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Cent$ible Students: Teaching Kids About Money

March 26, 2013

Note from MonsterMortgage.ca:

Recently, the children of one of our mortgage agents came home from school excited to share what they had learned at school about money.

The student followed up with their teachers and found that an organization called Cent$ible Students which teaches financial literacy had been at the school.

MonsterMortgage.ca met with Cent$ible Students and they agreed to share their teachings with our clients and those of you that read our blog and follow us on Twitter and Facebook. We hope that you, your family and friends will find this information useful and help you engage your children on the topic of money.

Let us know what you think.

The Following is written by Jenni, Co-Founder of Cent$ible Students

At Cent$ible Students, we find kids have a lot of questions about money. As a parent, how do you answer them? Do you take time to teach your children about money?

In this column, Caroline and I are going to share with you some of the questions students ask us about money and provide you with some guidance and resources on how to answer them. We are excited to share our knowledge with you and we hope to inspire you to talk to your children about money and to encourage them to save, spend (sensibly) and to share!

Pre-school age children

Have you ever heard this one? “But Mommy, why can’t you just go to the bank machine to get more money?”

Young children watch our every move. They see the bank machine spit out money. But do they know how it gets there? This is a great opportunity to teach your child about earning. The next time you are at the bank machine ask your child if they know how the money gets there. Explain that when you work you earn money in exchange for your labour, time and skills. The money you earn goes into your bank account where it is kept safe until you need it to purchase things like groceries or to pay bills for the house. If it is an older child, around 9 or 10, you can even talk about direct deposits or cheques as a means of payment and talk about some of the different expenses associated with running a household.

Overall, it is important to for children to know that there is a limited amount based on what you put in and what you earn. So when they say then NEED that new toy…..well perhaps that is an entirely different discussion about needs and wants for another day!

What is Cent$ible Students?

Cent$ible Students provides in-class workshops for students from Kindergarten to Grade 8. They help students develop an understanding of money related issues, including budgeting, credit, banking, saving and much more through stories, activities, online tools and games. They begin the discussion in the formative years, striving to set the stage for a sensible, lifelong approach to money management. Their curriculum complements and reinforces existing math curriculum requirements set by the Ministry of Education. It also helps teachers meet the new cross-curricular financial literacy requirements recently established by the Ministry of Education for grades 4 to 12.

For more information on Cent$ible Students, please visit www.centsiblestudents.ca. You can also follow Cent$ible Students on Twitter and check out our blog – My Year of Living Cent$ibly – at http://centsiblestudents.blogspot.ca.