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TORONTO – October 14, 2020 – ( )

​​​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

The national personal saving rate is now running at double the pre-pandemic levels, in part due to government relief money that flowed into American households.

Among those driving that number is Melissa James, a 31-year-old diversity consultant in the Boston area. Prior to the pandemic, she led the life of a single professional whose spending habits supported the economy in Boston and beyond. Heading into her office at the We Work by South Station, she would grab a grande Starbucks iced caramel macchiato and order lunch from SweetGreen. She would eat out at a restaurant or get a drink at a bar four or five times a week, and take three to four international trips a year.

Now James works from home, and isn’t getting on a plane anytime soon. She bought her first cookbook and learned how to cook.

“I have perfected the chicken piccata,” said James, adding that she also knows how to whip up her family’s traditional Jamaican dish of salt fish and fried dumplings.

A financial planner had once advised her to change her lifestyle to save money, but James declined. Now, she estimates she is saving about $2,000 a month. “Apparently, all I needed is a stay-at-home advisory,” James quipped.

Then there is Gary McNabb, a retired registered nurse in Groton. He grew up “really poor” in Brighton public housing, he said, one of four kids whose father, a Boston Police officer, was killed in the line of duty in 1968. As an adult, he and his second wife lived frugally in a cramped condo until they got his children through private school and college.

Now 63, McNabb and his wife are hunkering down again because they don’t want to get COVID-19. The couple no longer eats out three or four days a week or

a group of people sitting at a table: You can assign a value to some of your time. Thomas Barwick/Getty Images

© Thomas Barwick/Getty Images
You can assign a value to some of your time. Thomas Barwick/Getty Images

  • Ashley Whillans is an assistant professor at Harvard Business School and a leading scholar in time and happiness. The following is an excerpt from her book, “Time Smart: How to Reclaim Your Time and Live a Happier Life.”
  • In it, she shares how individuals of all ages, educations, and incomes typically choose money when it comes to the tradeoff between money and time.
  • When we do this, Whillans explains we give up things that can benefit us in the long run, including happiness, time, and efficiency. 
  • She reminds us to savor daily experiences, outsource for things we don’t like to do, take vacations, socialize, and take care of ourselves to better value our time as a resource. 
  • Visit Business Insider’s homepage for more stories.

The income equivalent of happiness gains, I like to refer to as happiness dollars. I define happiness dollars as the income equivalent of the amount of happiness produced by a time-related choice. For example, the happiness you’d gain from a $10,000 raise is equivalent to a decision to use your time in a time-affluent way. You will feel as happy by making that choice as you would by gaining a certain amount of income.

diagram: "Time Smart: How to Reclaim Your Time and Live a Happier Life," By Ashley Whillans. Courtesy of Harvard Business Review

© Courtesy of Harvard Business Review
“Time Smart: How to Reclaim Your Time and Live a Happier Life,” By Ashley Whillans. Courtesy of Harvard Business Review

To put it into concrete terms, if someone makes $50,000 and receives a $10,000 raise, research suggests that their happiness will, on average, increase by about 0.5 points on a 10-point happiness scale.

Similarly, starting to pay to outsource our most-disliked tasks increases happiness by about 0.5 points on a 10-point happiness scale. By comparing these two numbers, I

a hand holding a cellphone

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Many of us are not feeling quite as wealthy as we were a few months ago, and it’s only natural that we’re searching for ways to cut back.

When it comes to monthly bills, car insurance is definitely worth targeting. When’s the last time you compared rates? Sure, it can sound annoying and time-consuming, but your efforts can result in some serious cost savings. Clearcover Car Insurance is making it a lot easier than you likely remember. This startup offers smarter car insurance that is more affordable than most providers, and much easier to manage.

While many car insurance companies make you fill out endless forms or wait on hold for an hour just to get a quote, Clearcover makes it easy. The process takes a few minutes, and there is a good chance your quote will be lower than your current insurer. One reviewer reduced his insurance bill by $100 a month when he switched to Clearcover. If you could even get half that — we’d say that’s a win.

If you are happy with your quote, and you live in one of the eight states where they are currently available, you can make the switch quickly. Clearcover also explains every part of your coverage in plain English so you aren’t stuck guessing and Googling what everything means along the way.

The customer care doesn’t end there — Clearcover makes it easy to manage your auto coverage from your phone. Available on iOS and Android, the award-winning mobile app lets you file auto claims and get roadside assistance with a tap. You won’t even have to pick up the phone to get started.

You can also pay bills through the app and get proof of insurance, even when you’re offline. It’s easy to see

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Having a smart savings plan can keep you steady even when times are changing, like they are right now.

Angela Moore, a financial planner, financial educator, and founder and co-owner of Modern Money Advisor, has some smart advice for saving in uncertain times. Her top tip? Automate your finances as much as possible.

“By automating it, you’re doing everything you need to do without even thinking twice,” Moore said.

Create separate spending accounts for monthly costs

If you look at your bank balance and see $1,000 sitting there, you might think it’s a good time to make a big purchase. But you’re probably forgetting about the regular expenses that will eat up that cash.

Moore advises creating a budget and then scheduling automatic transfers to individual checking accounts for each of your major budget categories. You can do this by opening separate accounts for your biggest budget categories, such as food and housing. Moore recommends an institution like Ally Bank, where you can set up multiple checking accounts without paying fees.

A designated spending account is a place to stash the funds you need for a budget category that you spend in every month. For example, if you spend $600 on groceries each month, Moore suggests automatically transferring $150 a week into a grocery account. When you go to the store, take the card for that account. This will help you stay within your grocery budget, and it also protects your grocery money from being spent on other things.

Create sinking accounts for annual expenses

“Sinking funds are accounts you