Teach A Child to Save
Fifth Third Bank is heading into classrooms around West Michigan to educate kids on the importance of saving money.
Finances
How Much Does it Cost?
We talked to kids to see if they know how much some common household items cost? Their answers may surprise you.
Ways to Save — Where You Live
We talked with two West Michigan parents to see what they spend on some common family expenses. Then we went to our experts to see how you can save money on everything from groceries to health care.
Taking the Stress out of Finances
Finances are a topic that can cause families a lot of stress. We talked with Kristin Kuipers of Pine Rest Christian Mental Health Services and got some advice on ways to ease the tension this issue causes in many families.
Talking about money…
This weekend on Where You Live, Maranda is going to be focusing on the heated issue of money and finances in marriages and families. I’m excited to see what she is going to be highlighting and have been able to share a few pointers which will be on the show as well.
Before you and your partner even BEGIN to get into another argument or heated “discussion” about the checkbook, I want to encourage you to keep a few things in mind that might be helpful in getting you heard and in reaching some understanding and compromise around challenging money issues.
When you think about discussing a tough topic, like finances, think about how you are working to “secure the environment” of the conversation. In other words, really pay attention to how you are contributing to dynamics that make these kinds of conversations so difficult. Are you being defensive? Are you criticizing your spouse? Do you shut down when the same issues come up over and over again? These contributions to difficult conversations are ones that you have some control over.
Instead of resorting to these common ways of trying to get your points across in conversation, ask yourself, “What is my real dream here that I could communicate?” or another way of asking the same question is “What conversation could I be having about something that I am desiring instead of having this current argument?”
Case in point: I worked with a couple recently in which one spouse was very excited about starting his own business and was ready to cash out his 401K and sell valuable items to fund the start up. His wife panicked at this thought and refused to support his efforts. He felt criticized and became distant. In this type of situation, what we focused on was identifying the “dreams” present. She desired and dreamed of a secure financial future. He dreamed and desired adventure and the freedom from a corporate setting. When they identified their desires, we were able to come to some understanding of how they might love each other well and support each other’s dreams amidst this decision. They are still working this out, but are working toward compromise and find that they feel like they are on the same team now.
When you think of the rough spots in your conversations about money with your partner, is there a consistent dream or desire that is present for you–something you imagine for yourself in the present or the future? Is there a way you could communicate this dream that might increase understanding and conversation in your relationship, rather than conflict?
For more information on behavioral health issues, or to seek assistance, go to www.pinerest.org
Saving for your baby’s future
Here are three simple things you can do to help save for your baby’s future.
Five Ways to Transform Your Finances
One thing a lot of people want to transform are their finances. But, where do you begin? Our expert from Fifth Third Bank recommeds doing a one month spending fast. Here’s how to do it.
1. Create a budget for ONLY absolute necessities like bills, groceries and gas. If you already have a grocery budget, stick to your normal numbers.
2. No shopping for clothes or shoes. This will help you learn to make the best use of what you already own and stop buying things that are a “good deal,” but that you don’t really need.
3. No eating out and no gourmet coffees. This will means packing lunches for work and making meals at home each night. Eating out and quick trips to Starbucks are big budget eaters.
Talking to Kids About Finances
If you’re worried about the current economic conditions and what it means for your family, chances are your kids are too. Below are some tips for talking to your children about finances and how the current situation is affecting your family.
- Remember that kids live in a black and white world. It’s a common reaction for people to joke about their economic predicament. Unfortunately, kids don’t often understand the difference
between a joke and reality and may literally think your family will end up on the streets even though you mean it in jest. - Be honest. Give your children a basic understanding of your financial situation, but only provide them the amount of information appropriate for their age. Reassure them that while you may need to cut back in places, you’ll still be able to provide for their needs.
- Add context to financial conversations. Showing older kids your monthly bills can help them gain a better understanding of your situation and identify ways they can contribute. Seeing the actual bills and how you pay them is a good way to bring financial discussions to life.
Teaching Kids Finances Through Play
Next time you’re playing with your kids, look for simple learning opportunities. Here are four fun ways to teach your kids about finances through play.
Tip #1
Create play money with your kids and play grocery store. Give them a budget and see who can buy the most with their money. This teaches them the value of a dollar.
Tip #2
Make a life map together. Have your children cut out pictures of things they see in their future. This might include college, buying a house or career goals. Talk about the money that it will take to accomplish these things.
Tip #3
Play needs, wants and wishes. Talk to your children about the differences in each of these categories. This helps provide a good foundation for spending decisions.
Teaching Your Kids Finance Fundamentals
As soon as your children can count, you should introduce them to money, because observation and repetition are two important ways children learn. What you teach them while they are small can make a BIG impact on their financial skills when they’re older.
Here are a few tips to get you started:
1. Teach children the differences between needs and wants. They need food. They want a new toy. You need to work to provide money for the family; you want to go on a family vacation. This basic concept will prepare them for making good spending decisions in the future.
2. Create a chart for each child and decide together how their money will be used. A percent should be saved, a percent should be spent, and a percent should be given away to charity or church. Help them make most decisions, but also allow them to make some spending decisions on their own. Whether good or poor, they will learn from their spending choices. You can then have an open discussion of spending pros and cons before more spending takes place.
3. When giving children an allowance, give them the money in denominations that encourage saving. If the amount is $5, give them five $1 bills. This will help them easily follow the chart you have created together.
Blogs
Maranda's Blog
Keep in step with Maranda as she explores issues affecting your family.
Maranda's Go-To Gal
Insights from the mom who helps Maranda get it all done.
Whitecaps Blog
Whitecaps mascot Crash takes you inside the ballpark.
Cruiser's Blog
Cruiser has the inside track for Craig's Cruisers.
Health & Wellness
Make health and wellness a priority.
Fifth Third River Bank Run
On pace with the Fifth Third River Bank Run.
Healthy Living
Simple solutions for healthy living.
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