Archive for the ‘Money’ Category:
17 Things a Five-Year-Old Should Know About Money
Children are not born with “money sense.” Kids learn about money from many sources. Long before they enter school, they observe adults using money and buying things. They watch television and see thousands of commercials each year. Like it or not, money is a part of your preschooler’s life.
As a parent or grandparent, you are an important influence on what and how children learn about money. It is never too early to start teaching sound money management skills. Begin talking about the basic principles of money as soon as children can understand that money is needed to buy the things they enjoy.
What you want your preschooler to know about money depends on your personal values. Here are some concepts you may want to consider teaching your child by the age of five:
17 Things a Five-Year-Old Should Know About Money
1. Spending, saving and sharing are ways to use money.
2. Buying (spending) means trading money for things.
3. Saving allows you to buy something in the future when you don’t have enough money today.
4. People have jobs that pay money.
5. Money can also come from gifts.
6. You can keep money safe at home and other places.
7. Paper money and coins are worth different amounts.
8. Different things have different prices.
9. People pay for things in different ways.
10. People have different needs and wants.
11. People have a limited amount of money to spend.
12. Planning helps people set goals and make choices about money.
13. Money can be spent only once– after you buy something you need more money to buy something else.
14. Some things do not cost any money.
15. People do some things for each other without being paid.
16. People give money to help others.
17. People in a community share the cost of some work done for everyone.
Source: Thrive By Five – a partnership of Cooperative Extension and Credit Union National Association.
“Knowledge for Life” provided by the Finney County Extension Office and K-State Research and Extension.
Subscribe to the comments for this postExtension Offers Program on “Mastering Your Money”
Want to strengthen your financial security and increase your financial sophistication? Join us for the free Extension program on “Mastering Your Money” on Monday, February 28 at 5:30-6:30 pm at the Finney County Extension Office, 501 S. 9th Street on the fairgrounds in Garden City. Linda Beech, Finney County Extension FCS Agent, will be the class instructor using materials from the University of Idaho.
This class will be ideal for recent graduates, young professionals, young families and all who want to learn to master their money. Topics will include money personalities,
financial goal-setting and strategies for the first three steps to financial freedom:
2. Save for emergencies
3. Control or pay down debt
Grant funds from the Finney County Center for Children and Families will support this program with lesson materials, incentive prizes and a light sandwich bar supper. Don’t miss out!
Please pre-register by Friday, February 25 to reserve your spot and ensure adequate materials. Call the Finney County Extension Office at 620-272-3670, send an email to lbeech@ksu.edu or leave a comment here.
“Knowledge for Life” provided by the Finney County Extension Office and K-State Research and Extension.
America Saves Week February 20-27
People who identify a goal and make a written commitment to reach it are far more likely to be successful. When you register as a Kansas Saver, you make a savings pledge to yourself and increase your savings potential. Sign up during America Saves Week 2011, February 20-27 and you will receive monthly emails with savings strategies, helpful hints, reminders to save, and resources to track your progress.
Pick up a Kansas Saves brochure at the Finney County Extension Office or 
enroll online at www.KansasSaves.org. By enrolling in the Kansas program, you’ll also automatically be registered with the nation-wide America Saves program.
Start small– think big with America Saves!
“Knowledge for Life” provided by the Finney County Extension Office and K-State Research and Extension.
Financial reality check: calculate your net worth each year
Have your personal finances been a bit of a challenge this past year? Now is a great time to get control of your finances and take that first step on the path to financial fitness. Here is a suggestion that you may want to consider.
Do a reality check to ensure you are on the right track. Calculate your net worth by adding up the value of all your assets and subtracting all of your debts. You can download a worksheet from colleagues at Rutgers Cooperative Extension. When you have all the numbers, plug them into an online calculator for quick results.
Your net worth should be increasing each year, even if it is just by a small amount. The exercise of calculating your net worth can be very valuable as well. People often discover accounts, investments, insurance policies, etc. that they have forgotten about or need to update.
If your net worth has decreased from last year, take an honest, candid look at where you can make adjustments to improve the situation. Consider accelerated debt repayment. Consider increased savings. Consider cancelling your credit cards as a means to control spending. Even consider a second job or other ways to increase your income. Be proactive in your resolution to get financially fit!
For more information, check out the online article “Making the Most of What You Have” from eXtension.org, the nationwide database of Extension resources.
“Knowledge for Life” provided by the Finney County Extension Office and K-State Research and Extension.
Check out the Earned Income Tax Credit
Friday is a special day. It’s Earned Income Tax Credit Awareness Day. It is a day to help spread the word about money that workers may have already earned but may not know to claim.
The Earned Income Tax Credit (EITC) is a federal tax credit for certain people who work, but don’t earn high incomes. A tax credit usually means more money in your pocket. Taxpayers who qualify and claim the credit could pay less federal tax, pay no tax or even receive a refund.
According to IRS experts on a recent webinar I attended, about 80% of eligible taxpayers claim the EITC. But that means that 20% don’t! One of the most common EITC errors was among people who were not eligible in the past, but may have had a change in job or family situation which made them eligible without them realizing it. Could that be you and your family? Family changes such as job loss, reduction in income, or the birth of a child are things that might change EITC eligibility status.
To claim the EITC, taxpayers must meet certain requirements. Here are the rules:
- Must have moderate earned income from employment or self-employment
- Must either have one or more children who meet all the rules for a Qualifying Child -OR-
- If you do not have a qualifying child, you must be age 25 but under age 65 at the end of the year, not qualify as the dependent of another person and live in the US for more than half the year
- Must have a valid Social Security number
- Cannot have much investment income
- Generally, must be a US citizen or resident alien the entire year
- Cannot use the “married filing separately” filing status
- Cannot be the qualifying child of another person
- Cannot file Form 2555 or 2555-EZ (related to foreign earned income)
There are special EITC rules for members of the military, ministers, other members of the clergy, those receiving disability benefits and those impacted by disasters. You can find the details on the IRS website at www.irs.gov/eitc.
For more information about the Earned Income Tax Credit, check out the EITC Assistant, an interactive IRS tool that shows whether or not you qualify to claim the credit and why. Find it at www.irs.gov/eitc or ask your tax preparer for help.