By: Jasmine Yates
Best selling author of Harmony and the Empty Piggy Bank, created a storyline that helps children develop their business and learn how to spend, save and invest their money properly. Parents are raving about the practicality and effectiveness of this children’s book.
With the help of her beautiful daughter, Harmony (main character) these two have come together and allowed not only children to understand financial literacy, but also help the parents instill financial teachings at an early age. WTP not only had the opportunity to interview Crystal McLean but deep dive into what financial literacy is, why it is important for children to learn at a young age, how her daughter felt about being the inspiration behind the book and of course what’s next.
Jasmine: What is Financial Literacy?
Crystal: Financial Literacy means the ability to understand how money works, how to budget it, spend it, invest it, donate it, and the process of obtaining it.
Jasmine: At what age would you recommend parents discussing financial literacy?
Crystal: I recommend it as early as a toddler. At even this age, children can comprehend basic concepts. For example, teaching them the difference between need vs. want. This can simply be done at the grocery store, while that toddler is looking at that shiny toy, you can say something like “No, baby, this is not a need, these apples are a need. Maybe next time we can get something you want.” Now the first time or two, may not make sense to them, but consistency is key. You just taught them need vs. want and also a small token of delayed gratification. Even rewarding them for small chores around the house, for instance, hanging up their jacket, are great examples to teach them that rewards come with work and responsibility.
Jasmine: How will your book give a better understanding of financial literacy?
Crystal:My book provides an educational tool for children to get a basic understanding of how to obtain money and how to budget it once received. In the book, I followed the principle known as “share, spend, save”. This common principle gives children an easier process to remember how to effectively budget their money. The book also defines key financial literacy terms at the beginning of the book to help drive home the knowledge.
Jasmine: How can parents be involved in helping children understand financial literacy better by incorporating your book?
Crystal: Parents can take this book and read it with their children. Once completed, there is a Guided Money Journal in the back that helps children to identify their goals, their talents, and how they can use those talents to reach their money goals. I believe this is important because the school system teaches our children how to go to college and get a job. However, I believe if more of our children are taught how to identify their talents, and how to monetize those talents, it will help them avoid going into a career that they don’t enjoy, just to pay back student loan debt.
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