RedPlum's Viva la Value Online Radio Show Hosts Bestselling Author and 'The Money Coach'

LIVONIA, Mich., July 21, 2011 /PRNewswire/ -- RedPlum, a leading provider of deals and savings on brands consumers want most, recently hosted Lynnette Khalfani-Cox, The Money Coach®, on its Viva la Value online radio show. Khalfani-Cox, a personal finance expert, television and radio personality and the author of numerous books, shared strategies and tips to make children aware of the value of money and help parents become solid financial role models. The archive of the show can be found at www.redplum.com/vivalavalue.  

"School may be out for summer but practical life lessons such as money management know no season or age group," said Lisa Reynolds, RedPlum's Mom Saver-in-chief and host of Viva la Value. "Teachable moments are some of the best ways to pass on important money lessons to kids. Lynnette shared a host of great tips to help children and parents make good money and life choices."

Khalfani-Cox draws from her own personal experience, when she once had $100,000 in credit card debt before paying it all off in three years and turning her financial life around. Since then, she has appeared on such national television programs as The Oprah Winfrey Show, Dr. Phil, The Tyra Banks Show and Good Morning America sharing her success story and teaching millions about proper money management and how to get out of debt and eliminate their debt. Khalfani-Cox has written six personal finance books for adults, and has co-authored The Millionaire Kids Club, a series of four money-management books for children between the ages of 5 and 12. More information can be found at her free advice site www.askthemoneycoach.com.

Khalfani-Cox says it's natural for parents to want to give their children the best, but the key is to give children the freedom to learn and make mistakes. "For example, if your child receives $10 as a birthday gift, make your child aware they can purchase a $3 item and save, invest and donate the rest; purchase several $3 items, or one $10 item," Khalfani-Cox said. "This teaches children delayed gratification. If they spend the entire $10, and come back to you asking for more money for another item, explain they made a choice and need to stick with it." She also advises parents to set up money buckets for their children's money, and teach them to spend, invest, save and donate wisely.

For parents with older children in college, Khalfani-Cox offers two main pieces of advice to help them graduate with minimal debt:

• Pursue every area of financing outside of student loans. There are five good alternatives that should be explored before considering a loan: scholarships, grants, paid internships, work/study programs and family contributions.
• Be selective about the types of student loans you consider, and the amount you borrow. Start with federal loans as they offer lower rates, fees, loan forgiveness and more. In addition, if you know your starting salary will be low, be mindful of the implications of taking out a large loan.

Khalfani-Cox cited that a recent study by Northwestern Mutual, a life insurance company, revealed 71% of parents feel that children should begin learning about money no later than the first grade. The survey also found that less than 40% of parents talked about credit cards, loans and debt, and their own family finances with their kids. Fewer than one in four parents (23%) talked to their children about how to invest.

For more information on helping your children become financially responsible, redplum.com has a Camp Cash "curriculum" that features practical, quick ideas for teaching children about money during the course of regular family activities. Whether it's a trip to the zoo or while shopping at the mall, RedPlum is arming parents with easy bite-sized pieces of knowledge and ideas for activities to teach these principles to kids of all ages. At www.redplum.com/campcash, parents can find 45 "teachable moment" activities to work into their summer schedule about spending and saving. In addition, Reynolds, RedPlum's Mom Saver-in-chief, offers a few quick tips to help children save:

• Be an example: By choosing to live the value lifestyle – looking for savings, clipping and clicking for coupons, comparing prices online, matching your store circular to your deals and asking for deals and lower rates – you are teaching your children by doing. Help your children understand the difference between needs and wants.  There are items that we need in order to live and then there are items that we like but can live without. The line dividing what we need and what we want can become blurred and your example can help them determine what they need and what they can give up.

• Make grocery shopping a family experience: Depending on your children's ages, have them clip coupons or search for deals online. Let them see you making a shopping list, which keeps you on task at the grocery store. Have them help match items with the coupons. It turns an everyday grocery trip into a lesson plan but in a fun way. Engage them, and as a reward, share the savings with them to buy something for themselves or for their savings account.

• Use cash: Using cash not only demonstrates to your child financial responsibility as it makes the purchase tangible, it also help you to stay within your budget.

Viva la Value helps listeners achieve a value lifestyle that's easy and enjoyable through practical savings tips, coupons and coupon codes. To listen to archives of the show, please visit www.blogtalkradio.com/lisa-reynolds.

Reynolds is a busy working mom who lives and breathes the savings-oriented lifestyle she talks about on her radio show. When she's not at work, Reynolds is cheering for her sons at football games, hosting dinner gatherings with friends and family, and actively participating in her church community. She is also an avid cook with a philosophy of keeping it simple – less than five ingredients or meals in less than 30 minutes. She lives with her husband and two sons in Northville, Michigan. Reynolds is frequently quoted in newspaper, magazine and blog articles, and has been featured in Better Homes & Gardens, Forbes, Family Circle, 24/7 Moms Blog and more.

SOURCE Valassis