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)
Stress: Taking Charge—Using What You Have to Get What You Want (PM 1660h)
Stress: Taking Charge—Coping with Unemployment (PM 1660i)
Getting Organized (PM 1121)
Tracking Your Spending (PM 1918)
Using PowerPay to Pay Off Debt (PM 1873a)
PowerPay Credit Payment Worksheet (PM 1873b)
Reduce Your Debts the PowerPay Way (PM 1873c)
When There's an Error on Your Credit Card Bill (NCR 606-2)
Your Credit Report (NCR 606-3)
Divorce Matters: Separating Your Finances (PM 1719)
Divorce Matters: Managing Income and Expenses (PM 1720)
Living in Stepfamilies: Making Financial Decisions (PM 1376)
Stepping Stones for Families: Financial and Legal Issues (PM 1838)
The Allowance Game (PM 1776)
The Spending Game (PM 1103)
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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