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A Parent's Guide and Map to Money Talks with Kids, Question 7

by Team Sammy

Quick Review

Congratulations if you've already initiated discussions about money with the children and students in your life!

If you haven't started yet, today is a Sammyriffic day to begin! As we've emphasized before, we firmly believe in the following principles:

  1. Education is a process that requires that should regularly involve introducing money-related discussions with children through thoughtful questions

  2. Acively fostering these conversations or gently guiding them forward as kids show signs of interest in delving deeper into a topic.

  3. Recognizing the value of exposing children early and consistently to the language and principles of personal finance and money management.

Engaging them in these conversations, even if they don't immediately respond, will contribute to their familiarity with terms and concepts. This familiarity is crucial for empowering them to develop a competent and healthy framework for managing money.

So far, the primary and follow-up questions we've recommended have been filled with personal finance terms and phrases, such as: savings, money, goal, deposits, account, earn, strategies, plan, cut back, setting aside, specific amount, track progress, figuring out, where you stand, advice, future, buy, spending money, give, money choices.

Following our "save first" philosophy, we prioritized getting in the habit of saving money in January. In February, our focus will shift to emphasizing the importance of earning money.

Today's Question

Today's question might be something like:

  • Where do you anticipate receiving money this year? Or, from which sources do you expect to obtain money this year?

Build the Conversation With 4 These Questions

If your child or children engage with today's question, below are eight follow-up questions a parent might ask their child. Revise or rephrase the questions as you determine appropriate.

  1. What plans do you have in mind to earn money this year?

  2. Are there any specific jobs or opportunities you're considering to generate income and earnings, like washing cars or having a yard sale?

  3. Are there any potential challenges you anticipate?

  4. How can I support you in your efforts to earn money this year?

Summary of Prior Questions

Q1 - Have you set a savings goal for 2024? (NOTE: LinkedIn Post)

Q2 - If you were to save $500 this year, how would you do it? (Insert your own number)

Q3 - How often do you think you should make deposits to your piggy bank or savings account to stay on track to reach your savings goal?

Q4 - How is everything going with your 2024 savings goal?

Q5 - How much money do you think you will earn or receive this year?

Q6- Do you have a written plan for what you'll do with the money you get this year?

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