Also consider creating a household budget, as a family. Though the word "budget" sometimes has negative connota- tions for adults – conjuring up images of austerity or sacrifi ce – it can actually be a great learning opportunity for kids and par- ents alike. "Budgeting is not sacrifi ce," says O'Neill. "Budgeting is actually complete control." The concept is simple: money goes in, money goes out, and the two amounts have to match. Or, if you're sav- ing: what goes in has to be bigger than what goes out. Your budget can include allot- ments for groceries, activities, clothing, bills, taxes, mortgage payments and other monthly expenditures, as well as bigger- ticket items, such as a vacation or a new vehicle. The exercise will show your kids how seriously you take your family's fi nan- cial health. And together, you can watch your savings grow toward your goals.
Threejars.com: An online tool that allows kids aged fi ve to 13 to manage
Financial Education Resources for Parents
TVOKids.com: A website featuring educational games for kids 11 and under.
Keyword-search "money" to fi nd the fi nance content (tvokids.com).
It's My Life, PBS Kids: An American website packed with articles, games
and exercises on money for kids aged nine to 12 (pbskids.org/itsmylife/money/ index.html).
Your Money for Students: Resources for teens on budgeting, saving, investing,
A Parent's Guide to Raising Money- Smart Kids: An excellent primer on raising
borrowing and credit from the Canadian Banker's Association (yourmoney.cba.ca /students/inside).
fi nancially savvy children, written by CA Robin Taub and published by the Cana- dian Institute of Chartered Accountants (castore.ca). i
SHARE YOUR STORY
Tell us about the fun and inventive strategies you've used to teach the young people in your life about money. westworld@ama.ab.ca
virtual money through saving, spending and sharing jars (threejars.com).
WESTWORLD >> SEPTEMBER 2012 55
