Finding Other Resources - A Newsletter for Parents of Fifth Grade Children
Topics: Preteen Years (9-13), Fifth Grade, Teaching Money Management, How to Raise an Educated Consumer, Parenting, more...
What Do You Think?Mr. Baker and Mrs. Cooper are sitting next to each other at a school sports event. Mr. Baker says, "We received the Centsible Parenting newsletter this year and learned several new ideas to help Jamie increase her money management skills." "Not only is Trevor learning, but our whole family is doing a better job of talking about finances," says Mrs. Cooper. |
Children will learn and develop decision making, financial management and consumer skills based upon what they talk about with their parents and observe them doing. Remember, in general you need to:
- guide and supervise rather than direct and dictate
- praise instead of criticize
- not use money as a reward or punishment
- let your child learn by both successes and mistakes
- be consistent
- include your child in appropriate financial discussions
- be good role models and provide money management experiences involving your child
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 more 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 Federal Reserve Bank of San Francisco sponsors Fedville, which is designed for 9- to 12-year-olds, their parents, and teachers. Fedville is a town where children learn about money, saving, banking, and the economy. It includes games and puzzles. The website address is http://www.frbsf.org/education/fedville.
Visiting the Bank
Children group up watching their parents go to the bank. They see adults writing checks, depositing cash, getting money from an ATM, and going over bank statements. But at what point do children begin to understand how all the pieces fit together?
Use these routine tasks as an opportunity to teach your child about the role of money in our society. Share little bits of information each time and then respond to questions. Examples could include where you get your money, what the bank does with money, where the money in an ATM comes from, or why you use a bank.
Take your child with you when you go to the bank. If possible, introduce your child to bank personnel and arrange a brief tour of the facility.
Learning Continues
Adults may not feel comfortable teaching children how to manage money because they feel they're not "super managers" themselves. However, it is not necessary to be an expert to provide appropriate experiences for children. The following resources are available at your county extension office to help you strengthen your own money management skills.
Money Mechanics
Record Keeping (PM 1452a&b)
Communication (PM 1453)
Spending Plans (PM 1454a&b)
Income Taxes (PM 1455)
Home Insurance (PM 1456)
Life Insurance (PM 1457a&b)
Health Insurance (PM 1458a&b)
Credit (PM 1459a&b)
Buying a House (PM 1460a&b)
Owning a Car (PM 1461a&b)
Saving and Investing (PM 1462a&b)
Estate Planning (PM 1463)
Take Control of Your Spending (PM 1673)
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Reprinted with the permission of the Iowa State University Extension. © 2008 Iowa State University Extension.
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