School Lunches Cost WHAT? and Other Fun Kids & Money Moments

Kids & Money are forever intertwined

From infancy to school days, through graduation and into young adult independence, they learn the most about money from us, the parents.

We may never say a word, but they are learning. Here we discuss some age-appropriate ways to make talking (and learning) about money part of everyday life, and preparing them for bigger money decisions in their future.

April is Financial Literacy Month, and it's a great time to remember to "talk money" with our kids and each other.

Paula (19:47) “We learn from our parents, ‘you just don’t spend what you don’t have,’ and there was no other reason behind that…It makes sense, but why?”

Janene (20:49) “Having those discussions earlier about, like you said, small things makes talking about the harder things later, the bigger things, easier.”

Topics & Timing:

(2:39) Get to know today’s guest: Paula Simmons, UECU National Account Representative

(7:43) Kids & Money: Talking to kids about money, is it worth it?

Janene (11:41) “The earlier that you learn from things, the better.”

Paula (11:46) “Better that little register fail than the rent check!”

(12:30) CueItUp is a great tool to make talking about money with your kids easier. It is great for parents and kids of all ages, and as Paula noted, especially for teens because: “Mom and dad don’t know anything.” <<insert eye roll here>> CueItUp is a free online resource of short(7-10 minutes) e-courses about money topics of all kinds: www.uecu.org/cueitup.

(22:50) Starting conversations with young children (through age 6). Where do you start?

• Teaching delayed gratification with things other than money
• The value and rewards of saving; piggy bank vs. bank account for long-term savings goals
• Teaching budget basics by giving their own money to spend on shopping trips
• Understanding the value of coins and paper money, and that plastic cards aren’t magic money
• Understanding that there are limits: wants vs. needs
• Ultimately, allow them to make money decisions in small age-appropriate ways
• Don’t shield the challenges (and the plans to overcome them!) from them, be honest in age-appropriate ways

Janene (31:45) “If you’re sitting here, and your daughter or your son is 14 years old and you’ve never really talked about money…it’s not too late, even if they are 25 or 27!”

(32:25) Helping elementary and middle school kids learn a little more about money and being responsible with what they have

• Allowance and small jobs mean it’s time to budget and set your priorities
• Setting priorities for spending what they have
• Saving routinely for those bigger goals – consider teaching percentages so that it’s not a fight every time they get money to put some of it away for bigger goals
• Give incentives to save
• Teaching budgeting for every day expenses and what to do with extra money when it comes your way: Allowance (salary) and doing extra chores (side job/bonus money)

Episode Title Inspiration (35:56) “School lunches cost WHAT?”: Commiserate with Janene and Paula. All parents feel like this as some point, right? Still…it’s a great moment to teach kids about money.

• First checking account before they can drive? Yes! Learn the basics with small money items and purchases. Using debit cards for (parent-approved!) online purchases help them understand and value spending their own money online.

(40:30) Money lessons for high school students

• First “real” jobs
• Driver’s license, the car, repairs and insurance – what is their responsibility?
• Deciding what comes after high school (Paying for it is the topic of episo