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June 16, 2009
Money Management | Personal Finance

What are some everyday ways to teach my children about money?

    Published: 06-16-2009
    Views: 13,265
    • Description
    • Transcript

    Description

    Family financial expert Janet Bodnar discusses how to teach your kids about money, including some everyday ways to teach your kids about money.

    Transcript

    Host: What are some everyday ways to teach my children about money?

    Janet Bodnar: You don't have to actually sit your child at your knee and take it a special hour a day to talk about finances because there are just going to be a lot of natural opportunities. If you and your spouse for example are discussing whether to get the old car fixed or to buy a new car, that's a learning experience for the kids because they are going to be listening in on this. You are going to be discussing this on the way to soccer practice. The kids want a new video game system and you say, "Well, do you really need a new video game system? Is the old one going to work just as well? Do you need a new one? Who is going to pay for it? Should this be on your dime or should it on our dime?

    "These are just financial lessons that you can teach your kids just in everyday car conversation. If you are going to the grocery store with your kids make it a learning experience. Certainly, older kids can help you shop. They can take a part of your list, they can compare prices that you see on the supermarket shelves or do your own taste test between the store brand soft drink and the leading national brand soft drink and buy both of them, take them home, see if the kids can tell the difference. Those are fun things to do and they can decide is it worth the extra money or is it not worth the extra money.

    Those are fun things you can do, playing games with your kids, board games like traditional games like Monopoly or the Game of Life or fun things that you can do with your kids that teach them about money and reading books about money. Even in the Berenstain Bears which is a very popular series for younger kids have a couple of good books on the subject of personal finance, read them.

    Videos in this Series

    1

    How to Teach Your Kids About Money

    2

    Why is it important to teach my kids about money?

    3

    How early should I begin teaching my kids about money?

    4

    Should I rely on schools to educate my children about money?

    5

    What are good ways to teach younger children about money?

    6

    Should I give my kids an allowance?

    7

    What is the right amount of allowance to give my children?

    8

    Should allowances be tied to chores?

    9

    What are “financial jobs?”

    10

    How can I help my teens learn good money habits?

    11

    At what age should my children open a savings account?

    12

    What are some everyday ways to teach my children about money?

    13

    At what age should my children get a debit card?

    14

    At what age should my children get a credit card?

    15

    Should I use money to reward or punish my children?

    16

    At what age should my children get a job?

    17

    Should my children donate to charities?

    18

    How much should my children contribute to savings for college?

    19

    How can I teach my children to invest money?

    20

    How can I set a good financial example as a parent?

    21

    What do I say to my children if we manage money badly as parents?

    22

    What do I do when my children ask for expensive things?

    23

    Should we discuss finances as a family?

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