Dear Banff Trail School Families,
Over my time at Banff Trail School, I have occasionally brought up ways that parents can supplement the existing work that is done at school, to reinforce important learnings that will help our students become caring, productive citizens. I continue to believe that financial literacy is an aspect that could use more attention, however ‘what’ to discuss with elementary-aged children can be enigmatic and nuanced. Clearly, raising our children to show kindness and a desire for lifelong learning supersedes the value of having strong financial understandings, but I am nonetheless happy to offer some ideas about what could be explored in simple ways at home with your children, that relate to financial literacy and eventual financial independence; your influence in their money habits is immense! Consider your child’s age, past experience with money, your own financial literacy, and your family values, when thinking about some conversational ideas below:
· Buckets of money: What percent of your money should be spent on basic living (such food and shelter—basically, your ‘needs’), vs ‘wants’ (such as fun money)? Where do gifting and saving fit into this landscape? Buckets to explore could simply be spending, saving, giving.
· The value of a dollar and shopping/spending: How much should things cost? What do large items cost, what do small items cost? Why does it cost more or less for the same item, at different places? Where can negotiation happen? What is impulse buying?
· Budgeting: What is the cost of ‘essentials’ in our home? How much is left afterwards? What do things cost? Are you able to put aside savings regularly, in the format of ‘pay yourself first’? How much is reasonable? What else do you ’save’ for?
· Investing: Where do you or have you invested money? How does that work? What is a stock, share, ETF, bond, mutual fund, etc? What does diversification mean or look like? What falls along the safe-to-risky continuum of investing your money?
· Inflation: Where have you seen inflation? How does it affect you? Why does it happen?
· Financial Institutions: Worth noting, many financial institutions will allow you to open an account for free for children. Where do you bank? Why? How have they served you in the past (exchanging money, ATMs, savings, paying bills, mortgages, etc.)? What are some online-only financial institutions?
· Paying bills: Look at some bills together. Look at the interest rate if it’s not paid off monthly, and the estimated time to pay it off if paying the minimum each month. Discuss unauthorized charges to watch for. Discuss ‘points’ that incentivize credit card usage. Where do you use credit cards, and how do they fit in your life?
· Earning more, and lifestyle creep: As people make more money, people often spend more money. Where can making more money enhance your life, and where will it not? What should you do with money when you start to make more of it?
· Interest (mortgages, savings accounts, compound interest, credit cards, etc): How does interest work? When can it work for you? Where do people ‘pay’ interest? Where do you come across ‘interest’ in your life? Some religions are opposed to charging or paying interest, which again speaks to the importance of speaking to YOUR family values relating to money.
· Earning money: Who pays you? For what? What do you like or dislike about your job/past jobs? How could a child earn money (whether via odd jobs, ‘typical’ retail/food/service jobs, gig jobs like babysitting or shoveling or dog walking or house sitting, etc). Consider your thoughts about whether you feel your child should ‘earn’ money, and/or how or when is it appropriate.
· Education, jobs, and income: Are you paid hourly, via salary, commission? Do bonuses happen in your job, and for what? How much money do different jobs make? How do you weigh passion or love for a job, vs the money earned? What should your child look for when exploring job options? What education or experience is needed? Where can I learn more about certain jobs?
· Large purchases: Discuss home purchasing/renting, vehicles, and travel experiences, and their associated value.
I am by no means a financial expert and the above is not meant to be an exhaustive list, but rather to spark thought about what you could discuss with your child, as you see fit. I also don’t expect all families to be financial experts, but your children have a lot to learn from you, and they soak it all in…much more than you may realize. At times, you will likely discuss your opinions and values with them, other times it will be more factual (such as relating to the impact of compound interest over time); both are important. Be open to these conversations, and when you don’t have the answer, model for them a curiosity to seek answers. Learning about money proactively can help equip children with more tools to access over the course of their lives. Also, showing children that you are open to speaking with them about money will help keep those doors of communication open, letting them know that you are there for them however they may need the help, both now and in the future.
For your consideration:
Grade 4/5 Musical: Congratulations to the grade 4 and 5 students who were involved in this year’s musical, Madagascar. It was a resounding success, and students should be very proud of both their efforts and the final product. A big thank you to the numerous parents who helped in many ways (props, rehearsing at home, etc.), the supporting Teaching staff who helped with some technical components this year (M. James, Mme. Mysyk), and the core group that helped student with the preparation, since October, being Mme. Wensley, Mme. Heather and M. Jones: your volunteered time was critical in making this happen!
Used books: Please consider saving any used books that you may be looking to remove from your home, for our grade 5 students, who will be sending home a notice soon about an initiative they will be undertaking. Thank you!
Biking to school: If your child will be biking to school in these warmer months, please remind them about safe biking habits; it’s been a while since many have been on the road! Also, thefts occur in the area; please ensure that your child is able to lock their bicycles to the racks for added security.
Grade 1/2 Clubs: We have had our first week of running clubs; we hope that your child is enjoying these opportunities!
Outdoor Time: We encourage all students to come to school prepared for outdoor time, whether that be for rain or shine. We will occasionally be having students eat outdoors in May and June, and outdoor learning on school grounds and at West Confederation park becomes more frequent.
Spirit/Theme Day: Our next Theme/Spirit Day will take place on Thursday, May 28th. This month’s theme will be, “Class Colours”. For this day, classes will choose a particular colour as the theme...some classes will also include a SHAPE as a theme—triangles, rectangular prisms, etc.—to use in addition to the colour. Details to come from your child’s teacher!
Upcoming dates:
May 4-28: Grade 1-2 Clubs
May 4-15: Lacrosse Residency
May 11-29: K-3 Provincial Assessment administration window
May 11: Anita Crowshoe, Knowledge Keeper, on site, working with select classes
May 13: Jump Rope for Heart Kickoff
May 15: Non-instructional day, no school for students (staff being recertified with First Aid)
May 18: Victoria Day, School Closed
May 28: Theme/Spirit Day: Class Colours
June 1: Anita Crowshoe, Knowledge Keeper, on site, working with select classes
Wishing everyone a wonderful weekend,
Ryan Turner
Principal, Banff Trail School