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April  2014


Building Finanacial Literacy


As you read this article, we are in the midst of our Field Test for the Common Core State Standards Test. While these test results will not produce scores for the students, parents, schools, or districts, and will just provide the test makers feedback on their test questions and delivery model,  it doesmake me think ahead as to what we can be doing to help our children be more College and Career Ready. 

 

We know that we will be asking our students to develop literacy in many areas.  In reading, students will be interacting with more non-fiction texts and digging deeper into all texts. In writing, they will be “writing across the curriculum” and writing like professionals in those disciplines.  In math, the number of standards per grade level will be limited and the focus will be on mastery before moving on to more difficult concepts (i.e., going “a mile deep and a foot long” instead of “a mile long and an inch deep”).

 

So how else can we prepare our children to “be ready” for their adult lives?  Building financial responsibility is one of many places to begin.  According to author and teacher, Wendy Petti, “Now more than ever, we need to educate ourselves and help our students become financially literate -- be able to make sound decisions about managing personal finances and understand the fundamentals of our national and global economy.”

Petti refers to the Federal Reserve Bank of Kansas City’s proposed sequence of economic terms and concepts to be introduced in the elementary grades:

  • Kindergarteners can learn the meaning of wants, needs, scarcity, choice, goods, and services through simple scenarios bringing those concepts to life.
  • Students in grades 1-3 can learn about barter, money, earning, spending, income, saving, opportunity cost, resources, and basic banking concepts.
  • Students in the intermediate grades are able to grasp the concepts of profit and loss, trade-offs, markets, entrepreneurship, imports and exports, interdependence, budgets, credit and debit, supply and demand, shortage and surplus, competition, exchange rates, and more.

These may seem like lofty goals, but to be College and Career Ready, our children will need to understand and apply these concepts.  But how do we get them there and what can we do now to build these skills?  Sandy M. Fernandez, writing for Scholastic Parent & Child Magazine, has simple ideas you can begin to use right now.

She breaks financial literacy into 4 areas:  Saving, Spending, Earning, and Giving.  Here are her suggestions…

Saving: Even if saving cash hasn’t been second nature for you, let your child know you expect it.  Parental expectations are a powerful motivator.

            For ages 3-5:  Get a piggy bank.  Put bills in a see-through piggy bank, an envelope, or even a plastic jar so they can watch their savings grow. Young children are very visual!

            For ages 6-8:  Give them a goal.  At this age kids can plan for a goal that is up to 4 weeks away.  Keep a chart on the wall that shows how much has been saved, how much more is needed, and an estimate of when the goal will be reached.

            For ages 9 and up:  Work in Real Responsibilities. At this age your child can begin to use their cash for some essentials (e.g., clothes) and extras (e.g., a new app).  After age 9, children should start to put at least 10 percent of their money into a “long-term” savings account.

Spending:  To become smart consumers, kids must make spending decisions. Even if they make bad ones, they’ll learn the lesson now, when the stakes are low.

            For ages 3-5:  Take them shopping.  Young children don’t always understand that once a dollar bill is spent, it’s gone for good. Bring the lesson to life by having them choose a treat and pay for it themselves.  Asking your child if they “want it or need it” allows you to have the conversation about the differences between those two categories.

            For ages 6-8: Watch ads together.  Ads are confusing to children. They may believe everything they are told.  Discuss the tricks that ads use so your child becomes a more discerning consumer.

            For ages 9 and up:  Be kind (and flexible). If your child was saving for a big-ticket item, but forgets to figure in tax, go ahead and pay it for them.  You want to reward the saving and they will have learned a good lesson for future purchases.

Earning:  Most experts agree that it’s wise to link allowance to doing tasks around the house. 

            For ages 3-5:  Look for tasks that your child can earn coins for completing (e.g., putting newspapers in the recycling bin).

            For ages 6-9:  Look for bigger jobs.  Discuss beforehand which chores you are willing to pay for (e.g., bagging up leaves, setting the table) and how much.  It’s important for kids to realize they won’t get paid for everything they do, and that different tasks will earn different amounts.

            For ages 9 and up:  Encourage Entrepreneurship.  Yes, this is the lemonade stand, yard sale, or bake sale.  Provide supervision and guidance and give your child the opportunity.

 Giving:  Even if you aren’t able to donate regularly, your child can still learn how to be charitable.

            For ages 3 to 5:  Give together.  Direct charity is best for young children.  Let your child help you choose and deliver a toy to a toy drive or cans of pet food to an animal shelter.

            For ages 6 to 8:  Let them choose a cause.  Consider having your child divvy up their allowance into “spend, save, and give” piles.  Then let them decide where and how to distribute the funds.

For ages 9 and up:  Up the ante.  At this age, kids can plan drives and friends can even volunteer for causes they care about.  They can begin to research charities before donating.

