Family Financial Literacy with T. Rowe Price & The Great Piggy Bank Adventure®

Family Financial Literacy with T. Rowe Price & The Great Piggy Bank Adventure® – Giveaway {CLOSED}

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As you all know I am a huge proponent of financial literacy and I also believe that you should start teaching your children financial responsibility at an early age. We have always talked about money, financial responsibility, and the future with our girls…in fact, I can’t even remember when we started. Probably at birth. I know people who, as adults, are struggling with financial independence and responsibility; I have seen the toll this takes on them, personally, as well as on their families. I don’t want that for my girls, so when T. Rowe Price approached me and asked me to help them gather some information about how families are teaching financial responsibility and offered me the chance to give a Flip cam away to one lucky reader, I jumped at the chance!

Talking with children about saving and spending wisely is perhaps more important than ever, that’s why T. Rowe Price collaborated with Disney to create The Great Piggy Bank Adventure®. Through the online game and interactive experience at INNOVENTIONS at Epcot® at the Walt Disney World®, T. Rowe Price wants to help parents talk with their kids about money and good financial habits. Please take a moment to learn about it, maybe you can even use it as a teaching tool with your children!

Personally, Jon & I try not to go into specifics about our financial situation with the girls, but we are honest. If we can’t afford something we tell them, or if something is outrageously expensive I try to break it down in a way they can understand. For instance, if one of them wants to participate in an activity that will cost thousands of dollars I try to explain that with the same money we could go to the beach or Disney World, for example. It’s important for us, as parents, to not scare them with financial truths, but to help them better understand the situation in terms they comprehend. In our family we talk consistently about the importance of saving for the things we want, ie: that trip to Disney, or the iPod, or even a new outfit. We want our girls to understand that you save for the things you want after you have paid your bills, or been responsible with your finances. Do you talk with your kiddos about money? Or is it taboo in your family?

Want to win a NEW Flip camera? Here’s all you need to do to win

Post your answer to one (or more) of these questions in the comments:

Each answer counts as a new entry, so you can answer them all if you want!

Do you think it’s appropriate to discuss your family’s financial situation with your kids?
If so, at what age should you talk to them about family finances?
Was the topic of money “taboo” in your family growing up?
If so, how have you overcome that “taboo” with your kids?
At what age do you start introducing financial concepts such as saving and spending or inflation with your kids?
What advice would you give to other parents trying to use every day moments to teach their kids about the importance of saving and spending wisely?

I can’t wait to read your answers and to give one of you a Flip camera!!

I will be using random.org to choose a winner Sunday, July 24th, at midnight, so hurry!!

Disclosure: “A gift card and the Great Piggy Bank Adventure-branded Flip camera have been provided courtesy of T. Rowe Price. T. Rowe Price is not involved in or responsible for the outcome of this giveaway.”

About Amanda

Amanda has written 720 post in this blog.

Join me as I raise 2 small people in rural Kentucky, learn with me about becoming a “greener” family, laugh and cry about life’s journey, and maybe find some good deals and people who are doing it right along the way. This blog is dedicated to following our crazy beautiful lives through word, photo, and song. Send me an email: amanda(at)highimpactmom(dot)com

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Jenny

We send my daughter to a parochial school since the public schools where we live are so awful. As a result, she gets an awesome education, but we have little extra spending money. When we find ourselves complaining we talk through it. We let her know she can stay at her school where she absolutely loves it, and have not much extra spending money, or we could change schools and have more spending money but she wouldn't get to do x, y, and z at school. We also talk about ways we could earn extra money for our "wants" or ways we could make our "wants" at home.

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It's extremely important to talk with your kids about spending and saving at a very young age. Letting them experience earning spending money is vital. Not necessarily allowance (although I'm not opposed to it) but just randomly earning money for something they want to buy. Letting your kids see you pay bills is also very important. If something you, or they, want is out of your budget, explain it and why it's not in the budget. Talk with your kids about ways it could be doable.

The topic of money, in terms of my parents' finances, was taboo when I was growing up. When I was about 9 there was a family incident involving my uncle and his business (where my dad worked) and it took the entire family to bail him out. Consequently, my parents had less than no money and times were very tough for many, many years. It wasn't really talked about or explained to my brother and I until we became adults.

julie/just precious

What advice would you give to other parents trying to use every day moments to teach their kids about the importance of saving and spending wisely? One of my favorite recent stories was when Middle (5) kept asking for a Lego set. Each day that he didn't get one, it was the "worst day ever." Sure, we could have gone out and bought it, he had even saved money to buy it, but we were trying to teach him that it's okay to want, to wait and to weigh your options. As part of the lengthy lesson, the Huz gave this example: "Say I only have $20. And I need to buy lunch for the whole family. I also need gas for my car, so I can get to the store to buy the lunch for our family and then drive home again to feed you all. I have to make a choice. What do I do?" Middle thought for a minute. "I know! You go to WAWA because they have food AND gas!" My point? Five year olds are definitely old enough to learn about choices, saving, spending and responsibility. It needs to be an ongoing discussion.

Kelly

Talking about money was always taboo in my family, and I strive to maintain a balance between talking to and educating my kids about money and not getting too detailed with them.

Shane

Do you think it’s appropriate to discuss your family’s financial situation with your kids? yes If so, at what age should you talk to them about family finances? 2-3 Yrs Was the topic of money “taboo” in your family growing up? no If so, how have you overcome that “taboo” with your kids? n/a At what age do you start introducing financial concepts such as saving and spending or inflation with your kids? 2-3 Yrs What advice would you give to other parents trying to use every day moments to teach their kids about the importance of saving and spending wisely? be honest and tell them that you cannot afford something…kids are very understanding if you are honest with them

Nanette ~ AMomBlog

Was the topic of money “taboo” in your family growing up? No it wasn't taboo but it wasn't discussed in front of the kids either at least I don't remember ever hearing about it.

If so, at what age should you talk to them about family finances? I don't think there is any specific age. One child may understand somewhat at 7 while another may not fully grasp the concept till 9 or 10.

Do you think it’s appropriate to discuss your family’s financial situation with your kids? To some degree but without being specific. But teach them the value of money.

Jessica

Do you think it’s appropriate to discuss your family’s financial situation with your kids? I think there is a level of honesty that is good depending upon the age of the child. You don't want to stress the child out or make them feel less than however they need to have an understanding that money doesn't grow on trees. I think as children get older you can disclose more information and teach them good financial habits.

Shana D

"If so, at what age should you talk to them about family finances?" Again I feel this is personal preference because each child matures as different ages. I start very young at talking about money but not in detail. My oldest is seven and he gets more detail, my daughter is four and she doesnt comprehend it all so she gets less. I think if you were wanting to start a good age would be when they start school. That's when they first start learning about numbers so why not add in learning how money works too.

Chele

Okay quite honestly I will say it in two sentences. My parents didn't teach me therefore I struggle. However I do share with my kids similar to how you do because well money doesn't grow from a tree.

I love this topic because like you it's one I find very important. "Do you think it’s appropriate to discuss your family’s financial situation with your kids?" I think it really depends on the situation. If your child is three and doesn't fully comprehend then no, be simple about it. If your child is a teen then yes. I have always been open about money with my kids and try to put it as simple as possible. When we went to the Lego store the other week my son picked up a set that was 120 dollars. First can you believe that! But I told him simply, that it was too much money & instead of getting a set that costs that much he could get a cheaper set & build his collection slower. His limit was 30 and he eventually found something he loved in that bracket.