The ULTIMATE Online Financial Literacy Resource for Teaching Financial Literacy Resource for Teaching ... You don’t need to know everything about money and your finances don’t have ... These are essentially things they

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  • The ULTIMATE Online Financial Literacy Resource for Teaching Kids about Money www.lifeandabudget.com

    http://www.lifeandabudget.com/http://www.lifeandabudget.com/http://www.lifeandabudget.com/

  • Why Do I Need This Resource?

    Parents,Letmeaskyouaquestion?Ifyoucouldmakealistofthetopthreethingsyouwishyourparentswouldhavetaughtyoubeforesendingyouoffintoadulthoodwhatwouldthosethingsbe?Formanyofyou,Iwouldntbeafraidtoguessthatfinanceswouldbeincludedonthislist.AmIwrong? Youvegraduatedfromcollegeandintoabuttloadofdebt.Yoursignificantotherfollowedasimilarpathandnowyoutwohavejoinedandhadafewkiddosofyourown.Thebudgetseemslikeitsneverrightandyourdebtseemstobecompoundingwithnosavingstospeakof.Soofcourse,alessoninmoneymanagementwouldhavebeennice.Imsurethisscenarioresonateswithmanyofyou,althoughsomeofyoumighthavemanagedtopayoffthisdebtbynow.Ifthatsthecase,cheerstoyou!However,therestofusarestilltryingtocatchup!Pleasebarewithus.Caughtupornotourkidsarenotwaitingonustobecomeperfectwithourmoney.Theyaregrowingfastasweedsandlearningeverythingmorequicklyandefficientlythanweeverdidattheirage.Weseewhattheoutcomefromalackoffinancialliteracydidforusandwewanttohelppreventthemfromtravelingasimilarpath.Thatisexactlywhyyourehere,isntit? Well,itsthereasonIvejourneyedtothispointthereasonImwritingtoyou.IvegottheBachelorsdegree,theMBA,anda$79,000studentloanbillduewithNavient.AlongwiththatIhavethemortgage,carpayment,miserly401k,andinsufficientemergencysavingsfund. Imrightthereinthethroesofitallwithyou,butImnotgoingtoletmycircumstancesstopmeteachingmychildren.Mydaughteristurning6thisyearandmy7montholdsonislyingasleepbesideme.TheyarentslowingdownandIdontwanttheiroutcometobethesameasmine.ThatswhyImlearningasmuchasIcannowsoIcangivethemalltheknowledgeandwisdomIvegatheredonmyowntumultuousfinancialjourney.ImhellbentondoingeverythingIcantopreventthemfrommakingthesamefinancialslipupsIvemade.OnmyquesttoseetoitthatImprovidingthemwiththecorrectknowledgeIdiscoveredthatresourcesforteachingkidsaboutmoneyisscatteredallovertheplace.Therewouldbeagreatarticleonthefirstpageofagooglesearchandthennothingforthenext10orsopages.ThatdidntdetermeIkeptlookingandIvefoundsomehelpfuladviceandtoolsthatareavailableforparentslikeyouandmetouse.

