I'm taking a break from talking children and finances because spring sports season is upon us. At the first AYSO soccer meeting with the coach, I found myself thinking about what kind of parent I want to be. I thought about the fact that most youth sports coaches are volunteers who give a lot of their time for our childrens' benefit.
I also looked up some statistics. Less than 200,000 youth out of a total of about 75 million will ever get a college scholarship for sports. I think the ultimate reason our children are involved in sports is really to help them prepare for life. Youths' values are greatly influenced by the values that are conveyed through their participation in sports.
There is a really good report called "Sports Done Right" published by the University of Maine. When talking about the sports parent's job they stress that it is to "create and support an environment that will lead to positive experiences for their children." There are 7 supporting ideas that I wish to summarize in my own words.
1. Parents should give consistant support and encouragement no matter what degree of success the team achieves, what skill level their child is at or how much playing time their child gets.
2. Parents need to teach and model respect for coaches, officials and opposing teams at all times.
3. Parents should attend meetings with coaches to learn expectations for both the team members and themselves.
4. Parents should always be positive role models and behave with dignity.
5. Parents should agree to follow the school or sport's organization's guidelines.
6. Parents need to help their children achieve balance between numerous sports and other activities remembering that academics should always come first.
And finally, number 7. Parents must leave coaching to the coaches. They should not criticize the coach or put undue pressure on the kids.
Sports are preparing our children to become leaders of tomorrow. I'm going to leave you with one more statistic to consider. Seventy-two percent of youth surveyed would rather play for a team with a losing record than to sit on the bench. As parents we really need to keep in mind that sports are really supposed to be for our kids.
Saturday, April 21, 2012
Sunday, April 8, 2012
Teens and Money
U.S. teenagers spend an average of $85/week. Eighty-six percent of teens get their money from their parents on an as needed basis. Yet most teens are poorly prepared to really manage their money. How can parents do a better job preparing our teenagers to become financially successful as adults?
I believe that all older children should have a savings account at a local bank. They should have a set portion of any money given to them or earned, earmarked automatically for their savings. This should be an account that will later be used for significant purchases like a car or college tuition.
Again, goal setting is crucial for your teen to learn money management. Every teen should have worked with their parent on making a budget. This would include income such as a set weekly allowance, gifts or money earned. Then the teen should list all weekly expenses. These can include school lunches, entertainment, clothes purchases, cell phones etc. If a teen is driving, then they should have a clear picture of their insurance, vehicle maintenance and gas costs. "Needs" should be identified seperately from their "wants." There are good budget worksheets for teens at many money management websites.
I think the question of whether parents should provide their teens with spending money, the teen should earn their money or the teens money is obtained both ways is completely up to the family to decide. However, I think that parents do teens no favor by providing an endless amount of money on an as needed basis. It is better to have a family discussion over the teens budget and then determine a set amount of money that the parents can provide on a weekly or monthly basis. Then parents need to adhere to their agreement. If the teen runs out of money a few times, he will better learn to manage spending.
Before teens go shopping, they should learn to make a shopping list. They should recognize the difference between shopping for a need and what I call recreational or impulse buying. Teens should learn about shopping options like waiting for sales, using coupons or shopping upscale consignment shops. When shopping on line they can obtain free shipping or sales codes. Teens should also understand the additional cost of sales tax.
There is so much more that teens need to learn about good money management. Next time, I will discuss teens using checking accounts, ATMs, debit or credit cards. At some point, I will also discuss teens earning their own money. I believe that we can all do a better job at preparing our teens for financial success in adulthood.
I believe that all older children should have a savings account at a local bank. They should have a set portion of any money given to them or earned, earmarked automatically for their savings. This should be an account that will later be used for significant purchases like a car or college tuition.
Again, goal setting is crucial for your teen to learn money management. Every teen should have worked with their parent on making a budget. This would include income such as a set weekly allowance, gifts or money earned. Then the teen should list all weekly expenses. These can include school lunches, entertainment, clothes purchases, cell phones etc. If a teen is driving, then they should have a clear picture of their insurance, vehicle maintenance and gas costs. "Needs" should be identified seperately from their "wants." There are good budget worksheets for teens at many money management websites.
