I came across a fascinating article from USA Today this week (click here for the link) that’s a great tie in to Money Smart Week (have you been sure to get to the free classes in the community this week?). The article starts with a 5 question quiz, based on questions from a high-school exam on financial literacy – try it and see how you rank!
The article notes that we are living in “a time when young adults face a difficult job market and more personal debt, and yet must take greater responsibility for their financial future.” From ideas as basic as creating a budget, to ideas as complex as what insurance types to purchase, we are not as educated as we need to be. Our focus tends to be on other things in our lives, and our personal financial situations are suffering more each year. Our children aren’t learning the tools they need for financial success in life, but the great news is that we can help you change that.
Just as you might take the time to talk to your child about their day, or as you might involve them in cooking and cleaning around the house, you can involve them in conversations about insurance, banking, and budgeting. Two easy ways are:
When you grocery shop, compare prices with you children on items they pick out. Show them the price per ounce on each item and ask them which one they would purchase.
When you balance your checkbook or online banking statement at the end of the month, let your child follow you with their own calculator. If you have online budget tracking, ask them how they would lower expenses spent on entertainment, shopping, or eating out.
Goodwill’s Good Dollars and Sense course is coming up in June, and if you’re interested in learning how to take control of your finances and learn more about all the ways smart financial decisions can help you in life, sign up today. Call (815) 965-3795 for more information on the free class, or click here for details!