Now you that know...

GO TEACH!!

The last step in developing financial literacy (and probably one of the most important)  is now to go teach your family and friends! We've had some pretty meaty topics over the last few weeks, so hopefully this one will be a lot more fun. Try out teaching some of what you have learned in your family! Here are some thoughts...

Start young and teach your children about the coins and dollars you use. Show them the faces and buildings and tell them what each is worth. They will start studying this in kindergarten, so it's never too early to practice! Tape one of each to an index card and hang it from the back of the headrest in front of them in the car.Let them see you using cash so they know real money is being transferred when you're at the store! One game I love is the penny stack. Let your small children try stacking several pennies (and try the other coins too!) to see how high they can get it. It's great for fine motor skills and they start learning about coins.

Open a "bank" at your home! Depending on the ages and math skills of your kids, you can do anything from even trades of coins to making "loans" and charging interest. The sky's the limit!

There are many philosophies about allowance for kids, but bottom line -- let them experience using money, finding out how much things cost, and making choices about their purchases. Give them money in smaller denominations so they can choose to save some of it easily. And of course, don't forget tithing!

As kids get older, let them see your budget or spending plan. Maybe they can manage it for a month! Also don't underestimate their ability to understand banking. Start young with an account and let them practice using it.

One fun game my parents did was to take everyone to the grocery store and give everyone a set amount of money. It was a contest to see who could come up with the best meal using only the money they had!

For everyone, stress the value of work, importance of living within your means, the risks of using credit, and the benefits of saving and planning ahead. There are countless articles in Church materials about finances, so search lds.org for ideas for your Family Home Evenings. Make financial literacy a daily part of your life and it will be easy, approachable, and yes, maybe even fun... for everyone!

Keep up the good work, ladies! And congratulations on becoming more financially literate!

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Additional reading and ideas:

Cool links from Kids.gov

Family Education Ideas

Activities and worksheets about money