In conjunction with Financial Literacy Month, affiliates across the country will be recognizing National Teach Kids To Save Day tomorrow. Did you know that only six states require high school students to be tested on personal finance?
We can all agree on the importance of financial education for children and adults alike, after all, our nation’s economic future depends on it! Future credit problems could be non-existent if the proper education is put in place early on. There are so many resources out there and ACCC would like to share some great one’s with you.
What is Money?
Start the conversation before they’re even in school with this great Financial Fun packet for parents and kids from preschool to second grade. Inside you’ll find:
- A breakdown and handy flash cards depicting the different values of different coins and bills.
- A great price comparison worksheet with flash cards, giving a perspective that some things cost more than others.
- Ways to earn money with an easy chore chart to get kids excited about accomplishing something and getting rewarded for it.
Why Do I Need To Save?
Without clarification, children see the simple swipe of a card or a quick ATM money withdrawal with no repercussions. Teaching your child to develop a money management plan after an allowance has been established will help them visualize the importance of saving. A portion of the Financial Fun packet addresses the difference between “needs” and “wants” and how to budget for those things. Included is:
- The difference between needing a winter coat and wanting a toy.
- Prioritizing and choosing which items matter more.
- How you can go about saving for a goal with a great money saving envelope.
Driving home the point that they shouldn’t spend everything they earn right away will help them from lifelong habits of financial stability so they’ll never need too much help with credit. What will you be doing to participate in Teach Kids To Save Day?
As always, if you need additional help budgeting and managing your finances, call 800-769-3571 to speak to a credit counselor today.