Teaching kids about money during holidays - KCBD NewsChannel 11 Lubbock

Teaching kids about money during holidays

CHARLOTTE, NC (WBTV) -

Many of us had piggy banks when were young, but some were better than others at actually putting coins into it.

So how do you teach kids to become financially responsible?

Financial planning teachers WBTV spoke with say creating incentives and financial habits early in life will pay off in the long run for your children.

These skills set the foundation for a lifetime of better financial choices.

Elementary school teacher Barbara Parks says financial savvy is a critical skill we all need.

"I start off with looking at wants versus needs and then from there we look at how to set goals," said Parks. 

"From there we develop a budget looking at their allowances."

Parks is a fifth grade teacher at Barnette Elementary in Huntersville.

She says Christmas is a perfect opportunity to start a dialogue about family finances.

And one of the best ways to learn about money is hands-on experience.

Start by giving children a small allowance.

Then, if there's a new game, toy, or outfit your child wants - have them save up their allowance, instead of just buying it for them.

A savings account is also a great learning tool for kids. It can help teach responsibility and that some things in life are worth waiting for.

Teachers also recommend including your children in discussion on cost of household expenses such as dinner, groceries and vacations. These discussions give children a sense of real-world prices.

Copyright 2012 WBTV. All rights reserved.

  • Local News on KCBD.comNewsMore>>

  • Jury gets case after Cosby painted as predator, victim

    Jury gets case after Cosby painted as predator, victim

    Wednesday, April 25 2018 12:26 AM EDT2018-04-25 04:26:54 GMT
    Wednesday, April 25 2018 2:32 PM EDT2018-04-25 18:32:08 GMT
    (AP Photo/Matt Slocum). Bill Cosby departs after his sexual assault trial near a cloud of bubbles blown by a protester, Tuesday, April 24, 2018, at the Montgomery County Courthouse in Norristown, Pa.(AP Photo/Matt Slocum). Bill Cosby departs after his sexual assault trial near a cloud of bubbles blown by a protester, Tuesday, April 24, 2018, at the Montgomery County Courthouse in Norristown, Pa.

    Jurors at Bill Cosby's sexual assault retrial are poised to start deliberating after a marathon day of closing arguments.

    Jurors at Bill Cosby's sexual assault retrial are poised to start deliberating after a marathon day of closing arguments.

  • Macron urges US to reject isolationism

    Macron urges US to reject isolationism

    Wednesday, April 25 2018 11:30 AM EDT2018-04-25 15:30:41 GMT
    Wednesday, April 25 2018 2:30 PM EDT2018-04-25 18:30:21 GMT
    (AP Photo/Pablo Martinez Monsivais). French President Emmanuel Macron gestures as he is introduced before speaking to a joint meeting of Congress on Capitol Hill in Washington, Wednesday, April 25, 2018.(AP Photo/Pablo Martinez Monsivais). French President Emmanuel Macron gestures as he is introduced before speaking to a joint meeting of Congress on Capitol Hill in Washington, Wednesday, April 25, 2018.
    French President Emmanuel Macron extolled the "special bond" between the United States and France during his speech in front of a joint meeting of Congress.
    French President Emmanuel Macron extolled the "special bond" between the United States and France during his speech in front of a joint meeting of Congress.
  • Lax vetting on Trump nominees begins to frustrate senators

    Lax vetting on Trump nominees begins to frustrate senators

    Wednesday, April 25 2018 12:47 AM EDT2018-04-25 04:47:40 GMT
    Wednesday, April 25 2018 2:30 PM EDT2018-04-25 18:30:18 GMT
    (AP Photo/Alex Brandon). CIA director Mike Pompeo and his wife Susan Pompeo arrive for a State Dinner with French President Emmanuel Macron and President Donald Trump at the White House, Tuesday, April 24, 2018, in Washington.(AP Photo/Alex Brandon). CIA director Mike Pompeo and his wife Susan Pompeo arrive for a State Dinner with French President Emmanuel Macron and President Donald Trump at the White House, Tuesday, April 24, 2018, in Washington.

    As President Donald Trump's pick to lead Veterans Affairs skids to a halt, senators from both parties are voicing frustration that the White House is skipping crucial vetting of nominees and leaving lawmakers to...

    As President Donald Trump's pick to lead Veterans Affairs skids to a halt, senators from both parties are voicing frustration that the White House is skipping crucial vetting of nominees and leaving lawmakers to clean up the mess.

Powered by Frankly