Summer is here and with it more free time and activity. School may be out but it doesn’t have to mean that learning stops. There are many opportunities to learn from daily life experiences, especially related to finances, that can be helpful to adults and children alike.

Seize the Daily Lesson

Reading, writing and math are taught during the school day, but it’s up to parents to teach children the dollars and cents of their finances. Every day has opportunities for conversation and action, teaching moments that set the stage for a successful life. Here are some possibilities:

Teach Good Habits

The many options for summer fun and spending make it a natural time to help children understand how to manage money and operate within limits. Rather than serving as a "bank" dispersing funds for every whim, consider paying your child a weekly allowance to cover discretionary spending. Agree to divide each allowance into portions labeled "save," "spend," "give" and "invest," and explain parameters for each category to help them understand how income should be allocated. Having a systematic "payday" at the same time every week will encourage discipline in managing money. Younger children may enjoy decorating or labeling jars to hold their money and watch it accumulate, while older youth could simply use separate accounts.

Plan and Follow a Budget

Planning a party or a home improvement project? Involve children in the process and show them how things work. They can see how you decide your plan, estimate costs, comparison shop for supplies and track your budget. Once they understand numbers, even small children can participate. Ask them to decide whether the price of an item is more or less than a budget number, use the calculator to add up items as you shop, or handle their own small project. While gardening, for example, give your child a small budget to choose and buy flowers to plant in a designated area while you complete the rest of your project. They can learn to spend within their means, feel empowered by making decisions and see the effort and satisfaction of making something grow.

Run a Business

From lemonade stands and garage sales to lawn mowing, summer is filled with business opportunities that help young entrepreneurs understand the steps to creating and selling a product or service. Financial management is essential, of course, so be sure that children account for expenses as well as income and understand there are costs to any endeavor. Reinforce that any profits should be allocated to "save," "spend," "give" and "invest."

Keep a Job

A teenager’s first summer job is a good chance to offer guidance on what employers expect. Punctuality, proper attire, listening skills and good communication are important for all employees. Summer work also may involve collaborating with people of various ages, so pointers about attentiveness and teamwork can be helpful. Don’t overlook the chance to explain financial documents and processes that are new to teens, such as the information on their paycheck stub, payroll and government withholding, and options for direct deposit into their bank account.

Learn From Role Models

Make the most of visits with grandparents, family and friends by asking them about the financial strategies that worked best for them. Their memorable stories will be recalled for years to come as they reinforce the importance of financial responsibility and commitment. Remember that parents are a child’s first role models – your children are likely to adopt much of their financial behavior from you.

Set and Save for Goals

Take every opportunity to explain your goals to your children and encourage them to set some of their own. Saving for a special event or end-of-summer reward will give them first-hand experience in delaying gratification with a goal in mind. Encourage older children to use a savings calculator to estimate how long they might need to accumulate funds for big-ticket items.

Understand Banking and Personal Finance

From using a savings account to balancing a checking account, using credit and paying bills, everyone needs a fundamental knowledge of personal finance. Take advantage of the various resources available and introduce them to your children, as appropriate, from an early age. Information for children of all ages, teenagers, parents and teachers is available at www.themint.org.