July August 2021 WEB

Teaching your kids about money
by Junior Achievement
The United States is facing
an epidemic of financial illiteracy.
So, how can you help?
The following is a list of tips that
take away an amount to show how
much money you saved. next talk
about the importance of saving for
the future or the unexpected.
you can use to help your kids Teach children the
understand and develop financial
literacy.
Teach your child the
concept that people earn money
importance of setting a budget
in order to save for things you
want to buy in the future. Children
as young as three can start
at their jobs. Discuss what you receiving an allowance, and with
do at work and then ask him/her that allowance comes the idea of
what she might like to be when budgeting and saving.
she’s older. If she wants to be a
veterinarian, put her in charge of
walking, bathing and feeding the
dog, and pay her for the tasks.
Even though most banking
Have you ever listed all of
the expenses you pay every month
to keep a household going? Put a
few stubs in a stack and do a little
show-and-tell. Talk about what
is done online these days, it’s happens when you add them
important to physically take your
children to the bank, so they can
up. This will help your children to
understand the concept of billpaying
and how much money is
see where your money is going
-- and that it’s in good hands. required to run a household.
When you take children to Teach your child the
the store with you, talk through difference between wants and
purchases with them. Explain to
them why you chose one product
over another.
Put a few household bills in
a stack; talk to your children about
what happens when you add them
all up and why these expenses are
necessary. This will help them to
understand the concept of billpaying
and how much money is
require to run a household.
Start to show your child
how to stretch a dollar. If you buy
an item on sale, put the dollars/
coins that equal the full purchase
price on the kitchen table and then
14 July/August 2021 I QC Family Focus
needs. Kids may “want” many
things, but “need” far less.
Discerning between needs and
wants will help them sort through
the many options they will face in
life. Evaluating needs and wantson
both a small and large scalehelps
adults control expenses.
Money that would otherwise be
spent on “wants” can be put in
long-term saving, investments or
returement. These are values that
secure a future.
Financial literacy is
important, no matter what age
group you belong to, whether you
are just starting 5th grade, funding
your college education, planning
for a family or retiring. Financial
literacy will help you achieve your
goals regardless of what you
choose them to be.
Try to develop good
financial habits. Just paying
attention to how you spend your
money will probably lead to some
ideas about how to save more.
Over time, your savings can make
a large difference in your future
financial lifestyle.