News
McRae: Help kids learn finance this summer!
By Treasurer David McRae
It’s hard to believe, but summer is already here! For many, it’s the start of a busy schedule (from beach trips, summer camps, and basketball practices). But even when parents are sent running, it seems that children themselves often need activities to beat summer boredom. Well, I have some fun ideas for you this week to help beat boredom while teaching little ones the basics of finance.
There will probably be no shortage of days this summer when it will be too hot to play outside. When that happens, it’s time to dig up Monopoly. Without realizing it, children will be exposed to financial decision-making. They will see their money choices happen in real time. As they get better at the game, they will also learn better money management skills. (Pro tip: Opt for an older version of Monopoly, not the new credit card models. The tangible exchange of money will help kids learn faster)!
Can’t keep the kids away from the screen? Make them visit Treasury.MS.gov/FinancialEducation. Here we host a series of fun online games to keep you entertained and educated! There are activities for children of all ages. Please check it out.
Of course, there are infinitely more lessons to be learned outside the home. Heading to a baseball game, an amusement park or the beach this summer? Talk to your children in advance about managing their money. Then, give them the money they need to enjoy the day (from entry to concessions). Let them navigate their day as they count and pay for each step of the activity. This will help with their math skills while also teaching them financial responsibility.
Finally, if you’re looking for a long-term goal, consider starting the summer by sitting down with your kids and setting a summer savings goal. Help them define something realistic (maybe it’s a new toy, an amusement park ticket, or a fashionable outfit). Using crayons, markers, or the computer, they can create a piece of art that helps them track their progress. Then work with them to put their allowances, birthday money, and more toward savings. Encourage them to reach their goal faster through additional tasks, walking the neighbor’s dog, or setting up a lemonade stand. When they reach their goal, celebrate!
I hope this gives you an idea or two for keeping the kids financially engaged this summer while you alternate between their activities and your obligations. Have a safe summer!
Mississippi Treasurer David McRae is the 55th treasurer of the state of Mississippi. In this role, he helps manage the state’s cash flow, oversees College Savings Mississippi, and has returned more than $85 million in unclaimed money to Mississippians. For more information visit www.Treasury.MS.gov.