BY CARI WIRA DINEEN PHOTOS JASON DONNELLY
BETTER
146 | September 2019
Set your kids up for a positive
relationship with money.
Use our age-by-age guide as
a road map for talking and
teaching financial responsibility.
BANK
NOTES
BACK-TO-SCHOOLSPECIAL
ELEMENTARY
nMAKE ‘EM EARN IT
“Kids in elementary school
are often fascinated by
earning money,” says Beth
Kobliner, author of Make
Your Kid a Money Genius
(Even If You’re Not). A
great way to focus this
energy and foster a sense
of achievement is to help
them start a project like
a lemonade stand —from
buying the ingredients
to counting the day’s
earnings. At the end of the
day, sit down and review
what they spent versus
the dollars that came in.
Just don’t micromanage;
you’ll deny kids a chance
to make mistakes and
learn from them, says Alec
Gorynski, vice president
of community development
and corporate
philanthropy at First
National Bank of Omaha.
You can also help
your kids earn cash by
paying for one-off chores,
such as organizing photos
or washing the car.
nSTART SAVING
Have your child set a
goal like saving up for
sneakers or jewelry. For
every dollar she saves,
match it by 50 cents. Let
them see their money
grow by using a clear
jar. Money from gifts and
those one-off chores
should go in as well.
After the goal is met,
deposit the remaining
money into a savings
account. Head to an
actual bank rather than
online, Kobliner says.
Many banks offer a no-fee
youth account or waive
minimums if the account is
linked to yours. “Call
and see if someone who’s
good with kids can help
you open it and even give
your child a peek at the
vault,” she says. This is
a good chance to explain
how the bank is the safest
place for money and
how their savings will earn
some interest.
MIDDLE SCHOOL
nTALK HONESTLY
AND OPENLY
“Finances tend to be a
top stressor in adults’ lives.
Letting your kids know
that it’s OK to talk honestly
about money can help
them deal with money
anxiety down the road,”
Kobliner says.
CASH
IS KING
With debit cards
and automatic
bill pay, money
can be invisible
to kids. Try using
cash as much
as possible to
help them grasp
the real value of
a dollar. Show
kids how online
banking and
bill-paying work
so they see that
there’s not a
never-ending
supply of money
to buy things.
TEACH
DELAYED
GRATIFICATION
WHEN
SHOPPING AND
DON’T CAVE
AT THE
CHECKOUT.
