Dollars, Cents, and Confidence

Weekly tips for the grown-ups shaping youth into financially savvy adults

Hey there! It's Talk About Money Tuesday, your favorite day of the week! 🤑

As a hardcore lover of summer, I'm trying really hard not to think about how my favorite season is on its last legs. Thankfully, writing this newsletter forced me to turn my attention to other things, including a mind-boggling data point about financial fraud that you can read more about below...

Money Stat

$391 million

Venmo, Cash App, Zelle, and other peer-to-peer payment services make money transfers simple, but they also create opportunities for scammers. Fraudsters stole close to $400 million from Americans via payment apps or services in 2024, according to the Federal Trade Commission's most recent annual data book.

Since people younger than 25 are more inclined to make digital payments, it’s especially important that they follow this advice: Only send money to people or businesses you know and trust. Here are more tips on how to avoid becoming a fraud victim.

Money in the News

The news: It's going to cost you more to get your hands on a PlayStation 5, the video game console that seems to be on every kid's wishlist. The culprit behind the $50 price hike? Tariffs.

What it means for young people: Well, they'll definitely have to freshen up the talking points they planned to use to convince their parents to buy the Sony bestseller. But on a more serious note, kids and teens saving money to buy a PlayStation 5 might want to revisit whether it's still worth it at the higher price.

Tip for parents & mentors: When prices go up, that's a perfect moment to talk to kids about smart spending choices. Something as simple as explaining why you're choosing one item over another as you make a grocery list together can lay the groundwork for a conversation about wants vs. needs.

Get in the Zone

Money skill: Say no to spending money you don't have.

Why it matters: Plenty of adults have seen their best efforts to stick to a spending plan derailed when they shelled out money that wasn't in their budget. Teens and college students face this same pressure while trying to avoid FOMO when friends ask them to eat out, go shopping, or travel.

Try this: Young people need practice saying no to financial choices that aren't in their best interest. Create scenarios where they are pressured to overspend and help them get comfortable with saying, "That's not in my budget." Youth also take notice when the adults in their lives use that same phrase — and mean it.

Money Talks

It's easier than you might think to have "money conversations" with kids. Here's a way to talk about sales tax in 10 minutes or less:

☑️ Point out the original price of an item during a shopping trip and then compare that to the final price with the sales tax included.

☑️ Explain how the extra money goes to the government, which uses it to pay for things everybody can use, like roads, parks, and schools.

☑️ Talk about how some things we buy are taxed and others aren't because most states don't tax items we really need, like food or medicine.

Jargon-free financial literacy workshops for kids, teens, and college students are my specialty. Is your school, college, nonprofit organization, or community group looking for someone to make money matters simple for the students you serve? Get in touch with me here.

Loose Change

✈️ Just in case you want to reminisce about the days when plane seat assignments were included in the price of a plane ticket, check out this list of goods and services that are no longer free.

🪙 What's up with the ridged edges on certain coins? It turns out coin makers in the late 1500s were just trying to outsmart the scammers of their day.

🍝 Average menu prices rose 31 percent between February 2020 and April 2025, thanks to inflation and rising costs. But one menu item at a popular restaurant chain has been the same price for four years running.