September 29th, 2009 by Steve Gillis
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I learned about money at the kitchen table. When I had a question about money – especially after I had started working part time in high school – I would sit down with my mom and dad and we would talk about what I needed to know . There was no set curriculum or lesson plan – my parents would do their best to help me understand how to apply money concepts to my particular situation. I wasn’t forced to sit through a boring math lesson on interest rates or rates of return; rather I got to learn about the stuff that impacted my life. This is what financial literacy is all about – learning and understanding how money concepts or strategies can be applied to your financial situation.
Parents, my advice to you is quite simple, take advantage of those teachable moments that might come about around the kitchen table. You don’t need to be a math wizard to teach your child money management; you just need to lend an ear and talk openly about responsible money management.
My two cents…
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September 27th, 2009 by Steve Gillis
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I think that one of the most important concepts that kids (and some adults ) have to learn is that money does not grow on trees. Plain and simple, you can only spend what you have. Some parents seem to think that it is in the child’s best interest to fork money over any time the child wants something. What does the child learn from such behavior?
Teaching your child money concepts boils down to common sense. Common sense dictates that you can only spend what you have.
Just my two cents worth.
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September 6th, 2009 by Steve Gillis
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Teenagers often learn about money through trial and error – some will succeed, but the vast majority will struggle with debt unless they become financially literate.
What can you, as a parent, do to help your child acquire money management skills?
- Start young: provide an allowance (it should be tied to simple chores around the house so that your child understands the link between work and money). Allow your child to make decisions on how to spend the money – try not to interfere; your role is to be the guide in your child’s decision making process.
- Encourage your child to earn money either through part-time work on the weekends (as long as it doesn’t interfere with school work) or through summer employment. Have your child make a list of how much is earned per paycheque and his/her needs and wants. This will help your child understand that there are limits to what can be done with a finite amount of money.
- Encourage your child to think about the future. How much will college, university, or trade school cost? What type of career to pursue? Career choice (and salary) will definitely affect one’s lifestyle.
- Use the Internet as a research tool to learn about financial concepts, but be cautious. The internet can be compared to a massive library with millions upon millions of data. The search engine is the librarian of this massive library – and a very incompetent one at that, because it will return to you every related item that matches the search criteria. You will often have to sift through irrelevant data to find what you are looking for.
These tips are simple strategies that will help your child. However, money management concepts are complicated and most parents do not have all of the answers when it comes to this topic. Net Learning Solutions Inc. is in the process of putting together a parent’s guide for those interested in teaching their child money management strategies and concepts. More information to follow in the next few days.
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September 6th, 2009 by Steve Gillis
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Another school year is about to start. Kids will be learning reading, writing, and arithmetic, but sadly most will not learn the ins and outs of money management. Whose responsibility is it to teach our kids financial literacy? Parents? Teachers? Financial Planners? What do you think?
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