Money Talks Monday (3/5/18)

As Miss Metrolina I am often asked about how my “Money Talks” are executed with children. Learning for the experts at Money Management International, my “Money Talks” teach children from fifth to eighth grade about the basic financial structure of a household and the fundamental tactics of financial management. Designing this program in conjunction with two nonprofit scholastic organizations stemmed from the four life lessons Money Management International’s staff suggested be incorporated into “Money Talks” so tangible exercises of financial management were recognized by children in what are the typical growing pains of youth. So you can benefit from these exercises with your children or within your household, I have chosen to share them with you as this week’s “Money Talks Monday.”

EXERCISE I: Turn Grocery Shopping Into a Teachable Moment.

Grocery shopping has countless ways of teaching children about money management. There are opportunities to teach healthy choices along with showing value over brand, packaging versus product, and how choices lead to savings through BOGO, store discount cards, and coupons.

EXERCISE II: Give Children an Allowance.

Regardless of the amount given, an allowance teaches children the valuable techniques of wise spending, saving, and, most importantly earning. While it is wise to give children an allowance, it is wiser that earning requirements be set in order for children to obtain this allowance. Chores are a much wiser means of earning than rewarding academic performance or for awards earned. Strong academic should be expected, not purchased. This is a valuable lesson for parents as well.

EXERCISE III: Help Your Children Start a Small Business.

From lemonade stands to tutoring in a subject where a child excels to babysitting, encourage and help develop an entrepreneurial mindset in children. This not only helps children to learn earning, it helps them to understand those in the working world thereby creating an empathy for the American worker. Children who have their own “business” are much less likely to be rude consumers in retail stores, restaurants, hotels, etc.

EXERCISE IV: Open a Checking/Savings Account for Your Child. Opening a joint account with your child when he or she is in the first two years of school helps children to see how money accumulates. If you are fortunate enough to bank with a credit union offering interest bearing savings accounts, this is also a great way to teach children about interest as it accrues on savings as well as debts.

These four exercises formulated by Money Management International have played an integral role in the development of my own “Money Talks” program. I appreciate the staff of Money Management International Investing in my platform upon its founding two years ago and hope you will find a way to put these exercises to use in your household. Until next week, spend and save wisely and share those experiences with your children and loved ones!