Financial Literacy Lessons: A Family Affair

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Studies have shown that parents have the greatest influence on their children's financial habits, and now, more than ever, mothers and fathers are taking the primary role in educating kids about healthy money management.

"Most financial experts agree there is a need for financial discussions among families to avoid or soften potential future economic upheavals," says Suzanne Poole, executive vice president, retail sales strategy, TD Bank. "According to a recent financial literacy poll by TD Bank, only 50 percent of families report having weekly conversations with their children, even though there are easy ways to incorporate tips about money in everyday conversation."

TD Bank surveyed 1,637 consumers within the Northeast as well as in Florida and Washington, D.C. With a little more than half of families having weekly conversations with their children about money matters, it's important to keep it simple, be honest, and make it fun. Now, let the lessons begin:

Be Open: According to the survey, a majority of parents agree that honesty is the best policy when talking to children about household finances. Perhaps as a result of the recent economic struggles, the survey found that 55 percent of families say they are talking with their children more often about money.

Set Savings Goals: TD Bank's survey showed that teaching children to save with a piggy bank is one of the most popular money-related activities. That being said, only one in three parents reports setting a savings goal. If your child is saving, help them set goals and define the steps needed to reach them.

Establish a Family Budget: Despite the evidence that better budgeting can lead to saving, the survey shows that 47 percent of families are still not following or creating a monthly budget. Financial websites, such as Mint.com, offer free programs and budget templates to develop a financially fit family budget.

Enroll in Financial Literacy Programs: Financial literacy can be a daunting task for parents, but there are educational tools and programs that can help with this process. For example, TD Bank offers an interactive financial literacy program for grades K-12 called "WOW!Zone." It is available online for free at www.tdbank.com/wowzone and offers advice and resources for parents to teach children and teens about money, savings and banking.

New Ways to Save on Summer Travel

Planning a summer getaway? Consumers can save time and money during the high-traffic summer travel months by harnessing the power of collective buying sites like Groupon.com to help plan budget-friendly trips that don't sacrifice quality or fun.

Known for offering daily deals from top local businesses, these websites are also a great resource when it comes to travel. Experts recommend that consumers sign up for the daily emails for the city they plan to visit in the coming months. From here, begin receiving deals and start saving! Plotting out a vacation itinerary and cashing in on deep discounts for everything from unique local activities to dining options and even hotel stays is as easy as clicking "Buy."

"Shoppers use Groupon.com as a travel guide that's updated daily," said Andrew Mason, founder and chief executive officer of Groupon, a shopping website that offers daily deals on the best local goods, services and cultural events in more than 500 markets around the world. "We offer a variety of deals at unbeatable prices every day. Our merchants are more 'hidden gems' than 'tourist traps,' so group buying is an ideal choice for the person who wants to vacation like a local this summer."

Mason provides some top deal options to look out for when planning trips this season:

Lodging: From bed and breakfast boutiques to luxury hotel packages, shoppers can find local lodging for 50 percent off.

Outdoor Activities: Enjoying the beautiful summer weather is easy with Groupon. Shoppers should keep their eyes peeled for deals on Segway excursions, walking tours, zipline trips, kayak rides and other adventurous outdoor activities.

Dining: From five-star restaurants to best-kept secrets, and everything in between, collective buying sites help visitors save up to 90 percent on dining while traveling.

Relaxation: Every good vacation involves some pampering. Popular deals include couples massages and rejuvenating skin treatments.

Cultural: Checking out current local theater, festivals and museum exhibits is easy with daily deals that guide shoppers to the best options for their upcoming trip.

By consolidating the best local options in hundreds of cities nationwide, daily deal sites are quickly becoming the go-to travel guide for consumers planning trips this summer. Not a subscriber? Visit www.groupon.com to sign up for free and start receiving deals in your local city and upcoming vacation destination today.

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