Monday, 5 September 2011 17:48
As kids return to school and are in learning mode, now is a great time to teach them about money. Here are a few tips to help you with back to school money lessons for your children:
Find out if your child’s school will be covering money or finances throughout the year and piggy back on the lesson plans. For older children, if they are covering checking accounts or investments in school, talk with them about your personal accounts and methods. If they are not covering money/finances at school, find resources online and teach them at home.
If you are comfortable with the idea, set-up a plan to reward your child with money for completing homework or for getting good grades on their report card. If you don’t agree with the concept of "bribing" for school work, just a simple allowance for chores will help them with the concept of earning money.
If your child is old enough, have them figure out how much money they need for the week, month, etc. based on the amount per lunch. Once they figure out the amount, ask them how much will be leftover from the amount you give them. You can also have them be responsible for keeping track of what they have in their lunch account if their school has them.
If your child is tracking goals for academics, extra-curricular activities, sports, etc., have them add a money savings goal. This can be to save a specific amount or save for a specific item. This is especially helpful if they have the argument that "everyone" has something at school that they want. Help them save their own money for the item.
Back to school is synonymous with fundraisers, and most parents dread having to ask friends and neighbors to buy something. But, you can take the opportunity to teach your child about money. If your child is old enough, put them in charge of the entire fundraiser – from asking to collecting funds. If they are younger, help supervise but let them have as much involvement as possible.