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Money smarts for children

When children start saying "I want this or that" every time you go to the store, it's time to start talking to them about money. Most importantly, your child can benefit from hearing you talk candidly about money.

Piggybanking : preparing your financial life for kids and your kids for a financial life
Jeff D. Opdyke.
New York : Harper Business, c2010.
How to afford kids-and teach them about moneyWe all want to raise smart children. But somewhere between the reading, writing, and arithmetic, one of life's most important lessons is too often overlooked: personal finances. As adults, we interact with money every day, whether by saving, investing, spending, or giving it, but we often forget that kids also face these same decisions-from their own unique perspective-as they mature. How do we teach today what kids really need to know tomorrow to thrive as financially savvy adults? In Piggybanking, veteran Wall Street Journal personal-finance writer Jeff D. Opdyke provides a clear and effective plan to help parents raise children to be comfortable and confident managing the daily finances of life.But even before kids arrive, parents face a rash of financial decisions. Accordingly, Piggybanking also deals with the essential problems every struggling young family must face, including how to prepare your budget for a child's arrival, how to choose between single- and dual-income lifestyles, and how to plan for funding a college education.With Opdyke's valuable advice, and with his 15 Rules of Kids & Money in hand, parents will be well equipped to create a sound financial foundation for their family and a successful financial life for their kids.
     
Millionaire babies or bankrupt brats? : love and logic solutions to teaching kids about money
Jim Fay & Kristan Leatherman.
Golden, CO : Love and Logic Institute, c2008.
Includes index.
     
Your kids can master their money : fun ways to help them learn how
Ron and Judy Blue and Jeremy White.
Carol Stream, Ill. : Tyndale House Publishers, 2006.
Current research tells us today's kids and teens don't know how to budget or spend wisely. They have purchasing influence, but they aren't prepared to handle money. Parents presume that their kids "get it" or that they are learning these skills in school. Yet kids still need parental guidance on how to manage money. "Your Kids Can Master Their Money" reveals key traits of financially wise people and gives parents tools to instill those traits in their children.
     
Raising money smart kids : what they need to know about money--and how to tell them
Janet Bodnar.
Chicago, Ill. : Dearborn Trade Pub., c2005.
  1. Rev. ed. of: Dollars & sense for kids. c1999.
  2. Includes index.
  3. The perils of being an expert -- A kid's-eye view of money -- The adman cometh -- The apple doesn't fall far from the tree -- Small change : the preschool years -- Surviving with tweens -- Why is money green? -- Allowances : a hands-on experience -- Penny wise : kids and saving -- Your kid, the investment guru -- Of lawn mowing and milkshake stands -- Teens: the early years -- To work or not to work? -- Off to college and on their own (sort of) -- Giving and getting with grace and gratitude -- Lost wallets and other sticky situations -- Money smart grandparents -- Mission nearly accomplished -- They're back, now what?.
     

In order for children to learn about money they need to have some. Some ways for children to have money are gifts, allowances and jobs.

When your child receives a gift of money you can discuss with them what they wish to do with it. Would they like to purchase a toy or treat? Save some for something special that costs a little more? Or put it in a savings account at the bank for long term savings, like for college?

An allowance can help children learn to manage their money. When setting an allowance, sit down with your children and decide what expenses their allowance will have to cover. An allowance system will work if you start giving an allowance when your children are old enough to manage it and keep it simple so that you can manage it. If your family chooses not to give an allowance, studies show that children who don't get an allowance have access to just as much money as children who do.

Banker volunteers make presentations to K-12 students with the Teach Children to Save program. These real life lessons about saving include how interest makes money grow, the difference between needs and wants, and the importance of budgeting.

The age-appropriate activities offer youngsters, tweens, and teens tangible opportunities to develop skills that can help them make smart financial choices throughout life.

Teach Children to Save

As children grow older they want and need more money. Some go out into the community and deliver newspapers or flip burgers. Others open their own businesses in their neighborhood and mow lawns, baby-sit or pet sit. Earning money for themselves makes spending it more enjoyable. And when it's your children's money, they should get the final call on what they purchase. It won't take long before children learn to make wise choices when they're spending their own hard-earned dollars.

Article by: St. Louis Public Library staff