  • AfterIbegangatheringtheinformation,IwantedtosaveitsoIcouldrefertoitasmychildrengrew.SinceImnottheonlymillennialparentouttherestrugglingtofindthisinformation,IthoughtIdcompileitintoadownloadableformattosharewithothers.Accordingtothe2015JuniorAchievementTeenandPersonalFinanceSurvey,Millennialparents,ages1834,aretheleastlikelytobeconfidentaboutexplainingmoneymanagementtotheirkids:60%reportfeelingconfident,while76%ofparentsages3544and79%ofparentsages4554reportfeelingthesame.Thisresourcewascreatedtohelpboostyourconfidenceasyoumakethedecisiontobetterprepareyourchildrenforfinancialsuccess.Youdontneedtofeartalkingaboutmoneywithyourkidsbecauseyoudidntreceivesoundfinancialwisdomfromyourparents.Allittakesisawillingnesstolearnmoreandthecomprehensionneededtoseethebiggerpictureafutureoffinancialsuccessforyourchildren.Nowitstimetogettowork.Savethisguidetoyourphone,tablet,orcomputer.Grabanotebookandlabelitwhateveryoulike.IcallminetheKidsMoneyBootcamp.Bothofmykidswillhavetoendurethisbootcamp,butImgoingtomakesureitsasfunaspossiblesotheywillgrowtolovethetopicofpersonalfinance.Inthisguide,youllfindsometips/advice,twoexercises,andathoroughlistofresourcesIvefoundonlinethatwillassistyouinteachingyourchildrenaboutmoney.OnceyouvereviewedallofthisinformationandtheresourcesIvefound,youwillbasicallyhaveeverythingyouneedtomapoutyourownmoneybootcampforyourkids.So,nomoreexcuses!Youdontneedtoknoweverythingaboutmoneyandyourfinancesdonthavetobeperfect.Matteroffact,thismakesyouevenmorequalifiedtoteachyourkidsaboutfinancesbecauseyouhaveskininthegame.Youhavereallifeexperienceonthethingsnottodoandthethingsyoushouldhavedone.Thisisvaluableteachingmaterialforyourkidsfinancialliteracy.Stopbeatingyourselfupandputallofthatexperiencetoworkforyou.Letstakechargeofourownfinancialfutureandhelpourkidswhilewereatit.

    http://www.jacolorado.org/financial-literacy-statistics-kids-and-teenagers/

  • Money Values Beforewegetintothethingsweshouldteachourkidsaboutmoney,IliketofocusonthevaluesIwantmykidstohaveaboutmoney.Theseareessentiallythingstheyshouldknowbeforepilinginformationdowntheirthroatsaboutcreditcards,interestrates,stocks,etc.Evenwithknowledgeoffinancialprinciples,ifwelackvaluesregardingmoney,itcanbeverydestructive. 6ThingsIWantMyKidstoKnowAboutMoneyHerearethe6valuesIwanttoinstillinmychildren(youcancheckouttheentirepostbyclickingthelinkabove):

    1) Nooneisentitledtomoney.2) Moneydoesntgrowontrees.3) Focusmoreonearning,notborrowing.4) Saveasmuch(ormore)thanyouspend.5) Dontworshipmoney.6) Livebelowyourmeans,regardlessofyourincome.

    Ibelievethese6basicvaluesareagreatfoundationtobuildonwhenteachingyoungchildrenaboutmoney.YouandIhaveseentherepercussionsofindividualswhofailtorealizeoneorallofthevalueslistedabove,anditaintpretty.Ifweregoingtosetourkidsupforsuccessletsmakethismoneybootcampawellroundedone. Exercise:Writedownyourownpersonallistofmoneyvaluesyouwantyourkidstolearn.

    http://lifeandabudget.com/6-things-i-want-my-kids-to-know-about-money/http://lifeandabudget.com/6-things-i-want-my-kids-to-know-about-money/

  • General Timeline of Things Your Kid Should Know by Age Group

    Ages2and3Arenttheysocuteatthisage?Yeah,wellcuteornottheyarereadytobeginmoneybootcamp.Theyvealreadyseenyouspendmoneyatthestoreandtheyarecurious.Grabsomecoinsandteachthemcoinidentification.Nowyoucanfocusontheircutenessagainandlaughathowtheypronouncethecoins.Nowisalsoanidealtimetoteachthemaboutwantsandneed.Keepitsimplebyreinforcingsimplethingslikeshoesbeinganecessity.However,apairofFrozenorNinjaTurtleshoesarewants.Continuetoreinforceideasliketheseastheygrowandtheywilleventuallygraspthatjustbecausetheyhaveaneedforshoesdoesntmeantheyneedthemostexpensivepairoroneswithcartooncharacterstheylike.

