Ask the Expert: How Can You Teach Your Kids About Money? 10 Moms Will Win!

[Cafe Becky]

Do you want to teach your kids how to live frugally and save money?

Learn how to approach financial topics with your kids with our guest expert Beth Kobliner. Beth is a personal finance author, a member of the President's Advisory Council on Financial Capability, and a content advisor for Sesame Street's Financial Education Initiative, for which she teaches Elmo about money in their outreach videos.

Beth will be in Frugalistas the week of May 9 to answer YOUR questions. You can ask questions about when to start talking about finances with your kids, how to get them to become good savers, or any other kids & money or personal finance questions you have! Please post your questions as a reply to this post. Beth will post her responses here as well.

Post your questions now and you could win a copy of Beth's book, "Get a Financial Life," plus a set of Sesame Street Finger Puppets! 10 moms will win a prize set!

Thank you for joining us, Beth Kobliner!

                                     

You can find out more about Beth and follow her work on her website, www.bethkobliner.com, and on her Facebook page and Twitter feed.

The Official Rules
To enter the contest, reply to this post. Click on the 'reply to post' button at the top (or bottom) of that post. When the text box opens, add your reply. Once you've added your reply, click on the "Add Reply' button.

 

• Posts must be made between Thursday, May 5 at 4pm EST and Friday, May 13 at 11:59 pm EST.  
• This contest will end on Friday, May 13, 2011 at 11:59 pm EST. 
• Ten winners will be selected randomly.
• The winners will be posted on this thread and will be notified via CafeMom PM.
• Multiple replies are allowed and will increase  your chances of winning.
• Prizes are only available to members who live in the US or Canada (excluding Quebec).
• Ten winners will receive copy of "Get a Financial Life" and a set of Sesame Street Finger Puppets.
  

[Beth_Kobliner]

Quoting Cjennie30:

What age is best to start talking to your children about saving & coming up with a plan together with them?

Even very young kids can understand the concept of saving. Use everyday moments: When there’s a long line for the slide at the playground, explain that sometimes you have to wait for what you really want. And sometimes you have to pass on tempting items now to save up for one big thing you really want later. To stick to their savings plans and see their progress, kids can store money in three jars, one each for spending, sharing, and saving. You can print jar labels for your child at www.sesamestreet.org/save.

[LRHocker]

My boys are 6 and 7 and we already have them saving up for things that they want (we still buy some fun stuff). Is this too early to add an allowance for keeping their rooms clean or other extra chores?

Quoting DomsMama07:

How early should I start an allowance for chores?

[615amy09]

What's a good savings guideline for kids? Birthday money, etc...

[Beth_Kobliner]

Quoting cara124:

show i be paying for child for chores that help the house run?

Popular question! Like I told the others, I believe chores are about being part of the family--that way your child doesn't expect a quarter every time he puts away his toys! Instead, I suggest giving kids a reasonable weekly wage, like 50 cents to a dollar for every year of your child's age. That can begin as soon as he starts saying "Gimme!"

[Beth_Kobliner]

Quoting cara124:

should i be making may child say money they have earned?

I think they should be able to spend some too, and share some with others. Sesame Street's "For Me, for You, for Later"--a project I worked on--teaches kids that they can keep money in three jars: one each for spending, sharing, and saving. You can see a video on this (starring Elmo and me!) and print jar labels for your child at www.sesamestreet.org/save.

[Beth_Kobliner]

Quoting cara124:

should make my teenager pay for things like clothes/makeup/entertainment?

I like this system: parents pay for needs, teens pay for wants. The most important thing is to be clear. If you're giving your teen an allowance, define exactly what the allowance is for. I have a teenage daughter, and in our family, back-to-school basics are on me, but items beyond that are on her. Movies are on me, but popcorn's on her. Some items, like makeup, are in that tricky gray area! Sometimes we have to negotiate.

[Beth_Kobliner]

Quoting shelbylin2009:

Should I make my child give a certain amount of her allowance as an offering at church? If so, how much?

That seems like a great way to teach about sharing and charity. Sesame Street's "For Me, for You, for Later"--a project I worked on--teaches kids that they can keep money in three jars: one each for spending, sharing, and saving. From her sharing jar, she could choose how much to offer. Watch the "Three Jars" video (starring Elmo and me!) and print jar labels at www.sesamestreet.org/save.

[Beth_Kobliner]

Quoting sweetsurprise13:

how young is too young to start with chores?

There's no such thing as too young--as long as the chores are age-appropriate, of course! However, I believe chores are about being part of the family--not a basis for allowance.

[gabsmome]

I started early with my daughter when ever we found lose change we would dance and put the change into a  big jar. Also to recycle and reuse, but in order to make it fun. We made it into a game for her.

[Beth_Kobliner]

Quoting AnB68:

 do you address tithing at all?

Tithing seems like a great way to teach about sharing and charity. Sesame Street's "For Me, for You, for Later"--a project I worked on--teaches kids that they can keep money in three jars: one each for spending, sharing, and saving. From her sharing jar, she could choose how much to offer. Watch the "Three Jars" video (starring Elmo and me!) and print jar labels at www.sesamestreet.org/save.