Take
this quiz to gain perspective on your child's financial
personality . . .
-
If you give
your child money does he or she save it? Yes
or No
-
Does your child
lose or misplace money often? Yes or
No
-
Do you hear the
words "I want, I want" when you go
shopping with your child? Yes or No
-
If you ask your
child, "Why do you want this?", does he or
she often say, "because Johnny has one,"
or "I saw it on television"? Yes
or No
-
Is your child
reluctant to spend any of his or her own
money? Yes or No
-
Does your child
get exceptional pleasure in seeing a bank account
grow? Yes or No
-
If your child
sees a penny on the ground, will he or she go out of
the way to pick it up? Yes or No
-
Does your child
decide to save for a special toy and later choose
not to buy it? Yes or No
-
If you say no
to the suggestion of stopping for ice cream or
pizza, does your child ask, "Can we go if I pay
for it?" Yes or No
-
When you
travel, does your youngster want to bring presents
back to all friends? Yes or No
Scoring the
test:
-
"Yes"
answers to questions 1, 5, 6, 7 and 8 indicate you
have a saver on your hands.
-
"Yes" to questions 2, 3, 4, 9 and 10 shows
you have a full-fledged spender in the family.
-
Which of
the two types is your child?
Saver - 1, 5, 6, 7, 8; or Spender
- 2, 3, 4, 9, 10
Not So Fast...
For all parents whose children scored as savers,
don't start with popping champagne corks just yet.
Most of us would say that saving money is one of the
most important things to teach children. That
makes sense for a number of reasons, including the fact
that it's so hard for us to do it but we all have
experienced the discomfort of being around an
"extreme saver."
We all know an
extreme saver. He is usually a family member on
the "other side." He shows his true
colors when you go out to dinner. You've seen the
routine. it's his turn to pay. The check is
on the table, but he doesn't reach for it. You
wait but there's no movement. You reach for the
check; he got you again.
The extreme saver
can pose problems for him and others, yet so can
the extreme spender, and possibly problems.
The ideal is right in the middle, a careful spender and a
disciplined saver.
The way to teach your child is by presenting role models.
If you're not the ideal role model, then perhaps you'll
have to change your own behavior.
For more tips about
raising financially responsible children or for bank
marketing programs, products and books, visit Neale Godfrey's
Website or call (908) 879-8898.
Neale
S. Godfrey is a family finance expert for the American
Bankers Association Education Foundation. She was
a former bank president and is an acknowledged expert on
family finance. Her 14 books include #1 New York
Times best-seller, Money Doesn't Grow On Trees and her
latest book, Money Still Doesn't Grow On Trees: A
Parent's Guide To Raising Financially Responsible Teens
and Young Adults. Ms. Godfrey also authored an
educational program called, "The One and Only Common
Sense/Cents Series" that banks are donating into their
local communities. Neale has appeared on such
shows as "Good Morning America," "The
Today Show," and on CNBC, NBC and CNNfn. She
also provides client lectures on "How to Raise
Financially Responsible Children."
Source: All text by Neale S. Godfrey is the sole
property of Children's Financial Network, Inc. All
rights reserved, no reprints without permission.
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