If you’re a parent, you can bet your child will mirror your behavior and values, including how you manage money. As your child grows, create opportunities to make learning about money fun!
Challenge her imagination
Kids from pre-school to second grade learn from play. Have your child be the shopkeeper of an imaginary general store. Gather items from your pantry to stock the shelves of the store. You can use coins for buying and selling. This is a great time to introduce her to a piggy bank, as well.
Visit your bank or credit union
Your child’s elementary school years are a prime time for learning the value of saving and working for the things they want. Introduce her to chores and an allowance. She’s going to need a place to keep the money she saves, so take her to your bank or credit union to open an account. Tell her about when you opened your first account. Then visit the bank or credit union together every month to get her in the habit of consistent savings and to learn new things about money.
Conquer the supermarket
As your child moves from elementary school to junior high, she’s becoming more open to learning life lessons. Take her shopping and have her read price labels at the supermarket. Show her how to identify items on sale, find an item’s price per ounce or quantity, and compare generic to brand name items. If you take her shopping frequently she may become your own personal shopper!
Getting a better handle on money
Your teen can become sharper about money and savings by being a manager-in-training. Have her clean out your basement, attic, and closets to manage a yard sale. Between handling inventory, pricing, haggling, and keeping up with the cashbox, her sense of responsibility and understanding of value will grow leaps and bounds. Put her in charge of the table and have her deposit money earned in a savings account where it can grow with dividends and additional deposits.
Sharing your experiences with your kids and engaging them with learning-by-doing will set the table for good choices and values.
Article provided by Local Government Federal Credit Union.
The advice provided is for informational purposes only. Contact your financial advisor for additional guidance.