Kidnexions Connection
 
September 2010
Greetings!
 
Welcome to the September 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.
 
In This Issue
Teaching Kids Money
Teachable Money Moments
September Connection: Saying 'No'
Teaching Kids Money 
movieclipKids and Money Quick Tips Video:  Saving
Not sure how to encourage your kids to save money?  Wondering if you should start an allowance program?  And if you do start an allowance program, should it be tied to chores?  I'm putting together a series of kids and money quick tips to help answer commonly asked questions.  This first one is on saving.

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Here's a recent Raised for Richness Facebook tip:
Try not to say, "I can't afford it." Instead say, "That's not in my budget." This teaches kids the difference between needs/wants and emphasizes prioritizing.
 
For more daily kids and money tips, join me on my 
Raised for Richness Facebook page.
 
Teachable Money Moment 
 
The best way to teach kids financial literacy is in the context of their everyday lives. Here's this month's teachable money moment:
 
In celebration of our kids going back to school (!), this month's Teachable Money Moment is brought to you by Math Class 101:
 
To show your child just how quickly things can add up, let's do a little arithmetic. 
 
Multiplying by 12:  Figure out about how much of the family budget you spend each month on, let's say, cable or groceries.  Help your child multiply this amount by twelve.  The result is about how much you spend yearly in that category.
 
Multiplying by 52:  This time, figure out about how much you spend a week on a particular item at the grocery store.  Maybe it's milk.  Multiply this by 52.  Again, that approximates your yearly total.
 
Seeing how much is spent on an item or category in a year is often an eye-opening experience and gives kids an appreciation for how much stuff really costs.  Relate this to needs and wants.  And remember, this is not an exercise to get kids to feel bad about how much you are spending; it's simply a way to get them to reflect on the importance of spending our money wisely.
 
BTW, parents, that four-times-a-week latte you've been sipping in the afternoons?  At $3.50 a latte, that adds up to $728/year!
 
September Connection: Saying 'No'
 
Saying no to our kids can be hard for a myriad reasons...we don't want our kids to feel bad, we want to avoid power struggles, we don't want to feel "rejection" from our kids, we want to avoid conflict.  But, as my friend Kathleen Burns Kingsbury says, saying no is a gift.  It prepares our kids for the disappointments that life will inevitably throw their way, much as we'd like to protect them.
 
When we say no to our kids, we are setting boundaries.  Some are safetly boundaries.  No, don't touch that.  Others are limitation boundaries.  No, you can't stay up til midnight on a school night.  The key is to accompagny your no with your why.  Your why offers an explanation that kids need to make sense of their world. 
 
That pot has boiling water in it.  If you touch it, you'll hurt yourself.  Safety.  If you stay up late you'll be tired tomorrow and it will be harder to concentrate.  Limitation.
 
Now, kids being kids, they may not agree with you.  But they're going to have to trust you on the safety issues.  As for the limitations, offering an alternative can be a useful strategy.  No, you can't stay up til midnight tonight, but I'll let you do that on Friday night.  Besides this may be a good opportunity for you to prove that on Saturday, your little cherub has morphed into a cranky, little Frankenstein.  It's nice to have those little examples to pull out the next time around.  :-)
 
The good news?  The more prepared you are to say no, and mean it, the less you'll find yourself saying it.
 
The Money Connection:  There's probably not a parent on the planet who hasn't struggled with saying no to a pleading child in the checkout line.  Yes is so much easier.  But the same principles apply when money is involved.  We need to help our kids develop reasonable expectations and learn to deal with life's little disappointments.  It's okay to say no, I'm not going to buy that candy because it's not in this weeks budget.  Yes may be easier in the short run, but no will give them skills for life.
 
To help minimize potential power struggles, here are two tips that can make your life just a little easier:
 
Give your kids an allowance.  An allowance practically extinguishes all traces of the I wannas in addition to providing them with important money skills.  But it needs to be done correctly.  Click here for allowance tips. 
 
Choice of an item.  For younger kids who tend to be with you when you're grocery shopping, allow them to choose one item to place in the cart.  This has the added benefit of keeping them busy!  Of course, set up the parameters of the choice, such as no gum or no items over $3.00.
 
Kids$ave Blog Vignettes
Why read the vignettes?  Because the vignettes offer examples of doing money in real life settings.  And it's when you can "see" money in action that teaching it takes on a whole new meaning.
 
 
As always, we love hearing from you.  Feel free to contact us with comments and suggestions!
 
Wishing you continued success as you teach your children to be saving savvy and money smart.

John and Karyn Hodgens
Kidnexions co-founders
 
There is nothing so easy to learn as experience and nothing so hard to apply.  - Josh Billings
 
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
 
LinkedIn:  Join our group Conversations about Kids and Money.
 

You are receiving this newsletter because you either signed up on our site, kidnexions.com, or checked your interest as you purchased one of our products.  If you choose not to receive any future newsletters, please click the unsubscribe link below.
As always, we love hearing from you.  Feel free to contact us with comments and suggestions!
 
Wishing you continued success as you teach your children to be saving savvy and money smart.

John and Karyn Hodgens
Kidnexions co-founders
 
There is nothing so easy to learn as experience and nothing so hard to apply.  - Josh Billings
 
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
 
LinkedIn:  Join our group Conversations about Kids and Money.
 

You are receiving this newsletter because you either signed up on our site, kidnexions.com, or checked your interest as you purchased one of our products.  If you choose not to receive any future newsletters, please click the unsubscribe link below.