Marino on Money: June 30

Tuesday we covered some neat activities that teach younger children about money. What about older children? What activities can parents try during the summer months to teach good money habits?

1) Its never too soon to start planning for college. Sites like fastweb.com and petersons.com are good resources for building a list of education options and figuring out how to afford college. Start building a spreadsheet of schools to conduct research and eventually visit, while asking community leaders for letters of recommendation and applying for scholarships.

2) Next, have children help balance the checkbook. I understand some parents would be uncomfortable with this suggestion, but children close to college age can get a head start understanding expenses if you discuss some of your bills and allow them to participate in bill paying sessions. At the same time, work with them on balancing their own checkbook.

These activities can give your children a huge lift before they head out into the real world. As one mentor once told me, it’s better to give your child opportunities to fail at home while you’re there to help, than it is to never let them fail at home and send them away without teaching smart money techniques.