| Teaching financial literacy has been my passion. Over | | | | that new "thing" they just had to have when you |
| the years I've had an opportunity to speak to | | | | were paying for it becomes less important to them |
| parents who want to know how to talk to their | | | | when they come to realize that it will greatly reduce |
| children about money and want tips to help them | | | | the amount of money they will have left. |
| become more independent before they go off into | | | | If your family doesn't embrace the allowance |
| the real world. | | | | concept but still wants to help your children have |
| For many parents it seems like just yesterday that | | | | first-hand experience with money management, |
| your children were on their way to kindergarten, but | | | | another way to teach tweens about money is |
| now that they're in middle school things seem to be | | | | through interactive learning experiences and board |
| happening way too fast. Tweens seem to go from | | | | games such as: |
| having play dates to group movie dates right in front | | | | Life Payday Monopoly Jr. The Allowance Game and |
| of your eyes. | | | | Cashflow for Kids |
| And they're fashion conscious and brand sensitive far | | | | These are all wonderful ways to teach lasting lessons |
| earlier than we ever were. This is all the more reason | | | | in an entertaining way. Not only will these games help |
| for us to help them get a financial grip on money and | | | | your child strengthen their math and problem solving |
| the need for saving by talking to them early and | | | | abilities, they'll also understand basic money concepts. |
| often about ways to save and spend money | | | | Finally, encourage your children to save with a |
| responsibly. | | | | purpose and if possible offer to add a small |
| Here are a few things you can do to get your tween | | | | percentage to whatever they have saved. This |
| ready for the day when you'll need to cut the strings | | | | teaches the lesson of compound interest and how |
| and watch them spread their well-prepared financial | | | | money grows if left untouched. |
| wings. | | | | The next time your child wants a new bike, |
| Giving your tween an allowance is a great money | | | | skateboard or series of Karate lessons use it as a |
| move. It will help you as a parent reign in their | | | | chance to challenge their desire for what they want |
| budget-busting requests while teaching them the | | | | by having them save for it. As an extra incentive |
| value of a dollar and saving for the things they really | | | | agree to match their savings dollar for dollar up to a |
| just "must" have. | | | | set amount or a specific period of time. |
| In her book, "Kids and Money: Giving Them the | | | | The benefit of this to you is that your child will |
| Savvy to Succeed Financially," author Jayne A. Pearl | | | | develop discipline and a habit of not spending every |
| says this about giving your children a fixed spending | | | | dime they get their hands on. Plus, when you make |
| budget. "Allowance is an effective way to start | | | | the goal one that's reachable even if they fall short, |
| transmitting to your kids financial literacy, values, and | | | | you can assist them so they will be encouraged to |
| decision-making skills." | | | | try again next time. |
| When tweens have access to money they can | | | | The biggest thing to remember is to encourage their |
| better understand the meaning of it and the proper | | | | new saving habits and find ways to support them so |
| ways to use it. Trying to help them understand the | | | | they'll actually think of it as something fun. Once that |
| basics of money management using something that | | | | happens you've created a situation that will develop a |
| they have earned and saved for is powerful. Often | | | | positive attitude toward saving for a lifetime! |