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									      April is Financial                             April is Financial                         April is Financial                         April is Financial
       Literacy Month                                 Literacy Month                             Literacy Month                             Literacy Month
Teach Your Kids About                             Teach Your Kids About                      Teach Your Kids About                      Teach Your Kids About
  Money by Reading                                  Money by Reading                           Money by Reading                           Money by Reading
   Books Together!                                   Books Together!                            Books Together!                            Books Together!




 To learn how parents can                         To learn how parents can                   To learn how parents can
                                                                                                                                        To learn how parents can
  enhance their children’s                         enhance their children’s                   enhance their children’s
                                                                                                                                         enhance their children’s
 financial literacy through                       financial literacy through                 financial literacy through
                                                                                                                                        financial literacy through
   children’s books visit:                          children’s books visit:                    children’s books visit:
                                                                                                                                          children’s books visit:
 www.extension.umn.edu/                           www.extension.umn.edu/                     www.extension.umn.edu/
                                                                                                                                        www.extension.umn.edu/
     youth&money                                      youth&money                                youth&money
                                                                                                                                            youth&money




The
University of Minnesota is an equal opportunity                                               The University of Minnesota is an equal
                                                   The University of Minnesota is an equal                                               The University of Minnesota is an equal
            educator and employer.                                                             opportunity educator and employer.
                                                    opportunity educator and employer.                                                    opportunity educator and employer.
  Tips for Teaching                       MIDDLE ELEMENTARY                                 PRESCHOOL                           EARLY ELEMENTARY
   Children About                            Activities for Parents                    Activities for Parents                     Activities for Parents
       Money!                              Teaching Children About                   Teaching Children About                    Teaching Children About
                                                     Money!                                    Money!                                     Money!
    Guide and advise rather
    then direct and dictate.              1. Find extra tasks children              1. Play grocery store and bank            1. Open a savings account at a
                                             can perform to earn money.                with play money.                          financial institution that
    Encourage and praise rather                                                                                                  accommodates children.
    than criticize or rebuke.             2. When children borrow                   2. Borrow or rent something                  Explain how saving works.
                                             money include interest in                 your child need to return.
    Allow children to learn by               the repayment plan.                                                              2. Explain sales receipts and
    mistakes and by successes.                                                      3. Let child pay for one item                bills as you pay for them -
                                          3. Teach children to check                   when you shop or put                      such as clothing and dentist.
    Be consistent while taking               prices in ads or online                   money in the parking meter.
    children’s differences into              before buying.                                                                   3. Establish a spending plan
    account.                                                                        4. Teach children that family                including wants, prices,
                                          4. Have children figure out                  members work to pay for                   earnings and money to save,
    Include all family member in             expenses for their projects.              food and clothes. Let the                 share, and spend.
    money discussions and                                                              child visit your workplace.
                                          5. Include children in                                                              4. Compare prices when
    decisions, appropriate to
                                             discussions about                      5. Have children do routine                  shopping. Clip coupons and
    their age.
                                             providing an allowance.                   chores without pay, such as               show the amount you saved.
    Explain to children what                                                           setting the table or putting
                                          6. Help establish the amount of              toys away.                             5. Post and discuss a family
    they can and cannot do and
                                             child’s earnings to be saved                                                        wants list to show that not all
    the consequences of
                                             and why it is important.               6. Put savings in a jar, pay                 wants can be purchased.
    violating the limits.
                                                                                       interest, and let children
                                          7. Discuss the cost of an item               hold the interest amount in            6. Provide an allowance if you
    As children get older
                                             your child cannot afford.                 their hands.                              choose.
    include them in discussion
    of limits and consequences.           8. Parent can keep up to date             7. Read stories about money               7. Have children bring lunch
                                             on trends by reading books                matters and responsibility.               money to school.
    Expect all family members
                                             and magizines for youth
    to perform unpaid, routine
                                             consumers.                             8. Provide two or three                   8. Have children contribute
    household chores.
                                                                                       alternatives from which you               some of their money to a
                                          9. Allow children to purchase                help them make a choice.                  charity.
    Express your desires to
                                             something you think they do
    have things you can’t afford.            not need and discuss                   9. Discuss products advertised            9. Discuss the differences
    Children need to know that               without blaming.                          in TV commercials.                        between wants and needs.
    parents say “no” to
    themselves too.                       10. Teach by example.                     10. Teach by example.                     10. Teach by example.
Source: Dr. Sharon M. Danes, University   Source: Dr. Sharon M. Danes, University   Source: Dr. Sharon M. Danes, University    Source: Dr. Sharon M. Danes, University
of Minnesota, Teaching Children Money     of Minnesota, Teaching Children Money     of Minnesota, Teaching Children Money      of Minnesota, Teaching Children Money
     Habits for Life, #06116, 2008.            Habits for Life, #06116, 2008.            Habits for Life, #06116, 2008.             Habits for Life, #06116, 2008.

								
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