Tips for teaching children about money - New York News

Tips for teaching children about money

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$ave, $pend, $hare.

Teach children that every time someone gets money they need to make a decision about how to use it. People choose to use money in one of three basic ways:
  • They can spend it - on things they need and things they want
  • They can save it - for later use
  • And they can share it  -  with others who seek help with a need
Savings Goals
To get into the saving habit, encourage children to save some portion of any money that they receive, even if it is a tiny bit.  And it is important that they have savings goals, identifying exactly what they are saving for.  For children (and adults too!), saving is easier and makes sense when there is a specific reason to save.
 
Set Examples and Share Experiences
For parents and caregivers, go ahead and talk about money when you are using it.  Let them see you make money choices when you are spending, saving or sharing money.  When shopping together, talk about the difference between needs and wants.

Let children handle money themselves and give them experience in making money choices.  Instead of putting money into a savings account or buying things for them, let them be a part of those transactions. More than 250 schools in Michigan have in-school credit unions where children can experience handling money for themselves and get into a saving habit, and many financial institutions offer custodial accounts with low minimum requirements and no service fees.

To learn about the 300+ free, non-commercial financial education offerings in Michigan now through April 12, including dozens of story times taking place at libraries in Detroit, Warren, Novi, Livonia, Flint and more, go to www.MoneySmartWeek.org.

Stay in touch with Money Smart Week on facebook and "Like" the page at www.facebook.com/MoneySmartWeekMichigan and www.facebook.com/MoneySmartWeekLansing.

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