Friday, April 8, 2011

More Tips and Activities for Financial Literacy Month

The first week of April has flown by!  It is already time for the second set of Financial Literacy Tips and Activities for your family.  Hope you enjoy...

Week #2:  April 8 - 14

  • April 8th:  Take a trip to a local bank, a US Mint or a Federal Reserve.  Open a savings account at the local bank with your child.
  • April 9th:  Allow your child to make money mistakes.  It is hard to sit back and watch them spend 5 weeks of allowance on the “toy of the moment”.  However, it’s better to let them learn from mistakes while they are young and the consequences are minor.  I recently wrote a blog entry about this called, "Teaching Kids about Money by Letting Go of the Bike."
  • April 10th:   Talk with your kids and teens about money whenever the opportunity arises.  Don’t lecture them --- just include them in meaningful conversations.  For a new, high tech twist on this, read Dan Kadlec’s recent article, "Kids and Money:  How to Make Sure They Get the Message."
  • April 11th:   Let kids clip and organize coupons for grocery shopping.  Consider using the  amount of money saved to be used for a family activity or pay your child half of the amount saved.
  • April 12th:  Stick to your plan. Don’t rush in to solve your teen’s money problems.  If she is supposed to pay for a movie ticket and spends the money on a new shirt instead, then she doesn’t go to the movie!
  • April 13th:   Encourage teens to comparison shop and look for the best deal on the item that they are wanting to purchase.
  • April 14th:  Allow kids to earn extra money.  Although it might be easier for you to do the job yourself, allowing your child to earn money will boost his self-confidence and teach him the value of a dollar.


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