If you're like many
with kids, conversations about money might not extend far beyond allowance and
lemonade stands.
But like everything else, kids learn about finances and
money matters from what they see at home; yep, we are setting the example.
Children's foundational understanding of money management—how to count it, save
it, and spend it—begins with the conversations they're having at home
In celebration of National Youth Credit Union Month which is
coming up in April, we'd like to offer up some suggestions on how to make money
a fun, applicable, and hands-on topic for the youngest members of your
household.
Talk Candidly
Money can be a sensitive subject for families, especially
during periods of financial strain. If you're tense or escalated during family
conversations, this creates negative associations for your children. Debate the
financial pros and cons of bringing home a new pet. Brainstorm ways they can
earn extra allowance for a coveted item. Try some of these good conversation
starters during dinner. Healthy attitudes toward money start at home (and with
you.)
Turn Screen Time into Savings
In our TikTok/tablet/app-centric lifestyles, it would be
easy to turn your nose up at the idea of money apps. But just as adults benefit
from fintech (48% of Americans to be precise), so can children. Creating
savings goals, tracking chores and allowance earnings, and utilizing
kid-friendly debit cards for small purchases can be a useful introduction to
savings and banking basics. FamZoo, Greenlight, Current, and Ketshop are a few
popular finance apps specifically designed with kids and teens in mind. Some
charge a small download or monthly fee, but others allow your kids to make use
of the basic offerings at no cost.
Keep It Real
Money itself can feel like an elusive, intangible concept
since most daily transactions happen with card swiping and touch-free
technology. It's important to create real-world opportunities to involve your
kids in money management. Is your child's school having a fundraiser? Encourage
them to get involved. Or involve your child in cost comparisons at the grocery
store, add up the costs of items as you shop, and explain staying within the
parameters of your typical monthly budget. Having to make money decisions in
real-time solidifies concepts you may have only touched on in conversation.
Add to Your Library
A fun and easy way to lend additional context to money talks
at home (and curriculum they may be covering in school) is to introduce your kids
to age-appropriate reading material. Check out this fun list of reads: I
Want More Pizza: Real World Money Skills For High School, College, And Beyond
by Steve Burkholder and Show Me the Money: Big Questions About
Finance by Alvin Hall.
In the meantime, visit telhio.org in April to learn how you
can set the kids in your life up for success by introducing them to a credit
union. We welcome young members!
