Children and Finances: Where to start?

posted by TAG Guest Blogger

December 5, 2012 @ 11:00 am

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Regardless of the age of your kids, from toddlers to teens, it’s never too early or too late to start talking about money. But where to begin? It’s not always intuitive. Here are a few tips to get you in the right frame of mind and steer you in the right direction. 

  • Be Realistic. Help your children set age-appropriate education, career and financial goals.
  • Encourage money savings. Help your children learn about delayed gratification. This means teaching children to postpone getting whatever they want immediately.
  • Discuss family savings. These might include a new house, car, television, computer, vacation or college education. Decide if these are short-, medium- or long-term goals and how each family member can contribute toward reaching these goals.
  • Be a good role model. Your children are learning personal financial skills by watching you do everyday things such as keep your checkbook, save money, go shopping, use your credit card and manage your household budget.

Looking for some additional resources to assist you in raising financially savvy kids?

Sense and Dollars (Grades 6-12)
Think you know about money? Let’s find out what you and your children know about earning, spending and saving money. The site is aimed at middle/high school children.

Top 7 ways to raise a money smart kid (preschool)
Aimed at preschool children, these tips will help you start your children on the road to using their money wisely. Remember, even preschool children are bombarded by marketers to buy, buy, buy.

Wise Pockets World (Grades K-3)
A fun place where parents can pick up some easy tips, activities, and ideas to help teach elementary age children how to use money wisely.

As president of S.C. Economics since 2003, Helen Meyers leads initiatives that provide K-12 teachers with resources for teaching economics. She brings extensive classroom experience to this role in addition to non-profit leadership experience including Junior Achievement of Central South Carolina, the National Association of Economic Educators, the SC Jump$start Coalition, Women in Philanthropy and serves on the Talk About Giving Advisory Board.

Meyers received a Bachelor of Science degree in elementary/special education from Western Illinois University and a Masters of Education from Southern Illinois University.

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