Teaching kids about money during holidays - KLTV.com - Tyler, Longview, Jacksonville |ETX News

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.

  • NewsMore>>

  • Smith County officials warn merchants about counterfeit money ring

    Smith County officials warn merchants about counterfeit money ring

    Thursday, May 25 2017 10:34 AM EDT2017-05-25 14:34:53 GMT

    On Friday, May 9, 2017, Smith County Deputies responded to a call regarding suspects passing counterfeit money. The call was in the 14700 block of Hwy 110 North.

    More >>

    On Friday, May 9, 2017, Smith County Deputies responded to a call regarding suspects passing counterfeit money. The call was in the 14700 block of Hwy 110 North.

    More >>
  • Robert E Lee head football coach resigns

    Robert E Lee head football coach resigns

    Thursday, May 25 2017 10:17 AM EDT2017-05-25 14:17:00 GMT
    (Source: KLTV Staff)(Source: KLTV Staff)

    The Tyler Independent School District has confirmed Robert E. Lee High School's head football coach has resigned. 

    More >>

    The Tyler Independent School District has confirmed Robert E. Lee High School's head football coach has resigned. 

    More >>
  • Sports WebXtra: UT-Tyler softball ready to defend national title

    Sports WebXtra: UT-Tyler softball ready to defend national title

    Thursday, May 25 2017 12:20 AM EDT2017-05-25 04:20:16 GMT
    UT-Tyler softball opens play the World Series on Thursday.UT-Tyler softball opens play the World Series on Thursday.

    It's game time for the UT-Tyler softball team. The Patriots open play at the Division III World Series Thursday afternoon at 1:30 p.m. against number one Virginia Wesleyan. This year is a little different for head coach Mike Reed and his team because for the first time, the DIII national tournament is in Oklahoma City and on the same field as the Division I World Series.

    More >>

    It's game time for the UT-Tyler softball team. The Patriots open play at the Division III World Series Thursday afternoon at 1:30 p.m. against number one Virginia Wesleyan. This year is a little different for head coach Mike Reed and his team because for the first time, the DIII national tournament is in Oklahoma City and on the same field as the Division I World Series.

    More >>
Powered by Frankly