Teaching kids about money during holidays - KAIT Jonesboro, AR - Region 8 News, weather, sports

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.

  • Region 8 News</span><a class="customMoreLink" href="/Global/category.asp?C=4391" target="_top">More >></a>Region 8 NewsMore>>

  • Doggett and Baughn to represent Jonesboro at Miss Arkansas

    Doggett and Baughn to represent Jonesboro at Miss Arkansas

    Sunday, February 18 2018 12:46 AM EST2018-02-18 05:46:15 GMT
    Sunday, February 18 2018 1:03 PM EST2018-02-18 18:03:56 GMT
    Emily Doggett smiles and waves after being crowned Miss Greater Jonesboro 2018. (Source: KAIT-TV)Emily Doggett smiles and waves after being crowned Miss Greater Jonesboro 2018. (Source: KAIT-TV)

    Arkansas State University student Emily Doggett is crowned Miss Greater Jonesboro 2018 and Jonesboro High School's Izzy Baughn is chosen Miss Greater Jonesboro Outstanding Teen 2018. 

    Arkansas State University student Emily Doggett is crowned Miss Greater Jonesboro 2018 and Jonesboro High School's Izzy Baughn is chosen Miss Greater Jonesboro Outstanding Teen 2018. 

  • Slideshow: Craighead Co. Feb. 18-24 mug shots

    Slideshow: Craighead Co. Feb. 18-24 mug shots

    Sunday, February 18 2018 12:47 PM EST2018-02-18 17:47:54 GMT
    Sunday, February 18 2018 1:00 PM EST2018-02-18 18:00:10 GMT
    (Source: Raycom Media)(Source: Raycom Media)

    A photo gallery of mug shots from the Craighead County Sheriff's Office.

    A photo gallery of mug shots from the Craighead County Sheriff's Office.

  • breaking

    Authorities search for missing autistic teenager

    Authorities search for missing autistic teenager

    Saturday, February 17 2018 12:46 PM EST2018-02-17 17:46:31 GMT
    Sunday, February 18 2018 12:31 PM EST2018-02-18 17:31:03 GMT

    According to a post on the Mississippi County Sheriff's Department's Facebook page, authorities are looking for a missing 18-year-old special needs autistic student. 

    According to a post on the Mississippi County Sheriff's Department's Facebook page, authorities are looking for a missing 18-year-old special needs autistic student. 

Powered by Frankly