I hope you consider using some of these ideas at home.  Teaching your child smart ways to save and spend now will help them develop good financial habits early so that they will be set for life.

 

it does make me think ahead as to what we can be doing to help our children be more College and Career Ready. 

 

We know that we will be asking our students to develop literacy in many areas.  In reading, students will be interacting with more non-fiction texts and digging deeper into all texts. In writing, they will be “writing across the curriculum” and writing like professionals in those disciplines.  In math, the number of standards per grade level will be limited and the focus will be on mastery before moving on to more difficult concepts (i.e., going “a mile deep and a foot long” instead of “a mile long and an inch deep”).

 

So how else can we prepare our children to “be ready” for their adult lives?  Building financial responsibility is one of many places to begin.  According to author and teacher, Wendy Petti, “Now more than ever, we need to educate ourselves and help our students become financially literate -- be able to make sound decisions about managing personal finances and understand the fundamentals of our national and global economy.”

Petti refers to the Federal Reserve Bank of Kansas City’s proposed sequence of economic terms and concepts to be introduced in the elementary grades:

  • Kindergarteners can learn the meaning of wants, needs, scarcity, choice, goods, and services through simple scenarios bringing those concepts to life.
  • Students in grades 1-3 can learn about barter, money, earning, spending, income, saving, opportunity cost, resources, and basic banking concepts.
  • Students in the intermediate grades are able to grasp the concepts of profit and loss, trade-offs, markets, entrepreneurship, imports and exports, interdependence, budgets, credit and debit, supply and demand, shortage and surplus, competition, exchange rates, and more.

These may seem like lofty goals, but to be College and Career Ready, our children will need to understand and apply these concepts.  But how do we get them there and what can we do now to build these skills?  Sandy M. Fernandez, writing for Scholastic Parent & Child Magazine, has simple ideas you can begin to use right now.

She breaks financial literacy into 4 areas:  Saving, Spending, Earning, and Giving.  Here are her suggestions…

Saving: Even if saving cash hasn’t been second nature for you, let your child know you expect it.  Parental expectations are a powerful motivator.

            For ages 3-5:  Get a piggy bank.  Put bills in a see-through piggy bank, an envelope, or even a plastic jar so they can watch their savings grow. Young children are very visual!

            For ages 6-8:  Give them a goal.  At this age kids can plan for a goal that is up to 4 weeks away.  Keep a chart on the wall that shows how much has been saved, how much more is needed, and an estimate of when the goal will be reached.

            For ages 9 and up:  Work in Real Responsibilities. At this age your child can begin to use their cash for some essentials (e.g., clothes) and extras (e.g., a new app).  After age 9, children should start to put at least 10 percent of their money into a “long-term” savings account.

Spending:  To become smart consumers, kids must make spending decisions. Even if they make bad ones, they’ll learn the lesson now, when the stakes are low.

            For ages 3-5:  Take them shopping.  Young children don’t always understand that once a dollar bill is spent, it’s gone for good. Bring the lesson to life by having them choose a treat and pay for it themselves.  Asking your child if they “want it or need it” allows you to have the conversation about the differences between those two categories.

            For ages 6-8: Watch ads together.  Ads are confusing to children. They may believe everything they are told.  Discuss the tricks that ads use so your child becomes a more discerning consumer.

            For ages 9 and up:  Be kind (and flexible). If your child was saving for a big-ticket item, but forgets to figure in tax, go ahead and pay it for them.  You want to reward the saving and they will have learned a good lesson for future purchases.

Earning:  Most experts agree that it’s wise to link allowance to doing tasks around the house. 

            For ages 3-5:  Look for tasks that your child can earn coins for completing (e.g., putting newspapers in the recycling bin).

            For ages 6-9:  Look for bigger jobs.  Discuss beforehand which chores you are willing to pay for (e.g., bagging up leaves, setting the table) and how much.  It’s important for kids to realize they won’t get paid for everything they do, and that different tasks will earn different amounts.

            For ages 9 and up:  Encourage Entrepreneurship.  Yes, this is the lemonade stand, yard sale, or bake sale.  Provide supervision and guidance and give your child the opportunity.

 Giving:  Even if you aren’t able to donate regularly, your child can still learn how to be charitable.

            For ages 3 to 5:  Give together.  Direct charity is best for young children.  Let your child help you choose and deliver a toy to a toy drive or cans of pet food to an animal shelter.

            For ages 6 to 8:  Let them choose a cause.  Consider having your child divvy up their allowance into “spend, save, and give” piles.  Then let them decide where and how to distribute the funds.

For ages 9 and up:  Up the ante.  At this age, kids can plan drives and friends can even volunteer for causes they care about.  They can begin to research charities before donating.

I hope you consider using some of these ideas at home.  Teaching your child smart ways to save and spend now will help them develop good financial habits early so that they will be set for life.

