Fun Ways to Teach Kids about Money

by Sara Seeger 19. June 2014

1st Mariner Piggy Bank

Encouraging positive and responsible money habits in your children's minds is arguably one of life's most important lessons. The sooner children start learning about the "value of a dollar," the better. However, kids don't have to know how to count to be introduced to and taught about money. Luckily, with today's technology, there are many ways to make learning about money fun for kids of any age. Read on for some quick tips to make learning about money fun.

1) Use Cash Yourself

Try not using a credit or debit card on everyday purchases. By allowing your children to see you use cash, they will begin to understand the value and purpose of money. Other great ways to introduce your child to money is to take them to an ATM so they can watch you withdraw money, or let them deposit coins in a parking meter.

2) Give Them a Piggy Bank

Children's piggy banks come in a variety of colors and designs. Some even have their favorite movie character or superhero. A piggy bank will teach children to put away money for saving, and that this savings can be used to purchase an item or toy they really want. There is also a newer "modern" piggy bank that has multiple slots that divide money into categories such as save, spend, invest and donate.

3) Go Online

The Internet is full of age specific money games for kids. T. Rowe Price teamed up with Disney to create an interactive, online game called “The Great Piggy Bank Adventure.” This game teaches age appropriate financial lessons, such as the importance of saving money with a specific goal, interest, and financial distractions.

4) Play Games

Board games are also an easy and non-invasive way to talk about money. Board games, such as Monopoly, The Game of Life, and Payday, help children develop and master their financial management skills.

5) Give Them an Allowance

There’s a strong argument that an allowance is the best way to teach a child about handling financial responsibility. An allowance reinforces the lessons that money is limited (even yours) and it must be earned. Use allowances to combat the “I want this” during a Target trip, and let your child know that they need to bring their own money from their allowance if they want to buy something.

If you found this article useful, be sure to check out these related articles:

Mom, You Want Me to Put My Money WHERE?

April is National Financial Literacy Month

Establishing Credit for Beginners

Infographic: Traditional vs. Roth IRA

by Sara Seeger 12. June 2014

We know there are lots of different types of retirement accounts, and it sure can get confusing! Here's a simple illustration of the differences between Traditional and Roth IRAs.

Traditional vs Roth IRS

This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax advisor.

The Roth IRA offers tax deferral on any earnings in the account. Withdrawals from the account may be tax free, as long as they are considered qualified. Limitations and restrictions may apply. Withdrawals prior to age 59 ½ may result in a 10% IRS penalty tax. Future tax laws can change at any time and may impact the benefits of Roth IRAs. Their tax treatment may change.

Securities offered through LPL Financial, member of FINRA/SIPC: www.finra.org; www.sipc.org. Insurance products offered through LPL Financial or its licensed affiliates. 1st Mariner Bank is not a registered broker/dealer and is not affiliated with LPL Financial.

The LPL Financial Registered Representatives associated with this site may only discuss and/or transact securities business with residents of the following state: (MD)

NOT FDIC Insured Not Bank Guaranteed May Lose Value
NOT a Bank Deposit  

 Not Insured by Any Federal Government Agenc

 

If you found this infographic interesting, be sure to check out these related articles:

Individual Retirement Accounts: An Introduction

Traditional vs. Roth IRAs: How to Choose

Daily Habits of Rich People

Infographic: Average Cost of a Maryland Wedding

by Sara Seeger 6. June 2014

Planning a wedding in Maryland? Want to know what you're in for? Of course, costs can greaty vary from couple to couple based on the amount of people you invite and how much time and energy you are willing to put into the big day. You can save some major costs with a DIY approach, but not everyone has the time and/or ability for that. The infographic below breaks down all the major costs involved in a wedding, and how much the average Marylander spends.

Average Cost of a Maryland Wedding

 

Did you find this infographic interesting? Be sure to check out these other related blog posts:

Infographic: Total Cost of Love

4 Financial Mistakes Newlyweds Make

I Do...But Maybe I Don't Want to Share My Money



© 2008- 1st Mariner Bank