The kids are back in school. Parents have purchased school supplies and met with teachers and ascertained classroom expectations. Homework and extracurricular activity schedules have been discussed and mapped out. The start of a new school year can be a busy and overwhelming time for parents and kids alike – there’s a lot to talk about and accomplish.
What about finances? No, not yours, your kids’. Have you set-aside ample time to regularly sit down and have “money meetings” with your children to discuss their money habits? If not, why not start now? And in addition to a successful school year, your children will also learn life long positive money habits.
Children learn by doing and FamilyMint provides the tools for children to track their money online , simulating many of today's contemporary online banking options like online checking accounts. Kids can take the reins, allocate savings, set goals, and make transactions. Parents can automate allowances; encourage savings with motivating interest rates, and reward deposits for worthwhile goals.
Following are some tips to help you have successful money meetings while also “helping your kids appreciate money.”™
Have a plan
- Plan time weekly or monthly for your children to review their FamilyMint accounts. Put the date and time on your family calendar so that everyone knows it’s a serious commitment.
Spend time reviewing
- Review the kids’ transactions and make sure they have all been approved. Explain to younger children that receiving interest helps their savings grow.
- Review the kids’ goals (and how they are progressing towards them). Review the following:
- Do they have a lot of goals with many of them having no money in them? If so, encourage them to rethink these goals.
- Have their goals and/or priorities changed? If so, adjust those changes.
- Do they have any new goals? If so, talk through those new goals and what steps will need to be taken to accomplish them.
- Do they transfer money frequently between goals? If so, ask them why and explain how frequently changing their minds can make it more difficult to reach their goals.
- Are they close to meeting a goal? If so, give them extra encouragement.
- Have they achieved a goal? If so, celebrate it regardless of how big or small it is (for example, giving to a charity).
- Once a goal has been achieved, set up a time to make the purchase with them, whether by going to a store or purchasing online (this is a great opportunity to have them find the best price).
Money meetings provide excellent opportunities for parents and children to learn from one another and share in the experience of developing life long positive money habits. And while you’re sharing, consider sharing FamilyMint with friends and family members and help give them a leg up regarding how money will affect their lives.
Click here to read an article from earlier this year pertaining to the “money talk,” and view a series of ads about “The Talk” released by The National Financial Educators Council (NFEC), one of FamilyMint’s partners.