Saturday, August 7, 2010

Summertime Money Tips

T. Rowe Price, a mutual funds company, is dedicated to teaching kids the importance of financial literacy and in this economic downturn we think it’s even more important to teach your kids about it early. About a year ago they teamed up with Disney to create The Great Piggy Bank Adventure, a fun online game that teaches kids the importance of financial literacy.  They also have an interactive exhibit at Disney’s Epcot! 

Since my children think money grows on trees, well technically it does for us but still, my children can definitly benefit from this game.

Here are some Summertime Money Tips, courtesy of T. Rowe Price.  Even though summer is almost over for us, most of these tips can be implemented year round.
1- Summer often means days at the pool, sporting events and other activities that have one thing in common – concession stands! Provide your kids a set dollar amount when you arrive instead of responding to requests for money throughout the day. Resisting requests to open up your wallet again will teach them to stick to the planned budget. My children could spend a small fortune in the concession stand & Spirit Shop at the high school football games, not to mention Bo's basketball & soccer games.

2- Come up with activities to do together outdoors that allow kids to earn some of their own money like washing the car, planting flowers or a lemonade stand. Then plan together how your child will spend, save or invest the earnings depending on their goal. Sass is the queen of lemonade stands!

3- If you are planning a vacation this summer, allow your kids to get involved in saving for the trip. Plan a budget together and then keep it in mind when running errands and shopping to allow your family to reach the vacation goal. I think this can be used for Christmas giving as well. 

4- On rainy days or late summer nights in, play interactive games together like The Great Piggy Bank AdventureSM Presented by T. Rowe Price (www.thegreatpiggybankadventure.com.) The game is fun for the entire family and an easy way for everyone to practice their financial habits.
5- Take advantage of more time together and use simple daily tasks as teachable moments. Whether it’s running errands, back-to-school shopping, buying groceries, going to a summer movie or stopping at the ATM, these activities create a hands-on opportunity to teach positive habits of spending vs. saving. This can certainly be done year-round.


highheeledlife said...

What a fantastic and informative post ..L. even though we are not yet parents (unless you count a 2 furbabies) - some of the tips are good reminders.

I am definitely going to let my friends with children know about your post.

Happy Saturday..HHL

Tales From My Empty Nest said...

You are not going to believe this, but after working for MONTHS and MONTHS, I have finally gotten my computer to accept your URL and you now show up on my reader list. Praise the Lord!!! I have so missed reading about your sweet family. I am glad to be back in the loop now. Hope you all have had a wonderful summer. Love & blessings from NC!

Suburban Princess said...

Great tips!! People often forget to teach their children about money and how to handle it! Good for you for giving your children the gift of financial management!

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