This series is sponsored by First Alliance Credit Union
This week, we’re learning all about Spending. What is it? How do you do it? Once you’ve watched the video, fill out the worksheet! Don’t forget to submit your worksheet each week (for Saving, Spending, and Sharing) in order to win an awesome Nintendo Switch!
If you’re new to this series, start with this post: Introducing Save, Spend, Share: A Virtual Skill-building Event for Kids (& parents)! and then the first in our series: What is Saving?
Save, Spend, Share: A Virtual Skill-Building Event for Kids (& parents)
April is Youth Literacy Awareness month. First Alliance Credit Union is committed to helping parents and children learn the value of financial literacy. When children learn financial literacy, it provides a tangible advantage that will last their entire lives. Financial literacy has shown to help kids save more, be more likely to set financial goals, stop overspending, avoid bad debt, and more.
During the month of April, please join First Alliance Credit Union and Rochester Mom for Save, Spend, Share: A Virtual Skill-Building Event for Kids (& parents). The important concepts of saving, spending, and sharing will be outlined in fun, easy-to-understand videos. Additionally, there is a parent guidebook to help you further guide the conversation with your child.
Each Wednesday in April, look for the latest video in the Save, Spend, Share series. Each video will be published on Rochester Mom and shared through social media channels and the e-newsletter.
Here are videos #1 (Saving) and #3 (Sharing) in the series!
Enter to Win!
Encourage your child to watch the video and complete the worksheet each week. Children who complete each worksheet and submit all three worksheets via the form below will be entered to win a Nintendo Switch at the conclusion of the series at the end of April. Parents, we didn’t forget about you! You’ll be entered to win a $200 prize pack from First Alliance Credit Union which includes gift cards to Moka, Great Harvest Bread, Ichi Tokyo, and Whistle Binkies Olde World Pub.
If you bring your child to open up a youth savings account at First Alliance Credit Union during the month of April, you’ll DOUBLE your chance of winning the prizes listed above with three extra entries. And there’s more! Children who open up a savings account in April will receive a FREE piggy bank (while supplies last)!
Please note: you may also pick up blank worksheets and drop off completed worksheets at any of First Alliance Credit Union’s branch locations.
The Importance of Learning to Spend
Learning to spend money is by far the easiest of the three skills, not to mention the most fun. However, learning to spend money with care can be a bit more challenging. Children are often impulsive, so they don’t always think about long-term ways to spend their money.
You can help your children learn to spend with care by teaching them to think about what they want to spend money on before they spend it. Let them know that wanting things is okay, but that they’ll have to make choices about what they want to buy based on how much money they have. If you have a child who wants to buy five toys but only have enough money for two of them, you can help your child figure out which of the toys are most important to them and which ones they can live without.
This is also a great opportunity to teach children about needs vs wants. If your child wants to buy ice cream but they also broke their sister’s Barbie doll, they need to be responsible and replace the doll before buying something for themselves.
Going back to the $20 allowance example from previous sections, if a child saves 25% and sets aside 5% to share, they will have 70%, or $14, to spend. Encourage them to think about how they can best spend those $14, and even whether they might want to save part of that $14 for a financial goal.
Remember, it’s up to you as a parent to help your children learn to prioritize their spending so they learn to only spend what they can afford at the moment. In order to help your children learn this lesson, though, you’ll need to resist the urge to give your children more money when they don’t have enough to buy everything they want. Even if your child is only a dollar short, they need to learn the important lesson that no one will give them money for free when they’re adults.
Once your child has finished watching the “What is spending money?” video on this page, sit down with them to complete the spending activity worksheet. Remember that you have to turn in this page in order to enter the prize drawing!
We’ve also included a save, spend, share kids budgeting tracker in your course packet to help your children practice their new money skills over time. You can print this out as many times as you want to help your child keep setting financial goals for years to come.
Don’t forget that you can also find 10 bonus tips about teaching your kids money skills in your Parent Guidebook as well as a list of books available at the Rochester Public Library to continue these important financial conversations with your kids. You can also find a list of resources that will help you keep learning on the First Alliance Credit Union site, including blog posts like:
Want to give your child a chance to put what they’ve learned about saving money into practice? Help them become a member of First Alliance Credit Union today. They’ll be able to open their own youth savings account, and they’ll be able to track their progress through online banking or the First Alliance mobile app.
Submit Your Worksheets Here!
Please be sure that your form has submitted (and there are no errors to correct) before navigating away from the page!