 

or districts, and will just provide the test makers feedback on their test questions and delivery model, it does make me think ahead as to what we can be doing to help our children be more College and Career Ready. 

 

We know that we will be asking our students to develop literacy in many areas.  In reading, students will be interacting with more non-fiction texts and digging deeper into all texts. In writing, they will be “writing across the curriculum” and writing like professionals in those disciplines.  In math, the number of standards per grade level will be limited and the focus will be on mastery before moving on to more difficult concepts (i.e., going “a mile deep and a foot long” instead of “a mile long and an inch deep”).

 

So how else can we prepare our children to “be ready” for their adult lives?  Building financial responsibility is one of many places to begin.  According to author and teacher, Wendy Petti, “Now more than ever, we need to educate ourselves and help our students become financially literate -- be able to make sound decisions about managing personal finances and understand the fundamentals of our national and global economy.”

Petti refers to the Federal Reserve Bank of Kansas City’s proposed sequence of economic terms and concepts to be introduced in the elementary grades:

  • Kindergarteners can learn the meaning of wants, needs, scarcity, choice, goods, and services through simple scenarios bringing those concepts to life.
  • Students in grades 1-3 can learn about barter, money, earning, spending, income, saving, opportunity cost, resources, and basic banking concepts.
  • Students in the intermediate grades are able to grasp the concepts of profit and loss, trade-offs, markets, entrepreneurship, imports and exports, interdependence, budgets, credit and debit, supply and demand, shortage and surplus, competition, exchange rates, and more.

These may seem like lofty goals, but to be College and Career Ready, our children will need to understand and apply these concepts.  But how do we get them there and what can we do now to build these skills?  Sandy M. Fernandez, writing for Scholastic Parent & Child Magazine, has simple ideas you can begin to use right now.

She breaks financial literacy into 4 areas:  Saving, Spending, Earning, and Giving.  Here are her suggestions…

Saving: Even if saving cash hasn’t been second nature for you, let your child know you expect it.  Parental expectations are a powerful motivator.

            For ages 3-5:  Get a piggy bank.  Put bills in a see-through piggy bank, an envelope, or even a plastic jar so they can watch their savings grow. Young children are very visual!

            For ages 6-8:  Give them a goal.  At this age kids can plan for a goal that is up to 4 weeks away.  Keep a chart on the wall that shows how much has been saved, how much more is needed, and an estimate of when the goal will be reached.

            For ages 9 and up:  Work in Real Responsibilities. At this age your child can begin to use their cash for some essentials (e.g., clothes) and extras (e.g., a new app).  After age 9, children should start to put at least 10 percent of their money into a “long-term” savings account.

Spending:  To become smart consumers, kids must make spending decisions. Even if they make bad ones, they’ll learn the lesson now, when the stakes are low.

            For ages 3-5:  Take them shopping.  Young children don’t always understand that once a dollar bill is spent, it’s gone for good. Bring the lesson to life by having them choose a treat and pay for it themselves.  Asking your child if they “want it or need it” allows you to have the conversation about the differences between those two categories.

            For ages 6-8: Watch ads together.  Ads are confusing to children. They may believe everything they are told.  Discuss the tricks that ads use so your child becomes a more discerning consumer.

            For ages 9 and up:  Be kind (and flexible). If your child was saving for a big-ticket item, but forgets to figure in tax, go ahead and pay it for them.  You want to reward the saving and they will have learned a good lesson for future purchases.

Earning:  Most experts agree that it’s wise to link allowance to doing tasks around the house. 

            For ages 3-5:  Look for tasks that your child can earn coins for completing (e.g., putting newspapers in the recycling bin).

            For ages 6-9:  Look for bigger jobs.  Discuss beforehand which chores you are willing to pay for (e.g., bagging up leaves, setting the table) and how much.  It’s important for kids to realize they won’t get paid for everything they do, and that different tasks will earn different amounts.

            For ages 9 and up:  Encourage Entrepreneurship.  Yes, this is the lemonade stand, yard sale, or bake sale.  Provide supervision and guidance and give your child the opportunity.

 Giving:  Even if you aren’t able to donate regularly, your child can still learn how to be charitable.

            For ages 3 to 5:  Give together.  Direct charity is best for young children.  Let your child help you choose and deliver a toy to a toy drive or cans of pet food to an animal shelter.

            For ages 6 to 8:  Let them choose a cause.  Consider having your child divvy up their allowance into “spend, save, and give” piles.  Then let them decide where and how to distribute the funds.

For ages 9 and up:  Up the ante.  At this age, kids can plan drives and friends can even volunteer for causes they care about.  They can begin to research charities before donating.

I hope you consider using some of these ideas at home.  Teaching your child smart ways to save and spend now will help them develop good financial habits early so that they will be set for life.

Susan Wachtel
Principal

 


 
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