weather icon Clear

It’s never too early to teach kids about money

If you want a good laugh, ask a four year old, “Where does money comes from?”

Most will tell you money comes in a magical endless supply from the ATM, you silly grown-up. With all of us using debit cards to make purchases most young ones seldom see actual dollars changing hands.

This means it’s more important than ever to teach our children about money. In fact, I believe teaching kids to be responsible about money is one of the most important jobs we have as parents.

The most important concept to teach is that money is earned. Since it’s unlikely anyone is going to give them money just for being cute when they’re adults they should embrace the concept of working for their money now. The next important concepts to teach are how to save and how to thoughtfully spend.

Giving an allowance is a controversial topic. Some believe that the allowance should be tied to doing chores around the house.

Others believe kids should help out around the house simply because they’re part of the family and they shouldn’t expect to be paid. Whatever camp you’re in, remember the only way kids can learn about money is to have some, so use their allowance as a teaching tool.

So, how early can you start to teach kids about money? It’s never too early as long as the lesson is age appropriate. Every child is different but here are some guidelines.

Preschool – As soon as the kiddies can count they can enjoy watching money accumulate in a piggy bank where they can see and touch it. This is important because kids are so literal. They can learn to identify money in its various values, paper and coins. They can also learn to differentiate between needs and wants to prepare them for spending later.

Primary school – Now you can teach kids to save up for purchases. An example – to buy that toy I’d have to save up three weeks allowance. This teaches the value of a dollar by putting it in a perspective they can understand. You can also teach comparison shopping. The grocery store is filled with teachable moments so let them help you grocery shop. Involve them in getting the most value for your dollar by comparing prices, looking for sales and using coupons.

Tweens – Increase responsibility with a saving account and make sure they look at the monthly statement and keep track of their account. They can learn to budget and should be encouraged to purchase gifts for birthdays and Christmas with their own money. Encourage them to earn money beyond their allowance by doing paid jobs for others like yard work and babysitting. They should also know the difference between debit and credit cards.

Teens – Along with a first job should come a checking account. This is when you get to explain about gross pay versus take-home pay. You can also discuss the use (or avoidance) of credit cards being sure to explain interest rates, charges and payments. Discuss credit scores and the importance of establishing good credit.

While we’re at it can we teach our kids to count change? A skill sorely lacking in the youth of today.

Don’t get me started.

Food for thought contributed by Patti Diamond, author of Divas On A Dime – Where Frugal, Meets Fabulous! Facebook – DivasOnADimeDotCom www.divasonadime.com

Don't miss the big stories. Like us on Facebook.
April 1 is census day

Today is “Census Day,” and though minds all around America are occupied by concerns regarding the novel coronavirus, the U.S. Census Bureau is continuing its efforts to conduct this constitutionally-mandated decennial process. Census officials are urging everyone residing in the U.S., regardless of citizenship, to make sure they and their families are included in this most important count.

Serenity Health partnering with Nye for COVID-19 testing

Testing for the novel coronavirus COVID-19 has been a point of major contention in recent weeks as states grapple to keep pace with demand and though testing supplies are being stretched thin, Serenity Health, through its lab, has managed to secure enough kits to partner with Nye County to conduct drive-up testing in three local communities.

Chili Cook Off in Pahrump brings in $5k

The 8th Annual Silver State Chili Cook Off took over Petrack Park March 14 and 15, drawing people from all walks of life for two days of chili tasting and community fun, with all of the proceeds earmarked for one of the Pahrump Valley’s well-known nonprofit organizations, the Nevada Outreach Training Organization and its No to Abuse program.

Sisolak orders stay on all evictions in Nevada

Nevada Gov. Steve Sisolak, Nevada Attorney General Aaron Ford and Nevada State Treasurer Zach Conine made an announcement on Sunday, March 29 that will have many in the state breathing a sign of relief. Residents no longer have to worry about losing their home or business location if they are unable to make their rent or mortgage payments in the wake of the COVID-19 crisis.

4th Annual Veterans Extravaganza in Pahrump sees another successful year

Ask any of the participants or organizers at the Veterans Extravaganza and you’ll likely end up with the same answer from each of them; it’s all about giving back to the men and women who have donned a U.S. military uniform and dedicated themselves to serving the country, often sacrificing their own personal well-being in order to help protect America and its citizens.

RSVP shifting gears during Coronavirus outbreak

In a time when “social distancing” has become the new norm in an attempt to curb the spread of the novel coronavirus, COVID-19, businesses and organizations nationwide are retooling and changing their models in an effort to keep their operations functioning until the country returns to its former status quo.

Nevada’s primary voting to take place by mail

The coronavirus continues to expands its hold on everyday life in America and not even Nevada’s primary elections are able to escape the overrearching impact.

DIVAS ON A DIME: Can chicken soup really boost your immunity?

Or is that a myth? All my childhood memories of being under the weather include a big bowl of culinary comfort because my mother made a vat of chicken soup the moment anyone started to sniffle. Yours too?

Death Valley National Park closes many facilities, remains open

Death Valley National Park has limited services outside those that support visitor or resource protection as the park moves to comply with Executive Order N-33-20 issues by the California Gov. Gavin Newsom and the latest guidance from the Centers for Disease Control and Prevention.

Virtual health care made easier for veterans

Veterans will be able to access services from home more easily and safely as the Veterans Administration’s Southern Nevada Healthcare System responds to the COVID-19 pandemic.