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Money and Kids: A Reality Check

Money & Kids - A Reality Check

Money & Kids:
Do you talk to your kids about managing money? Do they know and understand their own spending habits?  What should you tell them and how young can you begin?  Since children learn as much by what parents say as what they do, are you discussing your own values and morals towards money with your kids? Join host Dr. Winnie King as we explore this very important topic.  You'll learn about a high school program that takes a unique approach to teaching the value of a dollar; you'll meet a family that began discussing how to manage money when their kids were four years old; and you'll hear from experts how to begin talking to and training your children so they are prepared to become financially aware.

GUESTS: (on set and in video segments)

Janet Bodnar - Financial Advisor; Executive Editor, Kiplinger’s Personal Finance Magazine; author of Dollars and Sense for Kids, and Think $ingle, a weekly column about kids and money issues on Kiplinger.com.
Michelle Smith (age 17), High School Student
Asa Archibald - mother of four
Sophia, Erica, David and Ian Archibald - Asa’s children                                                              
Jo-Anne Olszewski - Director, Teaneck High School Financial Literacy Program

TIPS:  

Below Age 6

  • Get them a piggy bank
  • Get them familiar with coins
  • Let them hear you say "no"

Age 6 - 9

  • Give an allowance
  • Open a bank account
  • Have them buy their own toys/hobby items
  • Set small goals

Age 10-13

  • Expand allowance
  • Suggest ways they can earn money (odd jobs like dog-walking, raking leaves, etc)

Older Teens

  • Give a seasonal clothing allowance
  • Only let them use cash - not plastic
  • Open a checking account for them

RESOURCES:

The Jumpstart Coalition
http://www.jumpstart.org/
1-888-Educate

Books:

Dollars and Sense for Kids by Janet Bodnar