There are many ways to educate your children about finance, credit management, and some basics about saving. I remember when I was growing up, the closest I came to understanding finance was my mother talking to me about the importance of paying your bills on time. She spoke of how important it is to be frugal and save your money and not overspend on junk. Funny thing is growing up my mom always shopped at the thrift stores; buying me used clothing and picking up household items for a deep discount. I didn’t realize at the time that this allowed my mom to help me out with some college costs and that big down payment that so easily slips through your hands to the mortgage company on settlement day, or all the other countless catastrophes and emergencies that pop up along the way growing up. But my mother realized this from day one and I am ever so grateful for her sharp sense of financial awareness. Even though my mom couldn’t help and pay for everything I learned a lot from her. There is a significant value added in sharing the importance of financial awareness with our children. We can grow and share a new learning experience with our kids because we not only share this knowledge with our babies but also educate ourselves in the process and that experience is priceless. The good thing is all of the information for the most part is free. The variety of websites provide articles, games and other activities like quizzes for children of K-12 and teenagers. While most of the resources require nothing more than registration and a willingness to learn the sites are relatively easy to navigate and provide fun modules for the kids to enjoy. I have taken the time to compile the resources and websites for further investigation. I have the broken the resources down by categories. Remember no time is like the present to become financially aware and share this information with our children no matter what age.
Banking
Learning Bank: Federal Deposit Insurance Corporation (FDIC)
Website for grades K-12 created to educate and entertain children, teachers, and parents.
Banking on our future www.bankingonourfuture.org
Registration required-Operation HOPE's financial literacy program for grades 4 through 12. Learn about the basics of banking & credit unions, checking & savings accounts, insurance, credit and investments.
Finance
Kid$Inve$t
For children in grades (K-4, 5-8 and 9-12) This is from the state of Illinois. Kid$Inve$t is a comprehensive guide to the stock market, investing and money management specifically designed for young people.
Practical Money Skills for Life www.practicalmoneyskills.com
This is a website sponsored by Visa and has lesson plans for preschoolers to college that helps students practice better money management. This website has Home based Financial Literacy resources for adults, parents, and children.
Government Agencies
Federal Reserve Board: Kids Page www.federalreserve.gov/kids
This website teaches young children about the Federal Reserve. They can take a quiz to test their knowledge.
Money
H.I.P. Pocket Change: U.S. Mint http://www.usmint.gov/kids
Educational tool that includes games and cartoons for students that generates interest in coins, the U.S. mint and U.S. history.
Business/Young Entrepreneurs
YoungBiz: Teens www.youngbiz.com
Their mission is to empower youth with entrepreneurial, business and financial skills through innovative education and real world experience.
Teens and Money Management
It All Adds Up www.italladdsup.org
Website sponsored by American Express for teens who want a head start on their financial future. They have online games and simulations to help teens learn about credit management, buying a car, paying for college, budgeting, saving and investing. For example they have an excellent module which shows teens the truth about how long it actually would take to pay off a credit card balance.
Young Money Magazine www.youngmoney.com
A national magazine for young adults ages 18-25 that focuses on money management, entrepreneurship, careers, investing, technology, and travel.
National Endowment for Financial Education: Teen Resource Bureau
The program is dedicated to improving financial literacy among teens. This website encourages teens to take an active role in understanding the basics of personal finance.
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