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| Kidnexions Connection |
November 2010 |
Greetings!
Welcome to the November 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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| Teaching Kids Money |
 Kids and Money Quick Tips Video: Teaching Kids How to Earn MoneyAn allowance is a great way to get money into the hands of kids so they can learn how to manage it. But it shouldn't stop there. Here is my next video on kids and earning money. Click here to watch the video.
And after the video, click here for a better view of the Above and Beyond list.
 The Financial Fairy Tales
A highly acclaimed inspirational series of books which share positive money messages with kids under 10. The Magic Magpie takes everyday lessons which all parents can relate to and spins them into an enchanting fairy story. Check it out.
Local Sacramento Folks! My next book signing will be at Borders in Folsom on November 20 from 1-3pm.
Click here for details. Scroll down to Upcoming Events.
 KidsSave 1.4.1 Just Released! To update to the latest version, click on the 'About' button on the log in screen, then click the 'Check for Updates' button. MAC users, click here and download. It's FREE!
 Here's a recent Raised for Richness Facebook tip:
If you dictate to your kids how they can spend their money, you're telling them that you don't think they are capable of making good choices. Will they make mistakes? Let's hope so. These are much more effective lessons. |
| 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:
It's our job as parents to provide food, shelter, and clothing to our kids. But no where in the manual does it say that our little cherubs need to be clothed in the finest of linens.
So the next time you're out shopping with Junior, and he is just drooling over those $100 Lacoste shoes that "everyone is wearing", remind him that you will always make sure his toes are dry and comfy, but your shoe budget taps out at ($60).
Smile, and then add that you are more than willing to have him pay the difference. Tell him that's the price of luxury. Then let him decide if he's willing to plunk down his money on the latest fad.
This is a great way to get kids to reflect on what they really value and underscores the difference between needs and wants.
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| November Connection: The Knowing |
Parents know...life can sometimes be hectic with kids. But something as simple as establishing routine can help life run a little more smoothly and efficiently. When kids know what to expect, they feel more relaxed and in control. And because of their predictability, dinnertime-, homework-, and bedtime-routines can actually give kids a sense of mastery in handling their own lives.
A tangible way to involve kids in routine is to post a large family calendar in a prominent location. With the help of your kids, fill in the important weekly events: Monday at 4:30 - piano lessons; Wednesday at 3:30 - soccer practice; Saturday at noon - Grandma visits, etc. Each morning, discuss the daily happenings. As your kids get older, have them fill in their own weekly events. Knowing helps kids learn how to set up and be in charge of their own lives.
And, a huge added benefit, because routine helps maintain consistency in parental expectations, it helps to reduce potential power struggles.
The Money Connection: Kids love routine. It gives them a sense of order and predictability. When they know what's going to happen, they can act accordingly.
When it comes to money, an allowance is a perfect tool to help establish this sense of order and predictablilty. One of the keys, however, is that kids know how much allowance they receive and that the allowance gets paid out routinely ( KidsSave can help with this). Knowing how much money they have each week/month allows them to make better financial decisions and making good decisions leads to a sense of confidence in their ability to handle money. Besides, learning how to budget at this early age is best done when kids have a predictable amount available to spend. Routine also comes in the form of expectations for the allowance. When kids have consistent responsibilities for their allowance, they know their choices and can act based on those choices. This knowing helps kids learn how to effectively manage their money.
It may take a little time to get the allowance routine established, but when it does happen, your kids will be learning skills that will last a lifetime. Good to know.
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Kidnexions 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.
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Wishing you continued success as you teach your children to be saving savvy and money smart. John and Karyn HodgensKidnexions co-founders
I hear and I forget. I see and I remember. I do and I understand. - Confucius
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.
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