SMART MOVES, MONEY
Teaching kids about money
by: Sara Peak
Five ways to teach your kids about money
1. PLAY GAMES Monopoly is a classic for a reason. Lessons in real estate, opportunity costs, and cash management transfer well to real-world economics. For young family members, consider Monopoly Junior.
2. TAKE FIELD TRIPS Allow your child to accompany you to the bank. Instead of using the drive-through, go inside and let your child help you fill out the deposit slip. Explain how a checking account, credit account, and mortgage work.
3. TALK THE TALK Many parents think it is taboo to discuss finances in front of their kids. On the contrary, an open discussion about family finances allows your kid an opportunity to learn important financial topics from the best teachers available—Mom and Dad.
4. SAVE UP Save loose change and dollar bills toward a goal the family has agreed upon, such as a trip to the circus, vacation, or even a pizza party. Letting your kids be part of the end reward helps them feel the satisfaction of accumulating money for a goal.
5. START A BUSINESS Lemonade stands, bake sales, babysitting, or lawn care—find your children’s talents and encourage them to start a mini-business.
For more financial help and advice download the 2011 Kentucky Living Financial Planning Guide.
Sara Peak is a freelance writer with expertise in finance and wealth management. Have a money question? E-mail us at e-mail@kentuckyliving.com.
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