Brought to you by NASA Federal Credit Union © 2014 Credit Union National Association Inc. (Rev_0314) Value of a Dollar II: Teaching Your K-8 Child
Seminar Objectives Learn: Why children in grades K-8 need to learn about money What motivates children to learn about money management How children learn about money How to use goal-setting, budgeting, saving, employment, and investing as teaching tools How to use an allowance as a teaching tool
What are your money values? What do you believe?
The “teachable moment” Circumstances Child’s attention span Child’s interest
What percentage of parents involve their teenagers in family spending/budgeting decisions? A. 5% B. 20% C. 34% D. 52% E. 61%
What motivates children to learn to manage money? Desire to reach a goal Desire to master a skill Desire for independence
How children learn about money By example: Observing adult models Taking part in family decisions Assisting siblings
How children learn about money By choice: Setting personal goals Planning to reach them Growing maturity and freedom
How children learn about money By mistake: Analyzing “hard knocks” Accepting consequences Modifying plans
What percentage of income does the average child less than age 13 receive from parents? A. 52% B. 65% C. 87% D. 94% E. 100%
Teaching Tool No. 1: Personal Goals Needs vs. wants Tracking progress SMART goals
Teaching Tool No. 2: A Budget Deliberate spending Deliberate saving Alternative choices Emergencies and opportunities
Teaching Tool No 3: Saving Decision to not spend Price vs. value Comparison shopping
Teaching Tool No 4: Work At home In the neighborhood
Money Issues Bailouts Cash advances Credit
What’s at stake Confidence Self-reliance Ability to support self and family
What percentage of college students return to live at home after graduation in 2006? A. 15% B. 29% C. 47% D. 63% E. 85%
Checklist: Are you ready? I understand why children need to learn about money I know what motivates children to learn about money management I understand how children learn about money I plan to use some of the teaching tools learned during this seminar I know how to use an allowance as a teaching tool I know where to go for help
Remember … your credit union can help you with all your financial challenges.
Thank You! Diane Morris Business Development Account Representative , ext. 438, or NASA- FCU