Teaching Kids About Money
With school starting I find myself constantly thinking about education. It is my opinion that there is simply not enough financial education in the public school system today. So, at least for now, it is up to us to teach the next generation not to make the same mistakes we did. Here are some fun ways to teach your kids to have a healthy relationship with money.
1. Start Young
As soon as your kids are old enough not to put money in their mouths (money truly is one of the dirtiest things out there), they are old enough to learn about money. Have them do coin and bill recognition games and making simple change. Make learning about money fun!
2. Help Them Achieve a Money Goal
Everyone has something that they want, sit down with your child and come up with a realistic goal for them to work towards. For little ones this might be a toy or game, for older kids it might be a day trip or electronic. Put a visual reminder on their wall of their goal along with a savings chart. Once they have saved enough to purchase their goal, go with them and help them make that special purchase. Your child will feel a sense of accomplishment that is priceless.
- Frugal Mama has some great free printable savings charts. Click Here to print off one for your child
3. Let Them Fall Down
Figuratively of course! Let your child make their own spending choices and inevitable mistakes. The consequences of a financial misstep will be much less now than when they are 20 or 30.
4. Want v/s Need
Teaching your children the difference between things they desire, and things that are critical, is a lesson that can not be overlooked. A great way to do this is when you are shopping for their fall school clothes. Before you leave home go through their wardrobe together and figure out what the priorities are. Do they have shoes or a winter coat that fits? When you are in the store remind them that brand name jeans are a want, but shoes that fit are a need and compromises have to be made on wants when there are needs.
There are many resources, tips and ideas for teaching your kids about money out there. Here a some links to a few of my favourites:
Forbes: How to Raise Financially Savvy Kids Parents.com: Teaching Kids, Age by Age Globe and Mail: 6 Tips for Teaching Kids About Money