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OKLAHOMA CITY - Summer is only a few weeks away, but now is the perfect time to teach your children about personal finance.
- Use apps to help kids learn about money the fun way: LearnVest.com recommends Savings Spree, a game in which kids earn virtual spending money and make decisions on spending that money. However, occasionally in the game, life events happen—just like real life—that cost them money, which offers a taste of real-world money challenges. Motion Math’s Cupcake! allows kids to act like business owners and make decisions about selling sweet treats. They determine the ingredients and the prices to charge to customers. PiggyBot is a digital piggy bank that allows kids and parents to keep track of allowances and helps kids manage how to spend their money.
- Teach them that money doesn't grow on trees: The earlier kids learn the value of a dollar, the better. Experts say it's best to teach kids that they need to do certain chores in order to earn an allowance. Also, consider giving them opportunities to earn extra money.
- Discuss vacation plans: By allowing kids to see how quickly things add up, you can also give them the option to vote for things closer to home to allow for more time on vacation.
- Take them grocery shopping: Involving kids in meal planning allows them to make healthy choices and shows them how to get the most value for their money. It can also teach them to avoid impulse busy, which are usually budget busters.
- Discuss the back-to-school budget: Visit thrift and consignment shops to show kids other options for clothes. If they are still dreaming about name brand clothes, give them the option to work to earn extra money to buy exactly what they want.
- Go over your teen's first paycheck: Discuss the difference between gross pay and net pay. Also, talk to them about the W- 4 and what taxes pay for.
Get additional money tips from the 2016 Financial Fitness Kit from the OSCPA