KIDS AND MONEY
TEACHING KIDS EARLY SO THEY CAN
PARTICIPATE IN CHARITABLE GIVING
BY HEATHER M. ROSS
E very day, we make financial deci-
sions. Decisions about where to eat,
where to go, what we do and how we
do it. But as parents it’s important to make
sure kids know why.

Janet Currie, president of Bank of
America for Greater Maryland, and mother
of two, had this realization as she was shop-
ping with her daughters. After telling them
they couldn’t buy something, she recalls
one of her daughters replied, “Of course
we can have that, Mommy. You just need to
pull out your card.”
“I had the revelation that they didn’t
realize there was real money behind card
transactions,” Currie says.

Educating children about money at a
young age can help them form good habits
that will set them up for responsible sav-
ing and spending down the road, and as we
approach the holiday season, it also allows
them to learn about—and maybe even par-
ticipate in— charitable giving.

By incorporating charitable giving into
these early financial lessons, you can help
your children understand the value of com-
munity and generosity.

“The longer I live, the more I understand
that the world is a lot bigger than just me,”
says Greg Murset, a financial planner with
six children of his own.

“When kids understand that early in the
game, it helps keep them grounded. A com-
ponent of philanthropy is just a good thing
for kids to understand, so they don’t think
it’s all about them. You make a living by
what you get, you make a life by what you
give,” Murset says.

After more than 20 years in the financial
planning field, Murset founded BusyKid,
a program designed to help parents
teach their children about smart money
management. Below, Murset joins other experts in
sharing how parents can best educate
MONEY AND TECH
Here are some resources you can use to prepare yourself for having these conversations
with your child.

Better Money Habits curriculum
is available for free online at
bettermoneyhabits.bankofamerica.com/ en. It covers topics like credit, saving and
budgeting, debt, taxes and more.

BusyKid is designed to teach kids
about saving, sharing and spending their
allowance. Kids spend their allowance
with the BusyKid Spend Card, a debit
card, so they can learn to manage money
they can’t see. Download the app from
the App Store or Google Play. Learn more
at busykid.com.

The United States Senate Federal
Credit Union (USSFCU) provides good
tips for families teaching their kids about
money, broken down by early years,
middle years and teen years.

ussfcu.org/best-life/ parent-resource-center/teaching-
kids-about-money.html# EP Federal Credit Union provides
additional tips and good money
habits. epfcu.org/membership/
news-promotions/how-to-teach- your-kids-about-money.aspx
20 Washington FAMILY DECEMBER 2022
Sagevest Kids by Sagevest Wealth
Management has local resources for
in-person and online money lessons
for kids in the DMV, including Junior
Achievement of Greater Washington’s
real-life simulations on money
management for middle and high
school students.

kidsfinancialeducation.com/ tools-and-resources-for-introducing-
kids-to-money-management/