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...
- 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.