Island Parent Resource Guide Vol 35
Vancouver Island’s Parenting Resource for 35 Years: Family Support • Classes & Programs • Health & Wellness • New Parent Resources • Family Fun & Entertainment • Overnight Camps • Family Travel
Vancouver Island’s Parenting Resource for 35 Years: Family Support • Classes & Programs • Health & Wellness • New Parent Resources • Family Fun & Entertainment • Overnight Camps • Family Travel
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MONEY<br />
I Wish I Was Taught<br />
This in School!<br />
The majority of adults I speak with have a similar experience<br />
to share with me about their lack of education on<br />
money throughout their school years. After 13 years in<br />
school, they graduated with a passing grade on Pythagoras’<br />
Theory but feeling completely in the dark on how to file their<br />
taxes, invest in the stock market and choose a mortgage.<br />
Every once in a while I hear about a wonderful career education<br />
or math teacher who clearly had a passion for financial literacy<br />
and taught lessons on these day-to-day adult tasks—those teachers<br />
are worth their weight in gold for the difference they made!<br />
For parents raising children in this generation, we have some<br />
good news in that there have been valuable changes to our current<br />
curriculum which include many of these areas. In order<br />
to graduate high school, students will cover personal budgets,<br />
compound interest and credit card amongst others.<br />
However, we all know that learning starts at home. There are<br />
many topics that you can broach to provide your child with a<br />
greater understanding than what they will get from their classroom<br />
alone. Here are some age-appropriate ideas:<br />
Preschool Aged:<br />
1. Sharing and donating toys teach generosity<br />
2. Putting away toys before a treat teaches responsibility and<br />
work ethic<br />
3. Saving birthday money to spend on a favorite toy<br />
Elementary Aged:<br />
1. Begin allowance using a clear jar “piggy bank” so they can<br />
see how much they have saved<br />
2. Start long term savings goals<br />
3. Track savings with a sticker chart or coloring sheet<br />
Middle School Aged:<br />
1. Open bank accounts and teach how to use it online safely<br />
2. Discuss their favorite brands and show their stock market<br />
charts<br />
3. Choose a chore-based or automatic allowance method and<br />
discuss a budget for spending and saving<br />
High School Aged:<br />
(Change the numbers for privacy if that is important to you.)<br />
1. Show your paystub and discuss income and deductions<br />
2. Explain your investment statements<br />
3. Set guidelines for saving a portion of their income (I suggest<br />
at least 50%)<br />
4. Discuss credit cards and teach how interest works<br />
These suggestions are only meant as inspiration for all the<br />
great ideas you’ll come up with on your own. Day to day activities<br />
will give you many more topics to cover if you are wanting<br />
to teach your kids what you wish you had been taught in<br />
school.<br />
Lindsay Plumb is an Accredited Financial<br />
Counsellor (Canada) and founder of Pretty Money<br />
Club, Black Is the New Red and MOOLA Financial<br />
Coaches & Advisors.<br />
<strong>Island</strong><strong>Parent</strong>.ca<br />
Family <strong>Resource</strong> <strong>Guide</strong> <strong>Vol</strong> <strong>35</strong> 15