I think the question of whether parents should provide their teens with spending money, the teen should earn their money or the teens money is obtained both ways is completely up to the family to decide. However, I think that parents do teens no favor by providing an endless amount of money on an as needed basis. It is better to have a family discussion over the teens budget and then determine a set amount of money that the parents can provide on a weekly or monthly basis. Then parents need to adhere to their agreement. If the teen runs out of money a few times, he will better learn to manage spending.
Before teens go shopping, they should learn to make a shopping list. They should recognize the difference between shopping for a need and what I call recreational or impulse buying. Teens should learn about shopping options like waiting for sales, using coupons or shopping upscale consignment shops. When shopping on line they can obtain free shipping or sales codes. Teens should also understand the additional cost of sales tax.
There is so much more that teens need to learn about good money management. Next time, I will discuss teens using checking accounts, ATMs, debit or credit cards. At some point, I will also discuss teens earning their own money. I believe that we can all do a better job at preparing our teens for financial success in adulthood.
Sunday, April 1, 2012
Children and Money
When should children begin to learn about money? I think, "the sooner the better." Even very young children need to understand concepts about money. The first thing they must understand is where money comes from. I remember one of my young children saying, " Just go get some money from the bank." Another statement made was, " Just write a check." Children need to learn that money is usually earned through hard work. They need to understand that parents get paid for their work. They also need to know that we have to put money into the bank before we can withdraw it from an ATM or write a check.
The next step in teaching young children about money is to teach them to count and use money. This can be done by providing play money and a pretend store or restaurant. Children can also help us sort or count loose change. They can help us roll coins and add up the totals. I googled and found a lot of good internet sites that teach children about money through games.
I divide money management into three simple categories: spending or living, sharing or giving and saving. Children can learn about how our daily spending falls into these divisions. Parents need to set a good example on finding balance between these categories. They need to teach children that families can set goals, create budgets and then communicate about money with each other.
Children can be included in family decisions regarding everyday spending. Children can be given opportunities to make spending choices of their own. Teach them to comparison shop when buying items. Talk to them about value for their money. Talk to them about planned purchases before you actually go to the store.
Young children often can not visualize abstract thoughts like money in a bank account. They probably need to begin using a piggy bank to keep their own money. Parents can discuss making plans to save money for something the child wants to buy. Then they can help the child count and save in their piggy bank.
Teach children about the pitfalls of "impulse buying." Decide how you will handle the begging and whining that can occur when shopping with children. Once the pattern of rewarding this behavior begins, it just becomes harder to change at a later time. Every parent has suffered the temper tantrum that can occur in the checkout line by the shelves of candy.
There is so much that should be taught to children about money. I will continue this discussion next week regarding helping older children learn to manage money.
The next step in teaching young children about money is to teach them to count and use money. This can be done by providing play money and a pretend store or restaurant. Children can also help us sort or count loose change. They can help us roll coins and add up the totals. I googled and found a lot of good internet sites that teach children about money through games.
I divide money management into three simple categories: spending or living, sharing or giving and saving. Children can learn about how our daily spending falls into these divisions. Parents need to set a good example on finding balance between these categories. They need to teach children that families can set goals, create budgets and then communicate about money with each other.
Children can be included in family decisions regarding everyday spending. Children can be given opportunities to make spending choices of their own. Teach them to comparison shop when buying items. Talk to them about value for their money. Talk to them about planned purchases before you actually go to the store.
Young children often can not visualize abstract thoughts like money in a bank account. They probably need to begin using a piggy bank to keep their own money. Parents can discuss making plans to save money for something the child wants to buy. Then they can help the child count and save in their piggy bank.
Teach children about the pitfalls of "impulse buying." Decide how you will handle the begging and whining that can occur when shopping with children. Once the pattern of rewarding this behavior begins, it just becomes harder to change at a later time. Every parent has suffered the temper tantrum that can occur in the checkout line by the shelves of candy.
There is so much that should be taught to children about money. I will continue this discussion next week regarding helping older children learn to manage money.
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