| Greetings!
Welcome to the August edition of the Kidnexions Connection. Our goal is to provide you with useful information about kids and money with an emphasis on making connections between what kids learn and their every day lives.
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| Company News |
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KIDNEXIONS APPEARS IN CBS MONEYWATCH.com: We are thrilled to be quoted in several articles written by LA Times personal finance columnist, Kathy Kristof:
KIDNEXIONS and MetroPCS: Karyn has been traveling around the country working wtih MetroPCS to get the message out about teaching kids money management. It is a timely topic and, again, we are thrilled to be a part of the positive changes occuring in this area.
QUIPS AND TIPS for Achieving Your Goals: Karyn will be writing periodic articles as the Kids Money Expert for this popular blog. Your comments and questions are always welcome. Here's the latest post.
 MAC VERSION: Any day now. We're putting on the final touches.  LINKEDIN: We're still looking for people to join our group called Conversations about Kids and Money.
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| Teachable Moments |
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The best way to teach kids financial literacy is in the context of their everyday lives. Here's this month's teachable moment:
It's back-to-school season. And that means it's the perfect opportunity to sneak in a few life lessons. Since we have to do the back-to-school shopping anyway, why not use it to teach our kids budgeting?
Begin by making a list of needed items with your kids. You can decide to lump everything together or create separate lists such as one for clothes and one for office-type supplies. Then decide how much you are willing to spend in each category.
Get CASH in the needed amount. This helps underscore the value of a dollar (it makes a difference if you can SEE the money) and helps you stick to the budget. When you run out of money, you're done. This teaches living within our means.
But so that you don't run out of money too soon, teach your child how to look for good deals by going through all the ads you'll soon be getting in the mail and newspaper. As an added incentive to get the best deals, tell your child that any money that's not spent is theirs to keep.
Then go shopping. And enjoy knowing that your child has already learned an important life skill...and school hasn't even started yet! |
| August Connection: Money Personalities
Guest Author: Keshelle Kerr |
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We welcome guest author Keshelle Kerr, the owner of Creative Wealth Bahamas, an organization whose mission is to put young people on the road to financial independence.
Determining Your Child's Money Personality
Most of us understand the meaning of the word personality. We develop different personalities that we use throughout our lives for survival. We use it as defense mechanisms, to impress others, to make us feel good, to help us cope with certain situations, etc.
The Money Connection: Believe it or not, we have all developed a money personality as well, and learning about these special personalities is important when you're exploring your child's financial behavior.
Parents, teachers, youth leaders and other adults may ask the question, Does it really matter if you know where your child fits? Yes it does!
Figuring out a child's money personality is the first step in determining how best to teach them about money. Each personality needs guidance in different areas, so knowing where your child fits will help you focus on the right areas.
From the time that I have been teaching financial literacy to kids and teens I have noticed that kids, as young as 7 years old, have often already developed very specific traits in regard to how they handle, manage, and think about their money.
So, how do you figure it out? It's easier than you might think. Although there are many ways available to help determine your child's most dominant money trait. I have decided to keep it simple. In fact, you may already know whether your child is a spender or a saver. If not, consider these questions along with your other experiences.
- What is the first thing they want to do when they get money? This is what they do without prompting or if they don't already have it earmarked for a big purchase. Do they want to save it because they don't have anything specific in mind? Or are they bugging you to go to the mall or movies to spend it?
- How do they handle their stuff? Do they treat their toys (of whatever variety or cost) with respect? Or do they think that there is an endless supply of stuff to replace what might be damaged? While trashing their rooms is not always the sign of a spender, kids who believe that "there is more where that came from" may be more likely to view only the short-term spending high and not the long-term benefits of saving. Teaching children to save money can not only influence how they treat their money but also their other belongings.
- When they were little (or even if they still are), how do they handle candy or food? My 9-year-old daughter has almost always saved some part of everything including candy from a grocery shopping trip to her allowance to gift money. Other kids, on the other hand, may be all about immediate gratification and always has been. When you look at your own kids, consider also their age but do not use that as the only reason for their behavior.
- Do they plan for the future? Kids and teens who can think in terms of months and years - not just this week - are more likely to understand the idea of delayed gratification. They can focus on the benefits of giving up something now for a future payout. These are the kids who have been putting money in their piggy banks since they could get coins in the slot because they want to buy something big. Teaching money management for kids who understand waiting will likely be easier but they could also want to delay purchases for too long.
Awareness is the first step toward change. Let us help to empower our kids to create the lives they dream of by helping them understand their behavior about money. Use this new knowledge to get them to develop better financial habits. This leads to a solid financial future. |
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KidsSave's Blog Vignettes |
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| This Month's Quote |
"We can change what students do by changing what students know." grace Yohannan | |
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Wishing you continued success as you teach your children to be saving savvy and money smart.
John and Karyn Hodgens
Kidnexions co-founders
Karyn Hodgens has a BA in Child Development, a Masters of Arts in Education with a Specialization in Elementary Mathematics, and a multiple subjects teaching credential. Her passion is designing real-world lessons that resonate with kids and their interests. Karyn is currently teaching kids how to prepare for their financial future in addition to writing about kids and money issues. Contact Karyn at karyn@kidnexions.com
John Hodgens has a BS in Electrical Engineering. He is currently a software engineer committed to designing software applications that help make teaching science and math concepts easier. Contact John at john@kidnexions.com |
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| Celebrating Success |
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Let's celebrate the success of kids who achieve their personal financial goals!
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