Monday, April 9, 2012

Financial Literacy Month: Tips and Activities, Round 2

6:00 AM  ,  5 comments

Savings
photo from taxcredits.net on flickr
April is Financial Literacy Month in the United States.  The Jumpstart Coalition for Personal Financial Literacy  describes this month as a time to "draw attention to the importance of financial literacy and the need for more and better financial education through a variety of activities and initiatives."  

To celebrate Financial Literacy month, I have gathered 30 activities, one for each day of the month, that you can do with your child or teen to help start them on a path of financial responsibility.  Here is the second installment.



Week of April 9th - 15th 


clippin
from MissMessie's photos on flickr.com
April 9th:  Let kids clip and organize coupons for grocery shopping.  Consider using the savings for a family activity or you could even pay your child a portion of the coupon savings.


April 10th:  Allow your child to borrow money from you occasionally. Nothing will teach the value of a dollar better than paying off a debt!


April 11th:  Have a family game night.  Play games that have money as a theme, such as Monopoly, PayDay, CashFlow or Life.


Classic school lunch. Yum.
from Ben+Sam's photos on flickr
April 12th:  Try a mini-budgeting task with your child or teen.  Teens can learn to budget for clothing or gas.  Kids can budget for their gifts for teachers or their lunch money.


April 13th:  Encourage your child to donate or sell toys that they no longer play with.


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.


April 15th:  Consider matching or paying interest on money that your child can save.

5 comments:

  1. Jen @ Master the Art of SavingApril 9, 2012 at 11:39 AM

    Those are some great things to try out. :-) Thanks Pam.

    ReplyDelete
  2. Marie@familymoneyvalues.comApril 10, 2012 at 8:42 PM

    Matching savings can be a real incentive, especially if you continue the practice over time. We did this when the kids had summer jobs - matched their earnings and encouraged them to put the matched amount into an IRA.

    ReplyDelete
    Replies
    1. Pam at MoneyTrailApril 12, 2012 at 9:46 AM

      Great idea! What a fabulous way to introduce them to an IRA!

      Delete
  3. PKApril 11, 2012 at 11:45 AM

    Some good stuff here. If you let your kid borrow yesterday, are you charging interest today?

    ReplyDelete
    Replies
    1. Pam at MoneyTrailApril 12, 2012 at 9:45 AM

      We haven't charged interest on any loans to our kids. However, there are families who do & it works for them.

      Delete

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