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Smart Money Learning Activities to Do with Your Children


The moment you become a parent, you become your children’s CFP- Chief Financial Parent.  A recent survey of high school students revealed that 88% of what they know about finances was learned from their parents.  Not from formal teaching and conversations, but through observing how their parents earned, spent and talked about money.

Many of us do not feel prepared to be our children’s major source of financial information.  Being financially responsible means different things to different families.  Below are some ideas and options to explore to help your children mature into their own financial personality.  You are the ideal teacher for your children- have fun and the skills you teach will last them a lifetime.

 

                Smart Money Learning Activities to Do with Your Children

1.Go on a walk through the neighborhood and brainstorm jobs that your child might be able to do to earn extra money, such as raking leaves, walking dogs, washing cars and so on.

2.Play a board game that teaches money concepts.  A few ideas: “Payday,” Monopoly” and “The Game of Life.”

3.Take a tour of a bank and talk about what banks do and how to use banks responsibly.

4.Let your child practice writing checks (except the signature) to pay some of your bills.  Have them bring your check register up-to-date.

5.If you decide to loan money to your child, charge interest so they can learn the ramifications of borrowing.

6.Ask your kids to clip coupons for items you buy at the grocery store.  For every dollar saved from these coupons, share a percentage of your savings with them.

7.When you buy something at a store, have your child pay for it with cash so he or she can count out the money and practice getting back the correct change.

8.As you walk through a store, have a contest to see how many items you each can list that are “needs” and “wants.”

9.Plan a vacation together.  Talk about places you might go as a family, what it will cost, how much the family can spend and then reach a decision together.  Brainstorm ways your kids can earn spending money for the vacation.

10.Go on a family budget.  Explain to your kids why you need to cut back on spending and together set a goal to reduce the family’s spending by, for example, 10 percent.  Ask for ideas on how each family member will contribute toward reaching this goal.

11.Cash your next paycheck and ask the kids to join you as you pay bills for the month, counting out the cash to illustrate how money works in tangible terms.  If you don’t have enough cash to cover every bill, discuss the decisions you will have to make.

12.Shop for a car together so your teen can learn how to estimate the cost of buying, insuring and maintaining a car.  Go online, visit dealerships and introduce your teen to your insurance agent and mechanic.

 
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