Page 54 - South Mississippi Living - January, 2016

PHYSICAL & FISCAL FITNESS bank on it FEED THE
PIG
Start teaching your kids about money at an early age
Estory by Susan Ruddiman photo courtesy of Community Bank
very child should learn about video game play. money. Also, parents might “A child is never too young to consider matching begin learning how to manage their children’s money and ultimately how to savings so they can save money,” said Leslie Kelley, see how funds can
AVP/business development officer at the accumulate.
D’Iberville branch of Community Bank. It’s important for parents to openly talk
about finances so children can understand
its importance at an early age. As soon as a child starts asking about money is the time to discuss it, she recommends.
“Start by explaining what money is and that it’s used in exchange for services or goods,” Kelley said. “Then build their knowledge by showing them coins and bills and explain the values of each.”
Since many children are visual learners, a simple piggy bank can be used to show coins adding up as they are plopped into the bank. Envelopes are handy for dividing money into categories to help children reach short-term and long-term goals, such as saving for a video game or a trip to Disney World. Older children might benefit from using financial applications on computers and smart phones.
Parents can reward their children for not spending their allowance for a certain amount of time — thus saving it — by treating them to a trip to the movies or an extra hour of
As part of
parents being
open about money,
it’s important for
children to see their
parents save. Kids
can participate in
making a shopping
list and sticking to it as they help shop in area stores. This will teach them to avoid the bane of all savers — impulse buying, according to CNN Money.
Children need to learn from their mistakes, such as that impulsively spending that birthday cash from grandma might mean they don’t have enough for the video game they’ve been saving for. Kids should accompany their parents to the bank or credit union to see how business is conducted there.
“Parents have a strong hand in helping their children grow into responsible money smart individuals. Our children watch our every move, and that includes how we handle our finances,” Kelley said.
54 SOUTH MISSISSIPPI Living • January 2016
Leslie Kelley