April is Financial Literacy Month; however the important lessons of personal finance are relevant year-round to families and children. Like many out there, my husband and I find spring to be the time of the year when we can really take a look at our finances. It is the time of year when taxes are complete, and when some of the purchases we made over the holidays are being paid off, or will be paid off in the near future.
Though the household finances are for my husband and I to handle, we are taking advantage of Financial Literacy Month and teaching our kids about something we take seriously. By taking time to teach our kids about finances and budgets, we can teach them about being responsible with their own money at a young age, hopefully in a way that will follow them into adulthood.
One way that my husband and I teach our kids about finances and budgets is by having the kids get involved in the household budget. By showing them what is spent on the household bills and food each month, they can see what’s leftover and how our money was used. For example, if we want to plan a summer vacation, we can all be involved in knowing how much the vacation will cost and what is needed to achieve the financial goal. We can do this by using computer software such as EXCEL, or by keeping a household ledger with all of the finances itemized.
Another way my husband and I show our kids how to be financially literate is by allowing them to have their own savings accounts. This is something that is not only taught at home but in their elementary school as well. The kids are given information on how to manage a savings account from some of the local banks, who also offer savings accounts for kids.
Another thing I can appreciate when it comes to financial literacy are websites that promote additional education for kids. Discover is participating in the effort to bring financial literacy to high school classrooms nationwide through Pathway to Financial Success. The goal is simple: Arm parents and children with the skills they need to succeed, preparing them for a brighter, more responsible financial future. With this website, my kids and I can go on and get the tools my husband and I need to educate our kids about being more responsible and aware of finances. I also like that Pathway to Financial Success is not only there to help parents at home in educating their kids on strong financial futures, but they also provide grants to schools that are implementing or enhancing a financial literacy curriculum.
Aside from the basic household bills and essentials and saving for the future, I think that teaching kids about credit cards and how to use them correctly is crucial. I like that Discover cardmembers can sign up for the online Account Center to view transactions, their accumulated Cashback Bonus, along with the Spend Analyzer, which shows spending in various categories. I have found that with the knowledge and tools that parents can teach at home, along with the education on finances that kids can learn from their schools, we can provide our kids the knowledge they need for better futures.
This is a sponsored post. All opinions are my own. This post is sponsored by Discover since I am a member of the Discover Preferred Blogger Program. Thank you to Discover for sponsoring this post!