Financial Literacy Month: Tips & Activities for Kids & Teens

Images_of_Money on flickr.com

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 first installment.

Week of April 1 - 8:

1.  Take your child grocery shopping with you.  Let them pick out an item and look at the price per unit.      Compare the price of the name brand item to that of the generic item.  Decide if the name brand is worth the extra money.

2.  Take a trip to local bank, a US Mint, or the Federal Reserve.

3.  Not sure of how to start teaching your teen about money management?  Start by gathering some great resources.  Take a look at Wealthquest for Teens or Clark Smart Parents, Clark Smart Kids.

4.  Talk with your child about the difference between needs and wants, using examples that she can relate to.  Stress that a want doesn't become a need just because she wants it really bad! 

5.  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!

Photo from niseag03's photos on flickr

6.  Count and roll the change in your house.  Kids will be surprised how much the change can add up to.

7.  Have your child or teen learn to keep track of his money.  I hear that MoneyTrail is highly recommended!

8.  Be a good role model.  If you want your child to learn to save, show them how you save your money.  If you want them to spend wisely, show them how you avoid impulse purchases.