We are already at the end of July and hope our readers have been enjoying the lazy days of summer. For a majority of families, summer brings new schedules for the entire family. Parents and guardians often scrabble to find things to keep the kids busy. One of the things we should be doing with our kids is to teach them the value of money. The academic year keeps kids busy. We end up putting critical lessons on money on the back burner. With the kids having free time, summer can be Money 101.
Helping Hands: Kids have demanding school and extra-curricular schedules during the academic year. It can be difficult to keep them on task with things they may be able to help with around the house. Summer is a great time to give them chores. Set expectations that they will complete their chores before they lounge around the house or hang with friends. Give them appropriate compensation for the work they do around the house. Chores teach a sense of responsibility and help establish work ethic.
Pay the Bills: Before the kids go back to school, have them sit with you and pay the bills. Our children need to understand that running the air conditioner during the summer months increases the utility bill. Show them the changes in the amount of gas the family car uses because of road trips, trips to the amusement parks or the beach. Let them see credit card statements before and after the family took a vacation. Run through the grocery list to see any changes because they are spending more hours in the house. Learning to manage household finances is a must.
Let’s Save: Teach children money in does not have to mean money out. Help them decide how much of the money they earn needs to be saved. Help them understand saving money helps to build future financial security. If there is anything they like to get for back to school, set that purchase as a savings goal. If there are any family saving goals, bring the kids into that conversation. Kids need to see us as parents doing the things we tell them to do.