They didn’t teach her much on the topic in school. Her parents, she says, were wonderful, but they didn’t exactly turn her into a financial whiz kid either.
So Susan Osborne of Thornton decided to coach her 3-year-old son, Jake, about finances at an early age. In the process, she stumbled upon an idea that she knew would help other parents.
launched in March and is finding an audience. April is National Financial Literacy Month, which seemed the perfect time for Osborne, 40, to offer advice to parents who would like to teach their kids a little financial common sense.
Q: What was your inspiration?
A: Well, to be honest, I’m a bookkeeper, but until recently, I really wasn’t very good at handing my own money. I’m also an accountant, so very good at managing other people’s money, just not my own. It’s not a skill that’s taught in many classes. When I was a kid, my dad would hand me money but offered little guidance on how to use it. So Beanz stresses earning, saving, spending and even charitable donations.
Q: This is oriented toward kids 4 to 8. Are those kids old enough to understand the concept of charity?
A: They are. The only tangible thing that can be purchased from Count My Beanz, and it’s optional, is a $5 donation card. Quarterly, I will make a donation to K.I.D.S., which stands for Kids in Distressed Situations (). It’s never too soon to teach kids the concept of giving back to those in need.
Q: What will families get out of this?
A: Hopefully, they will bond. I really want this to encourage parents to spend time with their child or children. My son is almost 3, and I want him to get off on the right foot.
Q: How does it work?
A: First, we’re not dealing with real money. We’re just trying to teach kids the basics. So to earn, they might, perhaps, do a good deed to get three Beanz. A chore will get them five. Good work in school will get them some. So a parent can use this as a tool to really reward their children. They can check to see if chores were done and then perhaps reward with an allowance or an educational toy. My own mother uses this. When she exercises, she rewards herself with Beanz, and when she gets enough, she buys herself something.
Q: What skills does this teach?
A: Basic financial planning. And it teaches some math skills. I believe this would be a good tool for a classroom.
Q: What will kids get out of this?
A: Overall, I just want it to be about developing concepts. Finance 101 is boring. This can be a fun tool. The donation part is big. We’re teaching general concepts here, and if they gel early, that’s great. As a bookkeeper, I still see the problems adults have. Teach them when they’re young that you can’t spend what you don’t have, and you’ll be starting them off on the right foot.
Q: You have a blog on the site, as well. How do you use that?
A: I have a personal Beanzing diary on my blog that shows how I’ve earned and saved and spent and given to a charity. And I’m a mom, so part of it is just talking about the joys and challenges of getting through a day with a little one.
Q: Speaking of challenges, was it difficult to pull this site together?
A: It was fun, really. My husband, Blake, really encouraged me. The site is simple, fun and free.
