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Your child is in elementary school

By now your child should have acquired a basic knowledge of finances: he has learned to manage a weekly allowance and may even have a savings account in a caisse. You can now take it up a notch by showing your child how to make a budget and save for a long-term purchase.

According to Martine Sauvé, youth advisor at the Caisse de Saint-Antoine-des-Laurentides, children become aware of the value of money in elementary school. Some of them are already earning a bit, either by babysitting, mowing the lawn or shovelling snow in the winter. This is a good time to teach them about the importance of saving to achieve a goal¹ [Translation].

Game plan

Teach your child the basics of economics	Your child knows money doesn't grow on trees, but does he know exactly where it comes from and how it circulates?
Help your child manage their income and expenses	Drawing up a budget, saving, learning how much things cost and being able to tell the difference between a need and a want can be complex. However, it's better to learn sooner than later!
Show your child how to start his own small business	Your child is entrepreneur-minded and wants to start his own small business? Help him find which product or service he could offer and establish a business plan.
Sign your child up for school caisse	Offered in certain Quebec and Ontario elementary schools, the school caisse lets kids save easily and systematically.
Plan for your child's financial future	Want to know the best ways to save for your child's studies or projects? Read Plan for your child's financial future.

1. "L'argent ne sort pas des guichets par magie!", Espace D, Édition spéciale, June 2009, p. 30.