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TORONTO – October 14, 2020 – ( Newswire.com )

​​​Kids are like sponges when it comes to new concepts, making this the perfect time to teach financial literacy. Research shows that the younger you teach children about money, the more independent and responsible they will be as adults. This is why Treasure exists. Treasure, a mobile money management app has been built to teach kids the value of money, fun ways to earn and save their allowance and money received through gifts.

“Financial literacy is a key life skill, but schools don’t teach finance-related courses properly until middle school or high school, and I think that is not only crazy but also way too late to form good habits,” said Matt O’Leary, CEO of Treasure. “Kids need money skills as soon as they can count. My own kids would ask for things in the store without realizing the cost or need to take money to school as early as kindergarten, and that’s when I realized that kids need money skills as soon as they can count.” 

Treasure is a fun-first education tool that teaches positive financial habits around saving and spending, but unlike other tools, Treasure uses real money with real spending and saving options using the bank of Mom and Dad through allowance and task-driven incentives. 

“We all know someone who got in trouble when they got their first credit card. This is because a credit card isn’t money. It’s just an abstract concept,” says O’Leary. “Our research has shown that the reason it is important to start teaching kids about money as early as possible is based on the fact that many financial decisions are based on abstract logic

As millennials, we’ve learned about money the hard way. From the Great Recession to stratospheric student loan debt to a pandemic, there’s been no shortage of life giving us lemons.

While the long-term economic effects of the pandemic are yet to be fully realized, you may have noticed one positive trend in the short term: For once, your debt may have dropped.

Credit card balances fell by $76 billion April through June, the steepest decline on record, according to an analysis by the Federal Reserve Bank of New York. Research by NerdWallet backed that up, finding that credit card balances carried from one month to the next dropped 9.15%, or more than $600 per household with this type of debt. Overall household debt shrank by nearly $1,000 among households carrying any type of debt in the same period.

If stimulus checks, paused student loan payments and sticking close to home have helped you cut down debt, here’s how to keep that momentum going.

IT ALL COMES DOWN TO THE BUDGET

The idea of making a budget may have seemed too time-consuming or stressful in pre-pandemic times. But if you’ve taken that first step of looking at your spending and saving patterns lately — as many of us have out of sheer necessity — you’re already on your way toward building a budget.

“Take what you’ve done over the last few months and put it in a spreadsheet,” says Luke Lloyd, a wealth advisor and investment strategist at Strategic Wealth Partners in Cleveland.

You’ve probably focused on essential needs this year and sacrificed wants, or come up with creative solutions to have fun instead. Lloyd says the pandemic has made it clear that “we don’t always have to go out and spend all this money to entertain ourselves.”

The 50/30/20 budget

Venmo Launches Its First Credit Card, Offering Up To 3% Cash Back, Personalized Rewards

The Venmo Credit Card is rolling out to select customers. The Visa card offers 3% cash back on eligible purchases, personalized rewards and tools to track and manage finances. What makes the card potentially appealing to Venmo’s younger user base is how the card is directly integrated into the Venmo mobile app. Users can earn rewards from eight spending categories. Users will earn 3% back on their top spending category, 2% from the second highest category, then 1% on all others. [Tech Crunch]

How the Pandemic Is Changing Americans’ Credit Card Habits

Over half of those surveyed in September said that they’ve put money towards a debt as a direct result of the pandemic, or plan to in the future. 29% of credit card users said they’re using their credit cards more than they were pre-pandemic, particularly when it comes to food and self-care items. Even as Americans decrease their balances, however, there’s anxiety around it: 25% of Americans say credit card debt is a source of daily stress right now. [Money]

Travel May Not Be Back to Normal, but Credit Card Companies are Starting to Offer New Flight, Hotel, and Points Perks

Credit card companies shifted away from travel benefits at the onset of the coronavirus pandemic, but these perks are starting to creep back. American Express recently unveiled a suite of travel features for its cardholders, including discounts on eligible hotel stays and airfare. Chase and Capital One also launched record-high welcome bonuses on the Chase Sapphire Preferred Card and the Capital One Venture Rewards Credit Card. [Business Insider]

Mastercard Consumers Can Receive 2 Free Months