Help your teen to create a mock budget using a possible future income. Go over with them all of the expenses that an adult faces (rent/mortgage, credit card bills, taxes, health insurance, auto insurance, auto repairs, entertainment expenses, gasoline, etc.). Let them get a feel for how much one can afford and how to budget so you can have money left over. Share with them the strategies you use in order to manage your money.
Money & Kids #6: Privacy
Teach your children the urgency of keeping private information about themselves a secret. Credit card numbers, bank account numbers, social security numbers must not given out. Review with them what to do if their personal information is ever stolen.
Money & Kids #5: Credit Cards vs. Debit Cards
Explain the difference between credit cards being a loan you have to pay back (usually with interest) and debit cards subtracting from your own funds. Also go over with them what to do if the card is lost or stolen.
Money & Kids #4: Credit Cards
Teach your kids how credit cards work. Most children view credit cards as free money which isn’t true so the sooner you can get them out of that mentality, the better of they will be in the future.
Review with them how the money must be paid back and how interest works. Make sure you also explain how some adults get trapped with debt by only making minimum monthly payments. Show them how different cards offer different interest rates.
Money & Kids #3: Deposits and Withdrawals
Make sure you teach how to use an ATM. Also teach them how to do deposits and withdrawals in a bank branch.
Money & Kids #2: Banking
It is important to teach kids the basics about banking. Discuss the purpose of having a checking account, savings account and bank certificate of deposit and how they all work. A great math lesson would be to make sure you mention how minimum balances, overdraft fees, ATM fees and interest rates work.
Money & Kids #1: Needs vs. Wants
Children sometimes cannot distinguish between what they need and what they want. Shelter, food and clothing are needs. Eating out, cable TV, cell phones, computers, and video games are wants. Wants can be worked towards but not an entitlement.
Kids Learning Money
When it comes to the topic of money, children learn best from their parents. There are many aspects to using and managing money that we as adults use in our everyday lives that are essential to pass on to our kids. Y3K Tutor In Your Home will debut a series dedicated to helping you the parent educate your children on the important topic of money. Make sure you check back here soon.
Cold and Flu Season
Please keep your child home from school if they have:
- A fever of 100 degrees or more in the past 24 hours
- A diagnosis of a communicable disease
- A cold in the active stages: coughing, running nose, and sneezing
- A sore throat and/or swollen neck glands
- An undiagnosed rash or skin eruption
- Vomiting or diarrhea during the past 24 hours
- Acute pain that requires relief by narcotic medication
If all families did their part, the spread of disease would be greatly reduced.
Strep Throat, Stay Home!
It is currently cold and flu season throughout the country. We would like to remind you of an example of when your child should be kept home from school. If all families did their part, the spread of disease would be greatly reduced. Colds and flu can spread so easily, so it’s important that parents take precautions to prevent others from catching it.
If your child is diagnosed with strep throat, 24 hours of antibiotic therapy is required before returning to school. Besides harming everyone else with these viruses, respiratory infections can trigger an asthma attack in certain susceptible children. We need to prevent these asthma attacks so keeping your student home from school can help. Parents need to be careful with their children. If they seem unwell, it’s probably better to keep them at home. This will keep everyone safe.
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