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Category: Beyond the Piggy Bank 15-Day Challenge

Money Reflections

Money Reflections

Excerpted from Beyond the Piggy Bank, a 15-Day Challenge

One of the goals for this Challenge is to develop healthy attitudes about money in our children. Since YOU have the greatest impact on what your kids learn about money, it’s important to take a little time to reflect honestly on the money messages you are sending them.

Ask yourself the following questions. To help clarify your thoughts, you may want to write your responses down on paper.

~What is my attitude towards money?
~Is money a good thing, a bad thing, am I indifferent about money, does money annoy me, is more money better, do I complain about money a lot…
~Why do I feel this way about money?
~What attitude about money are my kids observing in me?
~Which money personality reflects me the most?

–Worrier: I’m always fretting about money
–Carefree Spender: I love spending money. I’ll deal with the consequences later…maybe.
–Penny Pincher/Hoarder: I’m not worried about money, I just don’t like spending any.
–Giver: I’m always buying stuff for my friends and giving them money. I’ll worry about myself later.
–Saver: Yippee! I get to balance my checkbook and maybe put some more into my Roth IRA.
–Avoider: Honestly, do I really have to think about managing my money?

~What are the pluses about my money personality? What are the minuses? How can I improve the minuses?
~How do my kids see me manage money? Am I happy with that? If not, how can I change?
~How would I like my kids to manage money when they are older?
~What money attitude would I like my kids to have as adults?

Once you reflect on and understand more about your own personal feelings towards money, you are in a better position to help your kids develop healthy money attitudes.

Personal Finance for Kids?

Personal Finance for Kids?

So it happened again to me today, and it’s happened enough that I decided to write about it…and solicit your help.

I was chatting with a woman I just met about this, that, and the other, when, inevitably, the question so what do you do? comes up. She’s a stay-at-home mom, nice, and I told her I was a kids’ personal finance educator.

“You can teach personal finance to kids?” she, and just about everyone else, asks.

Now don’t get me wrong. Until my youngest, Ryan, began to exhibit extreme carefree spending tendencies, the idea had never really occurred to me, either. At least, not beyond giving him an allowance. But if you think about it, setting up an allowance system is most definitely a form of personal finance.

At least it should be.

It’s not enough that kids get money. It’s important that we teach them what to do with that money. Things that we do with our own adult personal finances: save, spend, share, invest, borrow, budget. We need to do it in a way that gives kids real, hands-on experiences with their money so that they’ll get the practice they need before we send them out into the world.

And the good news is, it’s not that hard to do. Even if you don’t feel “qualified”. And while we’re doing it, we need make ‘personal finance for kids’ a recognized phrase.

So I’d love to have your help. It would be great if you could help spread the word about the importance of teaching kids money while they are still young.

In addition, I want to be a resource for parents. My Raised for Richness Facebook page is filled with all kinds of tips and research studies. It’s a great place for parents to start.

I am also working hard to make our website a resource, as well. We’ve included a bunch of free stuff recently.

And then there are the Beyond-the-Piggy-Bank Challenges filled with the specific steps needed to begin teaching personal finance. I do these periodically and if you email me, I’ll get another one scheduled soon.

So let’s start a movement! Let’s get the word out make ‘kids and personal finance’ just a regular part of our everyday language. Together we can make a difference.