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Parents, your kids and teens learn their savings behaviors from you. Participate in Military Youth Saves and help your kids secure their own futures. Learn saving strategies courtesy of Kidnexions. Our Military Youth Eagle has a name... "Skyler, Soaring with Savings". |
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Teachable MomentsThe best way to teach kids financial literacy is in the context of their everyday lives. Here's this month's teachable moment:
The next time your child wants to spend money, have her think about some other things she could do with that money...put it towards that cell phone she's been wanting...share it with her favorite charity...use it to buy supplies for her lemonade stand...invest it and let it grow into even more money...
The idea is not to make her feel bad about spending the money, just to let her know that she has choices and spending it is simply one of several choices.
You can even introduce the words 'opportunity cost' which is giving up the next best option as a result of getting something else. If she chooses to spend the money on those neon bangles, then saving for the cell phone is the opportunity cost of being fashionably hip.
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