Jump-Start Money Management - Teachers Edition
National Standards in K-12 Personal Finance Education
I recommend also discussing how we enjoy our money by purchasing things we want. This is a great opportunity to start a conversation with your kids about the difference between necessities and wants, and how to prioritize these things in our lives. Even very little kids can start earning money for their work at home. But a great way to introduce the concept of earning money for work performed is to come up with a list of chores. As your child completes a chore, mark it on the chart, and at the end of the week pay them for their work. For small children, waiting a week may be too long to connect the payment with the chore so go ahead and pay young children as they complete each chore.
But, as parents, we need to put some parameters on what they can purchase. Have a talk with your child about things that he may want to buy with his money. This conversation will allow you to discuss:. Inevitably your child is going to want to purchase something that he or she cannot afford.
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This is the perfect opportunity to introduce the concept of saving. Talk to your child about how much money he needs to purchase the item that he wants versus how much money he actually has to spend. Use a piggy bank or an envelope that is specifically marked for purchasing the higher cost item. In our home, one of our core family values is giving to others. If this is one of your core family values, start teaching this value early on.
To pass on this spirit of giving to our kids, we do several things. We discuss how giving can come in the many forms: service to others, donating items, or providing money to individuals or organizations. Help your child pick a charity or two to give money to and determine how much money to set aside for his charity of choice. Raising money smart kids takes time and effort.
Implementing these 5 tips is a great way to get started. The Financial Peace, Jr.
Smart Money Smart Kids. Do you have any ideas for raising money smart kids? Your email address will not be published. Notify me of follow-up comments by email. Notify me of new posts by email. This site uses Akismet to reduce spam. Learn how your comment data is processed.
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Iowa Jump$tart Coalition – Improving Financial Literacy for Iowans
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