Parents Corner

Personal Finance
Simple things you as a parent can do to raise a money smart child.

• Examine your own attitudes about money.
• Involve your child(ren) in family financial planning.
• Give your child an allowance and let him or her be in charge of spending it.
• Discuss the difference between needs and wants with your child.
• Help your child open a Students First Savings account and teach your child to
save toward long term goals.
• Set a good example with responsibile credit use.

Perhaps the most powerful lesson you can teach your child about personal finance is the one he/she learns from having a savings account. Savings accounts help children learn about saving money, earning interest, gaining self-disipline, and other valuable financial topics. A child can also take pride in having a bank account in his/her name. Many children also look forward to receiving their monthly bank statements so they can follow their account balances and interest income.

Family Activities
Money Math

• See how many coin combinations you can make that equal a dollar. There are 294 combinations using currently circulating coins (penny, nickel, dime, quarter, half dollar, and dollar coin).

• Get out some spare change at home and practice counting change when you pretend to buy food or other items. Reverse the rolls to give practical experience on both sides.

• Set up a family change jar to save for a family treat. Decide with the family how the money is to be spent and set a goal. Use a clear jar so everyone can see the amount grow. Be sure all family members contribute in some way in which everyone agrees.