2018 Financial Pledge
The New Year is upon us! Take the 2018 Financial Pledge to getting your children financially fit by teaching them how to earn and save money.
Here are some tips to help get them started:
Make paper money from color craft paper.
Use a shoebox to make a cash register. Divide the box into sections: dollar bills, (start with $1 and $5), quarters, nickels and dimes.
Pretend you are at the store and have them buy price-ticketed items with their paper money.
Depending on the child’s age, explain to them how to save money by buying items that are on sale.
Take your children shopping with you and have them write down the prices of the items on a piece of paper. Compare their list with the store receipt.
As the children get older, have them find the grocery items on the list and ask them to compare prices.
Encourage your children to do household chores and offer to pay them an allowance or have them earn stickers toward a toy they want.
Save their money in labeled jars (savings/Rainy Day Fund, spending and charity).
When the children ask for a favorite snacks that is not on the grocery list, have them pay for them with their own allowance money.
Before going out to eat, give the children a light snack (rather than ordering an appetizer), and avoid ordering soft drinks and dessert.
Take an inventory of old toys (and outgrown clothes) and set aside for a tag sale in the spring. You may want to take this opportunity to teach your children about donating those toys to an after-school program, homeless shelter, or children’s hospital.
Take the children to the bank with you (avoid using an ATM) and explain the process to them.
Involve your children in (age appropriate) financial discussions, and allow them to ask questions.
Set a goal to open your children’s first savings account before the end of 2018!
Buy your children books on financial literacy, and share relevant news and magazine articles with them to keep them informed and money-savvy.
If you have have other tips that have worked for you and your family, I'd love to hear about them.
Cheers to the New Year and another chance for us to get our finances right! Know that, “Setting new goals is the first step in turning the invisible into the visible."
Always remember that, “Every penny counts!”