November is Financial Literacy Month in Canada. Guest contributor Maya Kuc Corbic highlights some important financial topics to discuss with our kids:
A letter to my parents from my tween self
Dear mom and dad,
Can I please have an allowance? I know that you may think I’m not responsible enough to handle money, so why not teach me? A lot of my friends have an allowance. OK, I know you are rolling your eyes at that, but we don’t have to copy what my friends and their parents are doing. We can work out allowance rules that work for our family. For example, we can decide if you want to pay me for some household chores or other tasks that you would pay someone else to do. I heard about the budget. You can teach me how to make one and track my expenses. Teach me to spend my money wisely by making me responsible to pay for some of my own expenses (i.e. my entertainment). I am ready for this.
I would love to open up a bank account and learn how to save a portion of my allowance. Having a bank account is such a grown up thing and it seems like fun. I can’t wait to have my own plastic bank card. Those are really cool. Someone in school told me that the bank card is called a debit card. I thought it was called a credit card. What is the difference between the two, anyways? Aren’t they the same thing?
I also heard from Ethan in my class that his dad invested money and got soooo much money back. Are you investing? Why haven’t you gotten back as much money as Ethan’s dad? If you give me allowance, I would like to invest some of it, so that I can make even more money. Ethan says the sky is the limit on how much money I could earn if I invest into stocks, but not bonds. What do you think?
Money is fun and I want to learn more about it. Can we talk about it more often? We don’t need to have a sit down discussion, but maybe we can talk about it as you are shopping or on your way to the bank? Can you show me things you do to save money? I think I understand how coupons work, but are there any other ways of being a savvy spender? Emma told me that her mom saves a lot of money by price matching and comparison shopping. How does that work? She also said that her mom saves a lot of money by not buying coffee and lunch every day at work. She brings dinner leftovers from the night before. Those must be soggy and yucky! Why would anyone put themselves through that just to save a bit of money? Emma also says her family does not eat out in restaurants because they are trying to save. I feel sorry for her. She has no fun.
By the way, how much money do you make? I promise I won’t tell anyone, just Susie and Emma. You know they won’t tell anyone. They are my best friends. 🙂
About Maya Kuc Corbic
Maya Kuc Corbic, CPA, CA is a financial literacy expert. She is an experienced Chartered Professional Accountant and the founder of DINARII Financial Education Academy, whose mission is to teach children and youth financial literacy skills. They offer fun and engaging workshops to schools. They also hold workshops for parents and provide tools so that parents can continue teaching personal finance at home. You can follow Maya on Twitter: @Educ8Money2Kids, or Facebook: Dinarii Financial Education Academy.