Making savings and smart financial decision making a part of the daily family conversation is an excellent way for parents to encourage this responsible behavior.What strategies for teaching children about smart spending have you heard about? What works well? What doesn’t work so well? Contributions by Molly Herndon and Carolyn BirdOne of the most important things a parent can instill in their child is a sense of financial responsibility, but talking to children about money is often not a priority for parents. Parents who model smart financial behavior teach even very young children how to make decisions that align with their values and goals. A very basic message parents can share with children is that financial decision-making is about making choices. Parents who are intentional about children how to make choices among many options have a better chance at being successful in helping their children develop the practice of active decision-making. The best news is a little effort can have a big payoff, as these lessons are likely to be carried into adulthood. Here, in the final installment in the November-long “Steps to Financial Freedom” series we offer tips PFMs can suggest to families to teach their children to be savvy consumers.Look for Teachable MomentsA family’s day is made up hundreds of opportunities to talk about money. Whether your client’s family is shopping, watching television commercials, running errands, paying bills, or buying gas, each consumer exchange presents a chance to teach valuable lessons. Encourage clients to take the time to engage their child in the process by explaining what’s happening, asking questions, and answering their child’s questions. A teachable moment can be as simple as letting the child know that if they spend all their money at the fast food restaurant, then there won’t be enough money to buy the action figure when you go to the store later that day or week. It won’t take long for the child to understand that once the money is spent that other items cannot be purchased. Soon, the child will begin to prioritize what is important to them without parental coaching.Parents don’t have to go it alone. The program Thrive by 5 is designed to teach preschoolers about saving and spending. Involving your older children in your decision process can provide valuable lessons. Encourage your clients to help older children learn to be savvy decision-makers by helping their parents identify sales and better prices. Soliciting children’s observations about banking and credit processes gives parents an opportunity to gauge the child’s understanding, correct misperceptions, and to reinforce valid observations. However, the most valuable moments are the observations children make are those of their parent’s financial management practices. So, a great place to start in teaching financially savvy children is to support clients in striving to be a financially responsible role model.Use Current EventsSome parents may avoid topical conversations about the economy and finances in front of their children out of a fear of making their children anxious. PFMs, you can teach your clients that talking about the economy may actually decrease children’s anxieties. Tell clients they don’t have to shy away from discussing the current state of the economy; just find a way to reach the child on their level. The NYU Child Study Center has some suggestions on how to approach the topic of the economic downturn, by a child’s developmental stage.It is important to talk to children if a friend or relative has lost a job. Tell clients to explain why this happens and talk about any anxiety the economy may be causing for their children. Specific to military families, openly discussing how deployment impacts a family’s finances can relieve children’s fears. Prompt clients to talk about changes to a family’s finances and the adjustments that will need to be made.Family Engagement America Saves has a Military Youth Saves program in which kids can take a pledge to save, get tips for saving, and parents can read suggestions for smart saving strategies. We will highlight the Military Saves campaign in a future posting, when the campaign gets up and rolling in the early part of 2012.Families should look for ways to save and budget together so that children can learn by contributing to the development of a healthy spending plan. Tell clients to ask children to come up with new ways to save money in the house. For example, parents can ask children to determine which pizza coupon offers the better deal.Some families might decide to give children allowances in exchange for chores; suggest clients assign a monetary value to certain tasks in the home so that even very young children may begin to understand the consumer process. Parents should also be encouraged to help their child manage their money by supporting their saving for goals, which teaches the lesson of being rewarded for saving.
When we look back at the Oklahoma State quarterbacks who have beaten the Sooners, the list is predictably short. One name that does appear on that list is current Cowboy, Mason Rudolph.But if Rudolph leads the Cowboys to a victory on Saturday, he won’t be the first OSU quarterback with multiple Bedlam wins (although he would be the first to do it twice in Norman).Let’s look at the Oklahoma State quarterbacks that have been able to get multiple wins against the Sooners, in the modern era. (Bob Fenimore played halfback but led the team in passing both years as the Cowboys won Bedlam in 1944 and 1945.)Tony Lindsay1997: That last time Oklahoma State was favored in Norman was back in 1997. The Cowboys were led by the eventual Big 12 Offensive Freshman of the Year, Tony Lindsay. Lindsay went 9 for 16 for 129 yards and two touchdowns, including a 40-yard touchdown pass to R.W. McQuarters.Cowboys won in Norman 30-7.1998: As a redshirt-sophomore, Lindsay had an impressive four-touchdown outing at home.Going 16 of 24 for 138 yards with two touchdowns and no interceptions, Lindsay also had a huge game on the ground. He rushed for 99 yards and two touchdowns, just shy of this fourth career 100-yard rushing game.Cowboys win at home 41-26, completing the first pair of back-to-back Bedlam wins in 30-plus years.Lindsay’s Bedlam record as a starter: 2-1Josh Fields2001: In one of the most dramatic games in OSU history, the heavy 27-point underdog Cowboys were led by true freshman Josh Fields.Okay, so technically Fields didn’t start this game. He came in after early after Aso Pogi went 2 for 9 with two interceptions and was “the guy” from there on out.Fields went 19 for 38 for 231 yards with one touchdown and one interception. But that one touchdown was a memorable one. “The catch” in the back of the end zone solidified Fields and all-time leading receiver Rashaun Woods in OSU lore.OSU won 16-13 in Norman.2002: Fields had one of the best games of his career going a super efficient 18 of 27 for 357 yards and four touchdowns. Rashaun Woods had 134 yards and two touchdowns and Tatum Bell added 106 on the ground.Cowboys win in Stillwater 38-28.Fields’ Bedlam record as a starter: 1-1 (but we’re counting him as 2-1)Mason RudolphSo were does that leave Rudolph?2014: The record-setting junior first endeared himself to Cowboy fans when he led his 21-point underdog team to a 38-35 nail-biting win in Norman.Rudolph went 19 of 35 for 273 yards, two touchdowns and an interception, looking stellar for a true freshman in just his second start.Oklahoma had pushed the lead back to 14 when, late in the fourth quarter, Rudolph hit Brandon Sheperd on back-to-back plays. A 14-yard pass followed by a 43-yard touchdown pass not only brought the Cowboys within a score with less than five minutes remaining, but made me believe Sheperd would go All-Big 12 his senior season.You probably know the rest of that story. Bob Stoops decided to re-punt and Tyreek Hill went house setting up the game-winning field goal in overtime by Ben Grogan.Not only did Rudolph beat Oklahoma, he reignited an offense that had been mostly inept the first ten games of the season.2015: Rudolph didn’t start the game due to an injury he sustained the week before against Baylor. He was unceremoniously trotted out for one series in lieu of J.W. Walsh with little chance of success. OSU’s coaching staff basically told Mike Stoops, “We’re going deep here.”. The result was an interception and some head scratching by all who watched.But this year Rudolph is healthy and for once in his career appears to have the running game needed to help his prolific passing attack flourish.If the Cowboys can pull it off this weekend, Rudolph will be the second OSU quarterback to win multiple starts and the first to win twice in Norman.Rudolph’s Bedlam record as a starter: 1-0 (and counting)If you’re looking for the comments section, it has moved to our forum, The Chamber. You can go there to comment and holler about these articles, specifically in these threads. You can register for a free account right here and will need one to comment.If you’re wondering why we decided to do this, we wrote about that here. Thank you and cheers!