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FAQ

Why is it important to give your children a good foundation in money management?

How and when can you start teaching your kids about money?

When do you suggest starting an allowance and how do you decide how much to give them?

What sort of conversation do you have with your child before introducing an allowance?

What tools can a parent use to help their kids learn about money?

Are there any books you would recommend?

Are there tools for kids under five to help them learn about $ management?

As parents we see the value of investing when you are young? How do you get your kids to buy into what you tell them?

What is one tip that you would suggest every parent do to help their children learn money management?

In our workshops teens often ask us "How do you save and spend at the same time?"

How do you teach your children "how to budget"?

Which money personality leads to financial success?

How do I set up an RESP for my child? Which institutions and programs can the money be used for? What if my child does not use the RESP - will I lose my investment?

How did Canadian Thanksgiving begin? How much $ makes a difference?

Giving ... with so many needs out there, how do we know where to put the focus?

How do I know if a charity is legitimate?

 

Why is it important to give your children a good foundation in money management?

Understanding money is an essential life skill. By actively teaching money management techniques to our children we are sending a powerful message. We are allowing children to hope and dream. We are giving children the tools to achieve their goals.

We believe that learning good money management skills sets a strong foundation for success. (...go back to top of page)

How and when can you start teaching your kids about money?

The way we, as parents, handle and react to money is teaching a behaviour and an attitude towards money to our children. For lots of reasons, it may not be the lessons we wish to teach!

We believe that creating intentional lessons around money is important. Start them young and give your children the experiences that allow them to acquire healthy, positive habits. Teach them to save, spend and give.

Once the platform is in place you can confidently take advantage of "teachable moments" and natural milestones that children reach as they explore the use and value of money. (...go back to top of page)

When do you suggest starting an allowance and how do you decide how much to give them?

Money already comes to children in a multitude of ways (including - and absolutely not limited to - gifts, grandparents, scooped off the bedside table, reward). Giving an allowance is a personal choice for parents and there is not a right or wrong decision. However, in our opinion, by giving an allowance we are providing a structure and consistency in our children's exposure to money. This structure allows for more effective teaching. A more effective platform to build positive habits.

How much allowance to give is also very personal. A common suggestion is a loony for every year. For example, if your child is 6 years old then $6.

A word of warning ... giving an allowance only works if you actually give the allowance. As a parent, we need to plan and be consistent. "Of course" you may say, but it's surprising how many times we hear "can I give it to you tomorrow", "oh, I forgot", "I don't have any cash right now". Think about what children are hearing and learning from this. Put yourself in their position and imagine you are expecting a paycheck on the last day of every month but the money didn't turn up. The emotions you feel are certainly not positive. (...go back to top of page)

What sort of conversation do you have with your child before introducing an allowance?

If parents have decided to provide an allowance it's a perfect opportunity to open a conversation about why we manage money. It's about creating and making choices. It is not about how much money you have but how you choose to use it.

We encourage parents to talk to their children about what they need versus what they want. By providing a structure to manage their money you are creating a method to help them achieve their goals. You are building confidence, a sense of responsibility and a feeling of trust. (...go back to top of page)

What tools can a parent use to help their kids learn about money?

Managing money is an acquired skill. In the same way your children learn to read books, write stories and solve math problems, then can learn the importance of money and how it works. All of our 3 kits (kids, teens, young adults) are designed to bring teaching into the home. We provide the tools to allow a parent, grandparent or family friend to coach and mentor a child, one step at a time. (...go back to top of page)

Are there any books you would recommend?

Surprisingly, there are very few money management books available to young children (most seem to be written for the older child). We are currently creating our own four quarter$ reading list. (...go back to top of page)

Are there tools for kids under five to help them learn about $ management?

We've all seen enough dusty, neglected and forgotten money boxes to realize that having a place to put money is important but it is only one part of the puzzle. You need to make money come alive to children. You need to give children the opportunity to touch, feel, smell and ultimately use and recognize the value of money. Learning comes through conversation and through experience. A deeper knowledge and structure evolves over time.

At four quarter$, we are different because we address both how to manage money and why we manage money. Through our kits, through workshops, through tele-classes, we support parents by providing the tools to teach their own children - whatever a child's age. (...go back to top of page)

As parents, we see the value of investing when you are young? How do you get kids to buy into what you tell them?

We don't tell our children. We facilitate their learning by providing structure, conversation and a method. We empower children by allowing them to make their own choices. Starting young creates positive habits. As a child's knowledge and confidence grows so does their ability to make informed decisions and positive choices about money. A positive attitude to money becomes a very natural transition as our children move through childhood to become young adults. (...go back to top of page)

What is one tip that you would suggest every parent do to help their children learn money management?

One comment we consistently hear from parents is "I wish we were taught this when we were growing up ...". Start teaching good, consistent habits about money when your children are young.

We teach them. We show them. We watch them succeed. (...go back to top of page)

In our workshops teens often ask us "How do you save and spend at the same time?

We love this question. Who doesn't like to save and spend at the same time! Here is where having your jars and bank accounts set up really makes it easy.

Just follow these three simple steps with the money that comes to you (e.g.: allowance, pay, gift money etc.):

Step 1: Put 10% in your Pay Myself First jar or account.

Step 2: Divide the remainder of your money between the three remaining jars (save, spend, give) or accounts. This is where you choose how much goes in each ... hint, your spend jar is usually for that "something" you want right away.

Step 3: From your spend jar or account take out the amount you want to spend and off you go!

Now you are spending and saving at the same time! (...go back to top of page)

How do you teach your children "how to budget"?

Begin by showing your children how to track their money. Whether you use a "paper and pencil" or a spreadsheet - keep it simple! Money IN - Money OUT. Record it and review it together. (...go back to top of page)

Which money personality leads to financial success?

In order to become a successful money manager the best personality is one that encompasses healthy aspects of each personality trait. Developing a healthy attitude towards money, knowing yourself and how you handle money, leads to financial success.

Accept who you are. Accept others as they are.. (...go back to top of page)

RESP's ... ?

For answers to RESP questions we suggest you click this link to the following Government of Canada website WWW.CANLEARN.CA (...go back to top of page)

How did Canadian Thanksgiving begin? How much $ makes a difference?

The first Thanksgiving celebration in Canada was held in 1578 in Newfoundland. The British explorer, Martin Frobisher, was celebrating and giving thanks for a safe homecoming from his expedition to the Northwest Passage. The celebration of the harvest was introduced by Europeans whose custom it was to give thanks for food by filling a goat's horn with fruit and grain. Hence, we have a cornucopia or a horn of plenty as a symbol for our Thanksgiving. (...go back to top of page)

How much $ makes a difference?

Did you know that $2.50 provides a Thanksgiving meal for a homeless person?
Contributions of food to the local food bank feeds families in your neighbourhood.
"Pennies for Peace" collects pennies which add up to thousands of dollars for school children in Pakistan and Afghanistan. (...go back to top of page)

Giving ... with so many needs out there, how do we know where to put the focus?

If you don't already support a cause that is dear to your heart, there are many organizations that would benefit from your donations. There are charities in your own community and others can be found on the worldwide web. (...go back to top of page)

How do we know if a charity is legitimate?

Check out http://www.cra-arc.gc.ca/charities/ which has a listing from the Canada Revenue Agency. (...go back to top of page)



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