What Do You Think?
Mrs. McDonald and Mrs. Baker bump into each other at the elementary spring music concert. Mrs. Baker says, "Hi Jill, have you been reading the Centsible Parenting newsletters this school year?" "Yes," she answers, "we've learned a lot from reading them and my daughter really enjoyed the games and activities. The newsletters have made us think about the importance of teaching our children about money."
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With the end of the school year comes the last issue of Centsible Parenting. Over the past months, this series of newsletters focused on teaching money management skills and concepts to children.
Teaching your child about money has aspects of earning, spending, saving and sharing. Hopefully the information and activities have helped you deal with these issues within your family.
Remember young children usually learn best by doing, so continue to offer your child as many experiences as possible.
Looking at Websites
Many websites are related to children and money. Websites come and go, but if you get to a couple, you'll usually find links to additional sites.
Be cautious as you and your child navigate the websites. It's a good idea to start with KidzPrivacy. This Federal Trade Commission website includes information for children and parents about online privacy issues for families. The website address is http://www.ftc.gov/bcp /conline/edcams/kidzprivacy/index.html.
The United States Mint has a site for elementary and middle school kids. It features games, cartoons, coin news, and coin camp. All the activities are about coins. It is interactive, educational, colorful, and fun. The website address is http://www.usmint.gov/kids.
Reading a Book
If you and your child like to read, spend some time at the library or a bookstore. You will discover old favorites and new titles relating to money and children. Books for children of all ages include both fiction and non-fiction.
Talk about the characters and their problems. If a child in the story is having trouble deciding what to do with an allowance, together you can read and talk about what the character did and how you might want to do the same thing or something different.
Books also offer a non-threatening way for you to pass on your values about money. Choose books that support what you believe about spending, saving, and sharing money.
How are You Doing?
Here is an exercise that may help you evaluate what you are or are not doing to teach your children money habits for life. "Yes" answers indicate ways you are helping your children learn money management skills. "No" answers could mean you may need to help them more. These are general questions for all children. The stage of development of the child will dictate how involved you get with topics presented in the questions.
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1. Do each of my children have some money to manage without my interference? |
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2. Have I helped my children set up a spending/saving plan? |
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3. Do I avoid using money as a reward or punishment? |
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4. Do each of my children do some regular household chores? |
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5. Do I set a good example by being truthful about money matters? |
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6. Do I give my children more financial responsibilities as they get older? |
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7. Am I a good money manager, giving my children a good example to follow? |
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8. Do I allow my children to make their own decisions about money when there are alternatives? |
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9. Do I praise my children if they have made wise decisions with their money? |
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10. Do I help my children find ways to earn extra money that is age appropriate and suits their abilities and skills? |
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11. Do I allow my children to make mistakes related to money and help them understand the consequences? |
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12. Do I sometimes verbalize my own desire to acquire more goods and services than my income can handle so that my children know that I say "no" to myself too? |
Chart reprinted with permission from materials adapted for use in Iowa by Cynthia Needles Fletcher, professor and extension specialist, Department of Human Development and Family Studies, Iowa State University, from materials prepared by Alice Mills Morrow, extension family economics specialist, Oregon State University. Originally developed from publications by Washington State University and Clemson University Cooperative Extension Service, Clemson, South Carolina.
Prepared by Donna K. Donald, family life field specialist, and Vicki W. Sickels, former family support program associate, and edited by Laura Sternweis, communication specialist, Iowa State University Extension
...and justice for all The U.S. Department of Agriculture (USDA) prohibits discrimination in all its programs and activities on the basis of race, color, national origin, gender, religion, age, disability, political beliefs, sexual orientation, and marital or family status. (Not all prohibited bases apply to all programs.) Many materials can be made available in alternative formats for ADA clients. To file a complaint of discrimination, write USDA, Office of Civil Rights, Room 326-W, Whitten Building, 14th and Independence Avenue, SW, Washington, DC 20250-9410 or call 202-720-5964.
Issued in furtherance of Cooperative Extension work, Acts of May 8 and June 30, 1914, in cooperation with the U.S. Department of Agriculture. Stanley R. Johnson, director, Cooperative Extension Service, Iowa State University of Science and Technology, Ames, Iowa.
This newsletter is published for families with first grade children by Iowa State University Extension. For more information about parenting education, contact your local county extension office or access the Iowa State University Extension to Families website, www.extension.iastate.edu/families.
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