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By Kara McGuire
The money talk, that is. Start talking finances with your kids early “You don’t need that.” Startled, these words snapped me out of my Super Target daze. I turned away from the dishtowel I had been admiring to the little voice at my left.
“You don’t need that, Mommy,” my not-quite-3-year-old daughter Charlotte repeated. She was right. But how did she grasp that concept — one that eludes many adults — at such a young age?
I know she’s heard me talking about needs and wants; I make a point to mull over the concept as I shop — as much for me as for her.
Given the negative news these days about our savings rate and our indebtedness, it’s clear that the difference between a need and a want has become blurry in our consumer culture. Nathan Dungan, president of Share, Save, Spend, a Minneapolis-based company that aims to teach “financial sanity,” says we are bombarded with 5,000 consumer messages each and every day. And it starts early. Just ask Charlotte what kind of dog food our pooch would prefer to eat and she’ll proudly announce whatever brand is being advertised between Dora and Diego.
Financial literacy has become the cause du jour — with everyone from rap mogul Russell Simmons to Federal Reserve Chairman Ben Bernanke weighing in on the importance of financial education. Personal finance is gradually being added to school curricula. Bookstores are lined with manuals teaching parents how to teach kids about money.
All of this is fine and good. But teaching kids about money is easier than we’re making it. Here’s what we need to do: Talk about money with your kids. Start young and start simple. I babbled on about the cost of diapers and why I use coupons with Charlotte long before she could grasp the concepts. Although other shoppers probably thought I was nuts, I wanted to get into the habit. Besides, it beats baby talk.
The Credit Union National Association came up with Thrive by 5, a resource where parents can discover reasonable money lessons to teach their preschoolers. For example, by 5, kids can understand that money is exchanged for food or a trip to the movies, that Mom and Dad go to work to make money, and that ATM machines don’t spit out infinite amounts of cash. Young children are also acutely aware of waiting and can grasp that saving money for later use is the financial equivalent of “Are we there yet?”
So when that piggy bank gets full, take it to the bank. Up until now, my daughter’s piggy bank has been the go-to destination for Mom’s quarter raids. She also has an online savings account funded with birthday money, but she’s not aware of it. Now it’s time to put the passbook in her hands. Find a bank or credit union that will give your child the VIP treatment. And make a point of stopping in.
If you want more help introducing money to your little one, there is a growing number of resources geared to the sippy-cup set. Sammy Rabbit teaches kids to save in his books and the Money Mammals DVD introduces kids to the reality that there’s only so much money, so spend wisely.
A new bank account and a DVD won’t do much good, however, if you’re a financial basket case. Try your best to make a change. Kids not only parrot what they hear; they mimic what they see. If you spend beyond your means, let the bills pile in the corner, and never set foot in a bank, why would you expect your child to be any different?
Kara McGuire is a mom and personal finance columnist for the Minneapolis Star Tribune. Thrive by 5
CreditUnion.coop/thriveby5 Sammy Rabbit
ItsAHabit.com The Money Mammals
TheMoneyMammals.com
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Real Parents: Jennifer and James Davenport
James and Jennifer were happily anticipating the birth of their first child when an ultrasound revealed Claire had a life-threatening congenital defect. After Claire’s long recovery in a bay with four to five other sick children and their families, they have committed to raise $50,000 for Children’s Hospital’s Fill a Room program to fund a private room. What was your reaction to Claire’s diagnosis? Jennifer: As a mother, it was absolute despair. They were really clear about the fact that there was a chance that Claire might not survive. You just don’t expect that in your first child. You just don’t think about your child’s mortality. What were your lives like during Claire’s time in the hospital? Jennifer: She
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baby bonanza
By Lauren Peck
Tired of confining your baby shopping to chain stores? Still searching for the perfect unique shower gift? Look no further than these Twin Cities’ gems, devoted to putting a unique spin on the search for baby necessities. PacifierFirst off, be sure to visit one of Pacifier’s two Minneapolis locations. They have a wide range of hip and eclectic products, including fun and colorful clothing (newborn to size 12), gorgeous nursery décor, great toys for all ages, strollers, and much more. Even if you can’t get to a store, their online shop has a great selection and is very easy to navigate. You can even set up your gift registry online, so friends can know exactly what you need with the new addition of a baby. 310 Hennepin Ave. E., Minn
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books for the younger set
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Sleeping, Eating Both by Liesbet Slegers Clavis Books, $5.95 each, ages 12 months and up “These are my pajamas. I drink my bottle of milk and read my book.” Ah, how simple and sweet are the early days of toddlerhood. With heavy cardboard pages and bright, easy illustrations, Sleeping and its sister book, Eating, expound upon the uncomplicated existences and creature comforts of the toddler. Max & Roby’s Bedtime Book By Rosemary Wells Viking Books, $17.99, ages 3 and up The newest adventure from Rosemary Wells, featuring the bestselling funny bunny brother-sister duo, Max and Ruby. Begging their Grandma for a bedtime story, she complies, with three stories in all! In one, Ruby opens a restaurant; in another Max is a lifegu
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Bringing childbirth home
By Kate Levinson
While parents-to-be are choosing baby names and colors for the nursery walls, more Minnesota parents are facing another decision: where to give birth. And they are increasingly thinking beyond the hospital — to their own homes or one of a new crop of freestanding birth centers in the metro.
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baby, think about it
By Joy Riggs
It gave me an odd feeling last spring to pull up outside the middle school and see my 13-year-old daughter waiting for me with a “baby” in a car seat.
I knew the baby wasn’t real; it was an infant simulator she was bringing home for health class. But I also recognized that under different circumstances, Louisa could be a teenage mom. Earlier that year, a classmate of hers had become pregnant.
As Louisa secured her “newborn” in the car, I felt grateful for two things: the close relationship that my husband and I have with her, which allows us to talk openly about topics like sex education; and our school district’s decision to provide a better-than-average sex ed program starting in fourth grade.
At least, I think it&rs
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Creating good habits, young
By Kara McGuire
My six-year old daughter has been dying to go to the farmers market for a week. Every day she asks if it’s Sunday yet, at least once, sometimes more. It’s not a hankering for roasted beets or that odd yet addictive sweet corn gelato that has her counting the days. She gets an allowance of $2 per week. And it’s burning a hole in her pocket. Each week she manages to find another must-have trinket that keeps her interest until next payday. This week, she’s obsessed with a teensy, stuffed seahorse, that somehow swam its way into our all-local market. It drives me nuts. No amount of discussion about needs and wants, delayed gratification, saving for big purchases, or giving money to those less fortunate quells her desire to spend those c
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home birth — why or why not?
We asked readers of our weekly e-newsletter, Minnesota Parent This Week, if they considered or employed in-home childbirth. Here’s what they said.Nope, I like having people and equipment around in case something was to happen. — Jason Sievert, Coon Rapids No — childbirth is scary enough without worrying that you might have to rush to the ER with complications — or have something go wrong and not know until it’s too late. — Anne Schoolcraft, Fridley No, I didn’t. My house at the time was not clean enough to even consider giving birth there. — Jannaya Nelson, Hibbing I would not, because I had a C-section previously, and I feel it might be dangerous to try a VBAC at home.
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