands on, and then head to the store. As we would speed down the aisles – my dad was not a shopping slacker – he would enlist me in helping him weigh whether brand A with a coupon was a better deal than no-name brand B. I developed a great nose for bargain hunting from him (and a taste for luxury from my mom).

So, if going to the grocery store with your kids has been a recipe for disaster, take an out-of-the-cart approach and use it as a way to teach them about budgeting. I’m living proof that it can make a life-long financial impression.

Here are 5 tips from one of my fav financial bloggers, Kelly Whalen of The Centsible Life, on how she turns grocery shopping with her children into teachable financial moments: 

1 - Start with a meal plan and a shopping list: Task your kids with helping to choose a week’s worth of meals; then create a grocery list together that fits within your spending range. In addition to budgeting, this teaches kids to plan ahead by looking for what’s on sale, clipping coupons, etc.

2 - Guess when the price is right: Comparison shopping is a great way to teach kids about money.  Challenge them to identify the best deal based on weight or number of servings. (Bonus: This also helps improve their math skills!)

3 - Make smart choices: Allow kids to help decide between several options, such as brand name versus store brand. Savings can add up fast when you buy the store brand, but it’s only a good value if you like it enough to consume it.

4 - Match coupons and/or store sales with items: This scavenger hunt is worth it for your bottom line — and your kids’ future bargain-hunting skills.

5 - Give kids a snack budget: Let them spend on their own treats within a certain price limit. This allows them some freedom without blowing the budget.

Last week, educators, bankers and parents from around the US came together to celebrate Teach Children to Save Day, an effort dedicated to teaching kids about the importance of saving. I’m a huge proponent for teaching kids to save wisely – but if we want them to live a financially balanced life, we also need to give them first-hand experience with savings’ other (and, some might argue, better) half: spending. Because, as I learned at a recent family get-together, spending regrets often leave a lasting impression.

Let me set the scene. I was at a family BBQ and was informally “polling” family members about their financial regrets as fodder for a blog I was writing. To open the conversation, I shared my biggest regret, which was cashing out a 401(k) when changing jobs, early in my career. My then 14-year-old niece and 13-year-old nephew didn’t quite get what I meant, so I translated it as “I took everything I had in a savings account and spent it on stuff.” They immediately said it was really stupid and asked how I could make such a mistake when “you are so smart.”  True enough!

My niece then opened up about her biggest regret: spending $10 on some funny sunglasses, which she only wore once. “What a waste,” she exclaimed. My nephew’s big regret was buying a pair of flip-flops without trying them on. He lamented, “I got home and they didn’t fit. I couldn’t return them. Big mistake!”

So what did we conclude? If you stop and think before you spend, you’ll have fewer financial regrets and a lot more happy financial memories.  But in order to build financial muscle, you have to exercise. So parents: the sooner you give your children the opportunity to exercise financial choice, the stronger that financial muscle will be in adulthood – when it could be $10,000 (rather than a $10 pair of flip-flops) on the line.

One could say that April is the month of green. After all, April 22 is Earth Day, when the world celebrates “green” or sustainable living – which provides parents with an opportunity to teach children about the environment and how they can help protect it. In the US, April is also National Financial Literacy Month and April 24 was Teach Children to Save Day, giving families a chance to talk about the other finite “green” resource in their life – money – and the importance of using it wisely.

Over the past few years, I’ve spoken with parents, grandparents, aunts, uncles and extended family members about their favorite ways to help the young people in their lives build their financial smarts. Here are five of my favorite tips:

1.    Create a banking system for your children at home. One parent bought her daughters a mechanical ATM machine for their allowances. It even came with a card and they had to create a PIN. They loved feeling “grown up” and actually looked forward to saving money.

2.    Sit down with your children and make a list of all their expenses, and then decide who is going to pay for which costs and what the budgeted amounts will be. One mom shared that when her daughter was 10, they agreed that her daughter would pay for smoothies, music and gifts for her friends and family with her allowance and babysitting money. Her daughter is now 17 and pays for all of that – plus clothing, gas, concerts, and more – and has become quite skilled at hunting for bargains to stretch her allowance.

3.    Regardless of their view on allowances, parents agreed that it’s important to establish ground rules early for how money earned or received will be handled. Many parents I spoke with follow the three-bucket system, with money divided between spending, saving and giving – generally in the 70/20/10 range. Some add a fourth bucket for taxes, to help prepare their children for the “real world.” And a few follow a five-bucket system, with the 5th bucket designated for college savings. No matter what system you choose, be consistent!

4.    Before you go shopping, sit down with your kids to set a budget and make a shopping list. If her son wants an item that’s not on the list, one mom takes a picture of it and then promises to go back to purchase the item if he still wants it a few days later. (He usually doesn’t.) Another participant stops the nagging during shopping trips by simply asking, "Did you bring your wallet?"  

5.    Give them real-world practice. Whether you are on a family vacation or taking your favorite little people out for a shopping spree, give each of them a set amount of money and let them decide how to use it. One mom recalled that she and her siblings were put on a per diem during vacations after her parents watched them order huge steak dinners and leave most of it on the plate. The rule was that whatever money was left over at the end of the day was theirs to keep. After that, they would go to restaurants and share a hamburger!  

Research shows that money-savvy kids are more likely to go to college, have better control over their spending, have a more positive outlook on life, and are more financially literate overall – so there’s no better investment we can make today than the gift of financial knowledge.

Who doesn’t want to live an organized life? Virtually nobody based on my conversations with Citi clients from across the country. Yet many find the prospect of tackling their file cabinets, storage boxes and drawers full of paper daunting – and do the bare minimum to get through Tax Day and put off the heavy-duty sorting until “tomorrow.” 

Joanne Lang, Founder and CEO of AboutOne, an online family organizer, was one of those women, until her son had a life-threatening medical emergency while they were on vacation (you can read more here). That experience propelled Joanne not only to organize her paperwork pronto but to use her expertise in cloud computing to create a tool for organizing household information and making it accessible whenever and wherever needed, 24/7 on a desktop, smartphone or tablet.

“There’s no doubt that getting organized requires a small upfront investment of time,” said Joanne during a recent phone interview. “The whole point of being organized is to relieve stress by bringing your life back under control. Having a system in place will pay for itself several times over in stress relief when you don’t have to frantically look for that one important paper you need.”

Still not convinced? Here are three more reasons from Joanne for getting and keeping your paperwork organized:

1 - Save Time: An organized record keeping system will enable you to quickly locate important records and other information when they are needed. Your organized records will also enable you to provide needed information to trusted family or friends when you travel or if there is an emergency.  

2 - Eliminate clutter: It’s so easy to get buried under the press of paper, most of which is just not important! All you have to do is ignore incoming paper for a week or two and you’re overwhelmed. Even if you spend a lot of time online, you’ve probably still get letters, receipts, and other important pieces of paperwork that are piling up in your office or online.  Being able scan in quickly from your phone means you can find what you need, when you need it, and that is critical.