As a veteran of the banking industry, I’ve often wondered why our public school system doesn’t spend more time teaching our kids the financial life skills they need in order to be successful in the real world.
I mean, there is no doubt that my thirteen year old daughter will understand the ins and outs of algebra and how to apply the Pythagorean Theorem, but will she be able to balance a checkbook?
Will she understand how to budget her money and save for the things she’ll want or need?
Well, thanks to KidWorth, I no longer have to worry about her learning those things in school or trying to teach them myself. Kidworth makes it easy for me to help my daughter set sound financial goals and create pathways for her to reach those goals.
The goal of the site is to promote long term financial planning strategies and create a generation of people who are better able to handle their finances through saving, investing and smart consumption. Here’s how Kidworth explains what they do:
How Kidworth Worked for Me
I set up a free account for my daughter and then sat down and counted her life savings: a grand total of fourteen dollars and seventy-three cents.
We decided to set a savings goal for her so that she could open her own savings account at the bank where I work, or possibly at an online savings account. After this goal was set, we entered her $14.73 into the “kid contribution” section, which automatically populated some really neat graphs. We also factored in events (e.g. her birthday and Christmas) in which she was likely to receive money.
But, while savings goals are great, they are only one piece of the whole financial pie. Kidworth recognizes this and has created goal categories for spending and giving as well. Having spending goals helped my daughter understand the value of making and sticking to a budget while the giving, or sharing, goals help her to set aside money for charitable giving to causes she values. Currently, she is on target to give the ASPCA $10 by the end of the year!
Until now, I haven’t seen a more comprehensive or effective tool for helping my children learn the basics of money management. Not only has my daughter already reaped the benefits of using Kidworth, I’ve introduced my nine year old son to financial goal setting. In my opinion, you can never start teaching your children about fiscal responsibility too early.
PT Money is a Kidworth Ambassador and is compensated for involvement in the program.