    Ages4Ifyoustartedcoinidentificationearlyassuggested(unlikeme),thenyourereadytoshowthemhowthosecoinsworktogether.Keepitsimple.Givethemexamplesofthingstheycouldpurchase.IliketoworkwiththingsIknowmydaughterlikesandask,Iftheladyinthestoreaskedfor$.50forapieceofcandy,whatwouldyougiveher?ThenIshowhervariationsofhowtocomeupwith$.50.Theeasiestoneforhertorememberrightnowistwoquarters,butitsgoodforthemtoseetheycanusenickelsanddimestocomeupwiththesameamount.Oncetheyhaveanideaofhowcurrencyworkstogethertomakedifferentpurchases,theyarereadytoheadofftothestoreandmaketheirownpurchases.Givethemawalletorpurseandallowthemtobeincharge.Letthempickwhattheywanttopurchaseandhelpthemdetermineiftheyhaveenoughmoneyforit.Iftheyfindsomethingtheycanafford,theygettobebigboysandgirlsandpaytheclerkatcheckout.

    Age5Atthisage,itsgoodtoaddanotherelementtothemixsavings.Introducetheconcepttothembyexplaininghowyousaveupforalargerpurchase.Perhapsyourchildwantsadollhouse,rollerskates,orsomethingalongthatnature.Thesearepriciertoysandsomethingyoumightnotwanttopayoutofpocketforunlessitstheholidaysortheirbirthday.Thisisanopportunitytoteachthemhowtosaveforthesetypesofpurchases.Tointroducethisconcepttheywouldneedsomemoney.Iseparatedages4and5becauseIfeellikeage5isagreattimetostartgivingthemanallowance.Thiswillhelpreinforcesomeofthelessonsinsavingsandgivethemanopportunitytobeginmakingmistakesontheirown.Forexample,ifJillwantsthatdollhouse,shesgoingtohavetosaveforit.Itwilltakeherawhileto

  • saveupforit,butitwilltakeevenlongerifshedecidestospendherallowanceonthingsotherthanhersavingsgoal.Itmaybeahardlessonfora5yearold,butitspractical.

    Ages6to8Theseareperfectagesfortakingyourchildtothebanktomakedepositsintotheirsavingsaccount.Ifyoureanythinglikeme,yourkidmighthavehadonebeforetheywereabletowalk.However,havingoneandnotknowingaboutitisdoingthemadisservice.Sotakethemtothebankandletthemknowtheyhaveaplacetostashtheirallowancemoney.Also,thisisagreattimetoteachthemaboutthosebillsthatcomeinthemaillikeclockwork.Whatdokidsthinkwedowithourmoneyanywayspenditallonthem?Whilethatmaybetruetoanextent,kidsneedtoknowwepayforthehousetheylivein,thelightstheyuse,andthewatertheydrink.IftheydontknowthistheywillthinkthatmommyanddaddyaretheirownpersonalATMs.Wedontwantthatnow,dowe?Dontoverwhelmthem,justshowthemafewsmallbillsandhavethemadditup.Givethemtheopportunitytoseeyoupaythebillsandexplainitinawaythatseasyforthemtounderstand.

    Ages9to12Thereareseveralthingsyoucanteachthisagegroup.Thefirstthingistoteachthemhowtocomparethingswhentheyareshopping.Givethemasimpletaskofpickingoutthespaghettisaucefordinner.Showthemthepriceperunitandthepriceoftheitem.Encouragethemtolookhighandlowontheshelvesforthebetterpricedproducts.Allowthemtomakeaninformeddecisionbasedontheinformationavailable.Next,teachthemaboutcreditanddebitcards.Explaintothemhowusingadebitcardiswithdrawingmoneyfromanaccounteachtimeitisused.Ifthereisnomoneyintheaccount,itcantbeused.Explaintheconsequencesofnotresponsiblymanagingthebalanceintheaccount.Forcreditcards,explainthatthisisborrowedmoney.Itcostmoneytoborrowmoneybecauseyouarechargedinterest.Explaintheconsequencesofnotpayingcreditcardbillsontimeorspendingmorethanyoureallowedtoborrow.

