Smart financial advice from local expert... Dollars & ense How to Talk to Your Kids About Money By Wes Stripling, First National Bank & Trust Community Bank President How soon is too soon to talk to your kids or grandkids about money? If they are old enough to ask for a toy or a bike, they are old enough to start leaming financial lessons that will last a lifetime. Look for opportunities to talk about money, read books aloud and play games that center around spending money wisely. Here are some real-life examples of teachable moments to help you get started: At the bank When you go to the bank, bring your dchildren with you and show them how transactions work Get the manager to explain how the bank operates, how money generates interest and how an ATM works. Ask the manager for a tour-be sure to ask to see the vault On payday Discuss how your pay is budgeted to pay for housing, food and clothing, and how a portion is saved for future expenses such as college tuition and retirement. At the market It's easy to give dlear examples of "needs and "wants using diferent kinds of foods at a grocery store. Milk (for strong bones) is a need; soft drinks are a want. Explain the benefits of comparison shopping, coupons and store brands. Chores and allowances Assign chores and give them a monetary value. Discuss ways to budget and divide allowances. Encourage children to set a financial goal, such as saving for a bike, and figure out how to achieve it Paying bills Explain the many ways that bills can be paid: over the phone. by check, electronic check or online check draft. Discuss how each method of bill pay takes money out of your account. Be sure to cover late penalties, emphasizing the importance of paying bills on time Using credit cards Explain that credit cards are a loan and need to be repaid. Share how each month a credit card statement comes in the mail with a bill Go over the features of different types of cards, such as ATM, debit and credit cards Browsing the Internet While online, explain to your children how valuable their personal information and privacy is to you, to them and to online predators. Discuss the risks and benefits of sharing certain information. Then, as a family, make a list of rules for keeping personal information safe online. Planning a Vacation Whether you are planning an outing to a local amusement park or a once-in-a-ifetime trip, emphasize the value of saving as a family. Set a family savings goal that involves your children. Figure out the cost and discuss ways everyone can help to reach the goal. Be open and honest when you discuss your financial experiences- good or bad. The best financial lessons are all part of everyday experience and serve as a relatable foundation for talking to your children about money First National Bank & Trust Rooted in Your Community Since 1887 3805 10th St. Menominee 906.863.7861 fnbimk.com Smart financial advice from local expert... Dollars & ense How to Talk to Your Kids About Money By Wes Stripling, First National Bank & Trust Community Bank President How soon is too soon to talk to your kids or grandkids about money? If they are old enough to ask for a toy or a bike, they are old enough to start leaming financial lessons that will last a lifetime. Look for opportunities to talk about money, read books aloud and play games that center around spending money wisely. Here are some real-life examples of teachable moments to help you get started: At the bank When you go to the bank, bring your dchildren with you and show them how transactions work Get the manager to explain how the bank operates, how money generates interest and how an ATM works. Ask the manager for a tour-be sure to ask to see the vault On payday Discuss how your pay is budgeted to pay for housing, food and clothing, and how a portion is saved for future expenses such as college tuition and retirement. At the market It's easy to give dlear examples of "needs and "wants using diferent kinds of foods at a grocery store. Milk (for strong bones) is a need; soft drinks are a want. Explain the benefits of comparison shopping, coupons and store brands. Chores and allowances Assign chores and give them a monetary value. Discuss ways to budget and divide allowances. Encourage children to set a financial goal, such as saving for a bike, and figure out how to achieve it Paying bills Explain the many ways that bills can be paid: over the phone. by check, electronic check or online check draft. Discuss how each method of bill pay takes money out of your account. Be sure to cover late penalties, emphasizing the importance of paying bills on time Using credit cards Explain that credit cards are a loan and need to be repaid. Share how each month a credit card statement comes in the mail with a bill Go over the features of different types of cards, such as ATM, debit and credit cards Browsing the Internet While online, explain to your children how valuable their personal information and privacy is to you, to them and to online predators. Discuss the risks and benefits of sharing certain information. Then, as a family, make a list of rules for keeping personal information safe online. Planning a Vacation Whether you are planning an outing to a local amusement park or a once-in-a-ifetime trip, emphasize the value of saving as a family. Set a family savings goal that involves your children. Figure out the cost and discuss ways everyone can help to reach the goal. Be open and honest when you discuss your financial experiences- good or bad. The best financial lessons are all part of everyday experience and serve as a relatable foundation for talking to your children about money First National Bank & Trust Rooted in Your Community Since 1887 3805 10th St. Menominee 906.863.7861 fnbimk.com