We like to find out what our kids' school day was like but more often than not when we quiz them the response is the same: "Fine."
If you're like most parents you chalk it up to brooding teenager hormones or sleepy little ones in need of a nap. But experts say it's important to stop and take the time to think about what your child is or isn't learning at school. In fact, it might surprise you what they aren't learning about money. Not only aren't teachers trained to teach it, they aren't required to do so.At best (in most states), the students get a few weeks of the topic as part of another class – normally social studies or math.
And so I asked Gregg Murset, a father of six, financial planner and CEO of MyJobChart.com, for some tips to help parents navigate the subject. Here's what he suggests:
1. Make Sure Your Children Are Learning Basic Finance Someplace – If their school isn't teaching them, you need to do it.
2. Make Sure Your Children Understand the Importance of SAVING & SHARING Their Money – Open a savings account for your children so they have a place to put the money they earn. Leaving it around the house just makes it easier to spend. Also select one or two charities where donations can be made each month. It doesn't need to be much, but something each month gets them used to the routine.
3. Develop a Plan With Your Children – No one likes the word "Budget", so let's just call it a plan. Sit down with your children and develop a plan they can live within, making sure saving and sharing are included.
4. Teach By Example – Let your children see you living by the same standards you have put in place for them. It just might help both of you.
5. Start The Process Early – As soon as your children are old enough to earn money, a plan should be created and put in place.
6. Communicate – Talk to your children about money every chance you get, explaining what things cost, how to shop around and the importance of not overspending.
7. Go Back To School – If the school your children attend don't teach finance, meet with the teacher, Principle, PTA and School Board to get it implemented.
If you have other ideas, please share them. We can all use the help!
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