    Ages13to15Thisiswherethingsstartgettinginteresting.Atthisage,yourkidsareinfluencedbymanymorepeoplethanyouandifyoureluckytheyveingestedalotofyourwisdomaboutmoneyupuntilthispoint.Thisisatimetoreinforceeverythingtheyvelearnedbyhelpingthemsetupabudget.Abudgetforwhat,youmayask?Givethemfreereinwhenitcomestopurchasingtheirtoiletries,payingforschooldances,giftsforfriends,weekendmovies,etc.Givethemacertainamountofmoneytocoverthesethingseachmonthandhelpthemcreateabudgettohelpthemmeettheirsavingandspendinggoals.

  • Duringthistimeframe,itmaybebeneficial(dependingoneachindividualchild)foryourchildtopickupextraincomeduringthesummerorontheweekendstohelpthemsaveorbuythingsthatarenotconsideredaneed.

    Ages16to18Nowistheperfecttimetointroduceinvesting.Teachthemaboutstocks,bonds,andmutualfunds.Theyarepreparingtoheadofftocollegeandtheyneedtostartconsideringthelongterm.JustimagineifwedtakenaportionofourpaycheckandinvestedinanIRAatage16?Thisisagreattimeforyourchildtobeginmakingimportantdecisionsaboutsavingsandinvestingespeciallyiftheyhavetheirownjobsorbusinesses.Teachthemhowcompoundinterestworksinthefavorofyoungerinvestors.Askthemquestionsaboutwheretheyseethemselvesaftercollege.Woothemwiththescenarioofhowbeingfinanciallypreparedaftergraduatingcollegecouldmeanpursuingtheirdreaminsteadofsettlingforameagerentryleveljobtobackstudentloans.Bypreparingahead,theycouldavoiddebt,createpassiveincomethroughinvesting,andwaitforanopportunitytopursuesomethingtheyarereallypassionateabout.Exercise:Createyourownkidsmoneybootcampoutline.Hereareafewguidingpointstohelpyoucreateyouroutline:

    1) Considertheageofyourchildandfocusyoureffortsonlearningexperiencesthatwillenhancewhattheyalreadyknowaboutmoney.

    2) Thinkofteachablemomentsinyoureverydaylifewhereyoucanteachyourchildamoneyconcept.(Groceryshopping,billpayments,laundry,carmaintenance,bankerrands,etc,)

    3) Whatwillyouneedtoenhanceyourlearningandteachingexperienceduringyourchildsmoneybootcamp?Considerthethingsyoudontknowaboutmoneyandwouldliketolearn.Whattoolswillyouneedtocarrythroughwithyourmoneybootcamp?Doyouneedtoconsiderseekingwisdomfromsomeonewhoismorefinanciallysoundthanyou?

    Nowthatyouhaveanideaoftheprinciplestointroduce,theagesmostappropriatetointroducethem,andanoutlineofyourmoneybootcampitstimetogettothemeatofthisresourceguide.Inthenextsection,youwillfindalltheBESTresourcesIvefoundthatwillhelpyouduringeachstageofpreparingyourkidsforfinancialsuccess.Ivefoundaplethoraofarticles,websites,games,apps,andbooksthatarereadytobeexploredbyyou.Whilegoingthroughthissection,

  • refertopart3ofthelastexercisewhereyoufocusedontheitemsandresourcesyouwillneedtohelpyouwhenteachingyourkidsaboutmoney.Dontjustletthisguidecollectdustinyourcomputerfiles.Savethisonyourdesktopandrefertoitwhenyouneedtheparticularresourcethatismostappropriateforwhateverstageyourein.Ifyourkidis5yearsoldyoumaybelookingforeasygamestoteachmoneyconcepts,bookstoreadthatteachesvalues,etc.AllofthisyoucanfindusingtheresourcesIfoundinfollowingsection.Ihopethisresourceguidewillbeaninvaluabletoolforyouasyousetouttoteachyouryoungoneaboutmoney.Havebunchesoffun!

