Greetings!
Welcome to the January 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 |
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 We created an online version of our KidsSave Money Counter. It's a great tool that helps teach coins and their values as well as adding and subtracting money. A great feature to the Money Counter is that it provides immediate feedback which is an important component to effective learning. Check it out here!
Here's a recent Here's a recent Raised for Richness Facebook tip:
 When you shop, pay attention to your attitude. Your kids are watching. |
| 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 not the glamorous side to money, but knowing how to exchange an item or voice a complaint is still a skill our kids need to learn how to do comfortably. The post-holiday season is a great time to look for opportunities to give our kids that practice. Aunt Suzie's well-intentioned pink-polka-dotted hoodie doesn't really fit in with your daughter's more gothic style, so a trip to the mall is scheduled. Be sure to let your daughter do the exchange/return transaction on her own with you there as guidance, if necessary.
Or maybe Uncle Joe's remote control helicopter was overly attracted to crash landings (yes...you even tried to land the thing yourself!). Have your child politely explain the problem to the store clerk and ask for a refund. Some advanced role-playing may be a good way to build up a little confidence before heading out to the store.
And, of course, don't forget the thank-you notes. Letting others know how much their thoughtfulness was appreciated is simply good manners. Hand-written notes are always nice but even a personal phone call can help our kids learn the etiquette of verbal communication.
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| January Connection: 360 Degree Reflections |
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January is the traditional month for new beginnings. And they usually come in the form of resolutions. But before you look forward, take a moment to reflect back on and be proud of the progress you made in 2010. Maybe you volunteered more in your child's classroom. Or perhaps you helped your child plant that vegetable garden you've been talking about for years. Sometimes those things don't end up on our New Year's Resolutions list, but we did them just the same.
By the same token, your kids have accomplished a lot over the last year. Take some time to help them reflect on their progress and tell them how proud you are of their efforts. Then, help them set their intentions for the upcoming year. Include simple, manageable steps towards their goals and a timeline. Things will change and they'll need to adapt, but that's a part of the learning process.
The Money Connection: If you've been reading these newsletters and applying some of the ideas, then you've probably also accomplished a lot this past year when it comes to teaching your kids about money. Again, take a moment to reflect on the teachable moments that you took advantage of or maybe the allowance program you set up. Talk to your kids and acknowledge the progress they have made.
But teaching our kids about money is on-going. Where do you hope your kids are money-wise exactly one year from now when you re-visit this exercise? (Yup, I'll remind you.) The following is a starter list to help you set your kids money intentions for the year:
My kids will...
- learn to set personal financial goals
- create a list of ways to earn additional money around the house
- learn about the value of compound interest
- do research on charities
- research a mutual fund or a company they want to invest in
- be responsible for all their discretionary spending
- learn to budget through a clothing allowance (tweens/teens)
- understand that credit cards are a form of borrowing
I will...
- have regular conversations about different money topics
- set up an allowance program
- help my kids open a savings account
- shift all discretionary spending decisions into their hands
- support my kids in their interests in earning additional money
- set up a college fund
- be consistent in not succumbing to extra money requests
- help them learn through their money mistakes
- involve them more in the family finances (paying bills, setting budgets, planning vacations, etc.)
And remember, if you have any questions about how to do any of the above, I'm here to help. Ask me.
Wishing you all the best for 2011!
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Kidnexions Blog Vignettes |
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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 It is every man's obligation to put back into the world at least the equivalent of what he takes out of it. - Albert Einstein
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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