Nancy Itzel May 1, 2020 Money Worksheets
Once my son started working a real job and had taxable income, I made him a deal that if he started an IRA with $500 and $50/month, I would match for the first year. After a couple education sessions, he jumped on it! It's a great way to jump-start their retirement savings AND further teach the greatest wonder of the personal finance world: compound interest.
In general, most K-12 schools do not offer education in personal finance, budgeting, balancing checkbooks, or any other aspect of how to become a good financial steward. It is up to us as parents to instill good habits, so that when our adult kids come to visit, we can enjoy their company and not feel like the "Bank of Dad."
If your third grader needs help with math, there are many useful tools that can downloaded directly from the computer. Math is a subject that is best taught with visual aids, making the lessons more tangible for students. Third grade can be particularly challenging when it comes to math, as this is the year that students are learning about fractions, measuring and weighing objects, graphing and counting money. Most importantly, third graders should be comfortable with the basics of math such as adding, subtracting, multiplying and dividing. If your child isn't comfortable with these basic components, it's almost inevitable that he or she will struggle with future math lessons.
To get smarter in math, kids need good mental math skills. Students who are competent at this skill, can add and subtract numbers easily. For example, to add 4 to 15, they need not to go up by 1's but they can go up by 4's to add in one step. This broadens their imagination power about number sense.
Encourage your youngsters to save at least 10% (a good benchmark through adulthood) of every dime they receive. The money can be put in a local bank or credit union for saving for special items, Christmas presents, or some other goal the child sets.
Every youngster should be encouraged to designate a percentage for charity. Teaching them to 'give back' is a reward in disguise as they learn how to help other people, causes and organizations. Show them videos of some really poor parts of the world. They'll be glad to give! Ten percent is a typical amount and recommended by most church organizations.
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