How Can Parents and caregivers incorporate financial lessons into their youth’s free time this Summer? In today’s age, we have a limitless number of resources at our fingertips! With this being said, teaching and incorporating financial lessons in your youths free time has become increasingly easier! Help your youth expand and develop their math skills, counting skills, as well as introducing so many other long term money management concepts. Through you, your youth will learn how to further their skills in earning, saving, and spending.
- Technology – Knowledge at Our Fingertips Immersed in the world of smartphones, tablets and computers our youth have limitless access to financial knowledge. From online lessons, PDF’s, audio books, Apps, and online games.
- Board Games – A Family Event We all love a good ‘ol fashion board game, don’t we? And not only can they be fun, they can be very educational too! Board games such as The Game of Life, Monopoly, Monopoly Jr., Cash Flow, Allowance and SO many more feature some great money management skills.
- Learning By Doing – Leading By Example We can teach our youth about being financially knowledgeable through showing them how we manage our financial resources as well. Simple trips to the grocery store, school shopping, while out to eat, or browsing online can turn into opportunities to teach our children about money and the value of the dollar.
- Involve your youth in budgeting activities for Summer fun! As with most of us, your child is probably involved in a summer activity. Whether it be Summer camp, church camp, a school sport, water parks, movies, or weekend skating rink visits; now is the time to teach your youth about the value of the dollar. Create a budget with your youth for summer activities such as these, and help them break down the basics of what they want to do during the summer months vs. what their budget allows. This gives them the opportunity to learn important financial skills – and have a lot of fun doing it too!
- How can we teach our children strong work ethic this Summer Some of our youth will be too young to work at an establishment this summer, some of our youth will be at the age of beginning to work and landing their first jobs. So as parents and caregivers, how can we nourish their minds during the summer, and teach them the importance of a strong work ethic, even from a young age.
- Youth Under 16 While still too young to go to work and punch at the time clock – our younger generation of youth can still benefit from the knowledge of a strong work ethic. Daily tasks at home such as chores are a good way to start establishing this work ethic behavior from a young age. Such as helping wash dishes, sweep the floor, clear the table after dinner, etc.
- Youth 16 And Up This is an exciting time for your youth and family! Your once child is now starting to step into the first phases of adulthood and is likely seeking to start their first jobs! Now is the time to instill in them that a strong work ethic = consistent cash flow. And more than likely your youth is also driving by this time, and will need help managing their money for gas, food, fun, and other expenses. Sit down with them and assist them in creating a budget!
What financial lessons can parents and caregivers teach their youth when earning their first checks?
- Teach them how to budget their money
- Show your youth the value of saving their money vs spending
- Introduce Philaprophy
- Create learning opportunities during everyday tasks
Back To School Budgeting – A Lesson on wants and needs. Back to school shopping is a perfect opportunity during the summer months to prepare your youth for the next school year. Here’s a few simple activities you can do with your youth to include them in their back to school shopping experiences.
- Create your shopping list.
- Review your list with your youth – decipher wants and needs.
- Shop on sales days and tax holidays – bring your child with you!
- Go for the Door Buster sales – show your child the value of saving!
- While at the store – make a need, and a wants pile – go through with it with your youth.
Conclusion – We’ve all been kids. We can all remember summertime and the thrill of going back to school in the fall. Let’s maintain that same spirit while educating our children to be financially responsible future adults. Take this opportunity to bond with your children, and grow as a family unit with them.