Yesterday we talked about rededicating yourself for a money change. Let’s go ahead and include the kids in our rededication efforts as well. To be specific, let’s consider the saving principle. It’s a simple concept to discuss with the young people in your life. Plus, it’s a task they can begin immediately, particularly if they received any money as a gift during the holiday.
If you would like some ideas to get started, I’ve got two websites for you to check out. They provide straight forward points for you regarding saving and even some other money basics. One was selected by the American Library Association as “one of its great websites for kids!” and the other from the American Bankers Association for beginners’ tips on budgeting. Let me give you the details below:
● Money As You Grow : The website divides young people by age category – ages 5 through 18+. Within each category, a few bullet point suggestions are provided to start a conversation about a money-related issue with kids. You can also have a free downloadable poster that aggregates the information into one 8 ½ x 11 piece document.
You’ll also have to visit www.moneyasyoulearn.org, which is a related website to the above. The tag line says, “Tools for educators to integrate personal finance into teaching the common core.” It’s a fancy way of saying looking at personal finance concepts like debt, inflation, and the like. Although designed for teachers, there’s no reason the money smart consumer can’t glean some of this material for their own use with the kids in their life circle. (1)
● 3 Steps to Begin Saving: The American Bankers Association has a variety of programs including the “Teach Children to Save” and “Get Smart About Credit.” The “Teach Children to Save,” for example, is a “national program that organizes banker volunteers to help young people develop a savings habit early in life.” (2)
Although the website is targeted to bankers, it’s a resource you can use as well. To get to the information that will matter to you, I’d recommend you start by checking out the “Teach Children to Save” program. [www.teachchildrentosave.com]. It provides access to mini-articles on topics like “Steps to Begin Saving” and the “Parent Money Manual: 8 Personal Finance Ideas for Parents,” which is a free PDF download with tips to help teach kids about money. Also worth noting is a free downloadable newsletter targeted to kids. (I ran several off and gave them to my nieces and nephew).
One last comment on this item – be bold and ask your bank if they sponsor a “Teach Children to Save” program in your area. Often bank reps will go into a community school or partner with local not-for-profits or other organizations to present a program. See if you can have your kids benefit from such a program.
Believe me there are many other resources available for you, but this will be a place to begin. We will touch on this topic again – kids and money – in the year ahead. As we rededicate ourselves to better money management, let’s bring the young people in our life circle along, too. We can help them build successful money lifestyles early in the game for them.
Here is an easy assignment to ease your way back into Homework as we enter the New Year. Check out the websites discussed in today’s Post. The direct links are also available in the Endnotes for your convenience.
Money As You Grow: http://moneyasyougrow.org/
American Bankers Association: http://www.aba.com/Engagement/Pages/default.aspx