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How We See It

Karen Partee

Karen Partee

Posted:
January 20, 2012

Money Moment$
By: Karen Partee, Sr. Vice President and Director of Public Relations

It’s never too early to start teaching your children about saving money!  In fact, there’s no better time than right now to begin discussing sound money management with your kids.

For some parents, the thought of teaching their kids about finances can be overwhelming.  They simply do not know where to begin or how far they should go with their financial explanations. 

However, teaching children about money does not need to be complicated. There’s no need for elaborate charts and graphs or elongated discussions on income verses expense. Kids learn most often by observing – so why not use everyday moments as teachable opportunities to build your child’s money skills.

Here are a few “Money Moments” to consider:

  1. When you deposit your paycheck, take your kids along with you to the bank.
    Talk to them about how you spend the money you make on important needs, such as the mortgage, food, and clothing.
    Show them how you save a portion of each paycheck to build savings for the future, for their college and retirement.
  2. When you go grocery shopping, take your kids along with you to the store.
    Talk to them about needs vs. wants – point out that bread and milk are needs; cookies and candy are wants.
    Show them how you compare prices to get the best deal for your money. Have them help you prepare a shopping list and cut coupons to help save.
  3. When you pay your bills each month, have your children sit down with you when appropriate. Talk to them about budgeting to help them understand the expenses you have little control over, such as house and car payments, and those expenses you do have control over, such as food and entertainment.
    Show them how to track your expenses to determine how much you spend and save each month.
  4. When you go out to eat, show you kids the bill at the end of the meal.
    Talk to them about the tax and tip. Have them help you double-check the tab to ensure the total is correct.
    Show them how to compare menu prices to help them understand there is a cost to the meal, even if they are not paying.
  5. When you establish an allowance for your kids, have them help identify ways to earn their money, such as walking the dog, taking out the trash, or raking the yard.
    Talk to them about the responsibility of “earning” their money each week.
    Show them how to divide what they’ve earned into money for spending, saving, and sharing (charity). Start with transparent piggy banks to help them see their money grow, and then move them up their own bank savings account to better track deposits, withdrawals, and earn interest.

By talking openly about money with your children you will help them understand the importance of handling it responsibly. Start the conversation TODAY and you will help your children and grandchildren learn valuable money lessons that last a lifetime.

 
 
 
 

Replies

Maurice Theriot  |  Posted: February 2, 2012 - 9:35 am
GREAT advice! Kids are often capable of knowing and understanding more than adults give them credit for. Training children early about finances will hopefully keep them from a lifetime of financial mistakes!

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