| Greetings!
Welcome to the December 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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Raised for Richness: Parents need effective tools to help teach their kids about money. Karyn's parent primer, Raised for Richness, was written to fill this need. A "how to" to help kids master financial literacy, this family guide shows parents and caregivers how to initiate vital dialogue on money---and life.
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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:
Board games are always great gifts for the holidays. And board games that teach kids money skills are doubly great! The key is to sneak in the "money conversation" as you play.
For example, the popular Game of Life oozes opportunities to discuss buying a house, paying insurance, being prepared for unexpected expenses, playing the stock market...
And the lesser known Allowance Game is perfect for discussing wise spending choices, earning interest on savings, and jobs that your kids can do to earn extra money. Gently tie in your real life experiences with these important money topics as they come up during the game.
We sometimes assume that, through osmosis, kids will make the connections between the money lessons in the game and what happens in the real world. That is not always true, so it's up to us to be on the lookout for these priceless opportunities!
For a list of fun games that help teach kids about money, see Karyn Recommends in the section below.
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| December Connection: Life is a Series of Choices |
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Partially excerpted from the upcoming parent primer, Raised for Richness.
Learning how to make good choices is a very important life skill. The choices we make can greatly influence the kind of life we have. And since our choices can follow us for the rest of our lives, we need to teach kids how to make good ones. A good way to start is to ask them the reasoning behind their choices. Why did you choose not to go in after school for help on your writing assignment? This gives them pause to reflect and make sure their decision is being made for the right reasons. If you feel their reasons are not well thought out, it may be a good time to teach them how to make a 'Pros and Cons' list.
Another technique to use that encourages the positive choices your child has made is to acknowledge the choices. I notice you've been hanging out a lot with Olivia. What is it that you like about her as a friend? Depending on her age, she may not have the exact words to describe her feelings so you may need to offer some suggestions. Is she a good listener? Does she respect your ideas? Not only does this help underscore that she has choices, but, again, you're teaching her how to think through those choices.
And teaching kids how to think through their choices before making a decision can help when those choices become even bigger: Should I take a few years off before going to college? or What kind of person do I choose to spend the rest of my life with? The answers they come up with can have a profound impact on their life. The Money Connection: The ways in which we choose to spend or save our money can also have a great impact on our lives. Getting kids to think through those choices, as well, is just as important. Why do you want to spend an extra $100 for that cell phone? Is it worth it? What could you do with the money instead?
This is a good time to introduce the power of compound interest, especially if you are customizing the interest rate on their savings so their money can grow faster (KidsSave is great for this). Kids get to choose between spending their money or saving it and getting even more money. Having money gives us even more choices.
That said, it's still important to allow our kids to make money mistakes when they are young and have the opportunity to learn early on from those mistakes. Helping them reflect on the reasons behind a "poor" choice is a good way to help them clarify what is really important to them...or what they thought was important, at the time. They may then choose differently the next time.
Learning how to think through spending choices becomes important when the choices are Should I overextend on my house payments so that I can have a huge yard or buy the house with a smaller yard and be able to put money aside for savings? |
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KidsSave's Blog Vignettes |
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Karyn Recommends |
Fun games that teach kids about money:
Presto Change-o (ages 4 and up) Making change
Monopoly Junior (ages 5 to 8) Adding/subtracting money
Pit (ages 7 and up) Investing, understanding the stock market
Cashflow for Kids (ages 7 and up) Investing, general financial education
The Allowance Game (ages 8 to 11) Earning money, saving, wise spending
Payday (ages 8 and up) Household finances, bill paying
Monopoly (ages 8 and up) Adding/subtracting money, real estate
The Game of Life (ages 9 and up) Adding/subtracting money, finances, decision making
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"It is our choices that show what we truly are, far more than our abilities." J.K. Rowling
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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| Raised for Richness |
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A "how to" to help kids master financial literacy, this family guide shows parents and caregivers how to initiate vital dialogue on money -- and life. |
| Celebrating Success |
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Let's celebrate the success of kids who achieve their personal financial goals!
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| Order KidsSave |
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| Our Blog |
Join us on our blog where we will be sharing stories about kids and their journey along the path to becoming saving savvy and money smart. |
| FREE Tools |
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Free tools to help teach kids about money. |
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