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Financial Fitness Zone: How to teach your kids about money

Posted: 6:49 AM, Jul 22, 2016
Updated: 2016-07-22 09:49:26-04

As summer break winds down, students are getting ready to head back to class. But parents, we’ve got some advice on ways to teach your kids about money.

A lot of companies and websites offer lessons on finances for kids for free but we found this one on www.moneyconfidentkids.com.

It's a 30-day plan: one month to make your kids scholars of dollars and cents.

For example:

Day 1 – Create a grocery budget with your kids so that they know how much their meals and snacks actually cost.

Day 8 – Visit the bank. The tellers and managers would be happy to talk about the importance of managing money.

Day 14 – Practice money vocabulary with words like interest, loan, inflation and even taxes.

Day 23 – Go to a sporting event and take enough money to get a little something to eat and maybe a souvenir. But let the kids decide how to split up the cash.

Day 30 – Go online shopping to teach them that digital money is still money and digital debt is still debt.
This is a great time to teach kids about being responsible even when the world is seemingly at their fingertips.