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Talk with Our Kids about Money Day

I bet not a lot of you have heard about this day before. Don’t feel bad if this is your first time hearing about it, it only started back in April 2013, making 2015 its third year.
Even though Talk with Our Kids about Money Day is a relatively new initiative, it’s going to be around for quite some time. Financial Literacy is not a problem that we can wish away or will be solved with the advancements in technology.  Since financial literacy is an important skill, why not use this day (the third Wednesday of April) to start a new tradition with your kids? Here are some preplanned activities that you can do with your kids at home to help them plan and learn to save for the future.
If you want to give them a real world example when it comes to learning about savings, here’s an activity that I think would be good to go over with your older kids (14 and older).

  1. Set a Money Savings Goal ($100 – 400 range)
  2. In order to reach that goal through the means of recycling containers, how many containers would you need in order to reach that goal if you get $.10 for containers 1 L or smaller and $.25 for containers 1 L upwards.
  3. How long would it take you to reach the goal based on your household’s consumption of beverages?

The three questions are a way for you to help your kids develop awareness about how quickly savings can add up, learning to set goals and plan for achieving them, as well as developing environmental wellness through recycling. As your kids get older, encourage them to start crunching numbers when it comes to interest paid on borrowings compared to interest earned through savings and investment—they will start to see firsthand what the most cost effective method is to grow their personal net worth.
Check out Three Simple Tips for Tweens to Learn How to Be a Smart Shopper for those that have kids have younger children.

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