August 13, 2014 Edition

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Good advice for teaching
money skills to children

(Note: Teaching good financial habits to children is an important lesson. Below are some good tips provided by the Independent Community Bankers of America.)

It should be no surprise that when it comes to personal financial habits, parents hold the most sway over their children's attitudes and behaviors about money. The Independent Community Bankers of America (ICBA) and the nation's more than 6,500 community banks have released advice for parents on how to talk to their children about money.

ICBA and the nation's community bankers suggest the following tips that parents can employ to help their elementary-aged children learn better money skills:

Teachable Moments: Look for ways to turn everyday experiences into teachable moments. A routine trip to the grocery store could turn into a discussion about the importance of budgeting and how to identify wants versus needs.

Earning Money: How children earn their money is up to their parents, but it is important that once they've earned it they understand it is a limited commodity. If your child spends all his or her money and asks to borrow more from you, don't give in and spoil a valuable lesson.

A Tiered Savings System: When teaching children about money, it is suggested that parents institute a tiered system that allocates money for spending, long-term goals and charity. By automatically taking 10 or 15 percent off the top of their earnings and designating it for savings, children can develop the habit of paying themselves first at a young age.

Monkey See, Monkey Do: Be a good role model! Let your children see you set a savings goal and delay gratification until you have reached that goal. When you have a healthy relationship with money, chances are your children will too.

Don't Go It Alone: Community banks are excellent resources when it comes to teaching children about financial literacy. Take your kids to the local community bank so they can watch you deposit money into your account, speak with a teller or learn more about the community bank and how it operates.

Parents can also visit the Jump$tart Coalition for Personal Financial Literacy's online Clearinghouse for financial resources at no cost.

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