  • Resources

    WebsitesIvetriedtoincludesomeofthebestwebsitesouttherethatwillhelpassistyouwithanyfurtherquestionsthatmayariseduringeachstageofyourchildsfinancialliteracyjourney.MoneyMastersKidsClub(awesomeresource!)MoneyasYouGrowTheMintDoughmainOurKidsandMoneyKidzCountAllowanceAcademyNextGeneration

    ArticlesThissectionincludessomeofmyfavoritearticles(shamelessplug:afewwrittenbyme)thatIvefounduseful.Ifanyofthesearehelpful,pleasebedearsandshareonyoursocialnetworks.Youneverknowwhoisinneedofalittlehelpwhenitcomestoteachingkidsaboutmoney.GeneralTopics:TeachingOurKidsToSpendSave&GiveLifeandABudget5WaystoTeachKidsAboutMoneyDiseaseCalledDebtYourGuidetoRaisingFinanciallyConfidentChildrenTheHeavyPurseTheSmartWayToTeachKidsAboutMoneyWSJ7SmartThingsToTeachKidsAboutMoneyLivingWell,SpendingLessKids,Advertising,andYourBudgetLifeandABudgetFormoreresearchonkidsandadvertising,IhighlysuggestyoureadSneakyWaysAdvertisersTargetKidsCommonSenseMediaAllowancesandEarningMoney:

    http://moneymasterskidsclub.com/http://moneyasyougrow.org/http://www.themint.org/kids/http://doughmaineducationfoundation.org/http://www.ourkidsandmoney.com/http://kidzcountinc.org/category/blog/http://kidzcountinc.org/category/blog/http://allowanceacademy.com/blog/http://www.scholastic.com/nextgeneration/http://lifeandabudget.com/teaching-our-kids-to-spend-save-and-give/http://diseasecalleddebt.com/5-ways-to-teach-kids-about-money/http://diseasecalleddebt.com/5-ways-to-teach-kids-about-money/http://theheavypurse.com/your-guide-to-raising-financially-confident-kids-part-1/http://www.wsj.com/articles/the-smart-way-to-teach-children-about-money-1422849602http://www.livingwellspendingless.com/2014/04/18/7-ways-teach-kids-money/http://www.livingwellspendingless.com/2014/04/18/7-ways-teach-kids-money/http://lifeandabudget.com/kids-advertising-your-money-unplugging-cable/https://www.commonsensemedia.org/blog/sneaky-ways-advertisers-target-kidshttps://www.commonsensemedia.org/blog/sneaky-ways-advertisers-target-kids

  • OrganizationTips:MakeanAccountabilityBinderThirtyHandmadeDaysKidsResponsibilityandMoneyManagementKitMKMPAllowance101:HowMuchToPay,Why,&HowToMakeItWorkForEveryone(Amustread!)Fun,Cheap,orFreeQueenChildrenandBudgets:HowToTeachYoungKidsBudgetingHabitsEarlyOnLifehackerManagingMoney:CreatingaBudgetPBSKidsLearningMoneyManagementWithKidbudgetLifeasMomPainlessWaysToIntroduceYourKidstoBudgetingDailyFinancesFunWaysToTeachYourKidsBudgetingMSNBudgetingGameForTeensDesignMom(Averypracticalwaytoteachteensaboutbudgeting)ChildrenandSavings:HelpYourKidsSaveAlmost$5,000in10Years1YearSavingsPrintablesThirtyHandmadeDayAnEasyWaytoSave$7,976ForYourChildSingleMomsIncomeChildrenandDebt:HowToTeachYourKidsToThinkAboutDebtTheHeavyPurseTalkingToKidsAboutDebtLifeandABudgetChildrenandGiving:TheCharityAllowance

    KidsMoneyManagementSoftware/Apps/GamesThissectionincludessomegames,software,andappsthatareavailabletohelpreinfor...

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