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Five-year-old Amanda was excited. She had received a $10 bill as a birthday gift. She begged her parents to take her to the mall so she could buy a favorite toy. Sound familiar?
Parents often wonder how they can help their child learn sound money management skills at an early age. Telling them that "money doesn't grow on trees" usually doesn't sink in when they seem to want everything. Children are good at mastering the concept of "want" long before they seem to understand "cost" and "need."
Children's books are a good way to begin teaching money management concepts to youngsters of all ages, suggests ________, Colorado State University Extension agent in _______County. Even preschool children can learn from books such as "The Berenstein Bears Trouble With Money." A child in first-to-third grades would enjoy learning from "Arthur's Funny Money." Children who can count and use a calculator could learn money skills from "Alexander, Who Used To Be Rich Last Sunday." These are examples of the many good books on the market that a parent can use to teach money skills.
What should a parent look for when selecting such a book? Consider the age for whom the book was written. Preschoolers have difficulty understanding concepts such as time and value. They may think a nickel is more valuable than a dime because it is larger. Using credit cards and checks may confuse them. They have an understanding about buying things but little understanding of limited money resources.
Elementary school-aged children are eager to learn but their attention span is short. Making choices is difficult. Money means more to them but they may be careless with it. They are, however, beginning to develop an awareness of the relationship between today's decisions and tomorrow's results.
Choose books, which -- through words and pictures -- show cultural sensitivity. Read the book to or with them. Consider that each child has a preferred learning style. Hearing the book as it is read, seeing the pictures that reinforce the message and touching items that relate to the story will help the child learn. To get a sense of your child's learning style, use the assessment on-line at
www.parentcenter.com/quiz.
A list of age-appropriate books can be found at the National Center for Financial Education at www.ncfe.org/catalog/cat.html. At this site, you also can find books, games and videos for older children. At www.kidsmoneystore.com, parents can find resources to help teach money management to their children.
Use the concepts presented in books to start a family discussion about your family's resources, expectations and goals. This lets the child understand your earning, spending, saving and sharing goals. A whole new world of family communication will develop. Use hands-on examples, such letting your children watch you write checks to pay the bills each month. Allow the child to help put the check in the envelopes for mailing.
Most parents agree that financial responsibility is a vital part of every child's education. Financial literacy is a key component of everything from developing self-esteem to maintaining successful interpersonal relationships. Parents can help their children grow up to be responsible, clear-thinking individuals, who can make wise decisions about the use of money. The use of children's stories about money matters can facilitate that goal.
For more information about children and money,
contact your local
Colorado State University Extension office.
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