Five Ways to Teach Your Kids About Money
Make Learning About Money Fun
1. TAKE FIELD TRIPS... The best way for your child(ren) to learn about money is to go with you to the bank. Don't just drive through the drive through, let them experience what it's like to deposit a check. Let them open an account, many banks offer young savers accounts.
Teach them how to make a deposit slip out. When they want to take money out of their accounts, teach them how. If they save up a dollar in change, let them take it into the bank to trade it in for a dollar bill. Kids absolutely love doing this and feeling in charge of their own money.
2. PLAY GAMES... There are many money games out there. A favorite is Monopoly. It's fun for kids because they have fun buying houses and hotels. They learn how to save to get what they want. As well as how to count money. For younger children Monopoly Junior is a ton of fun !
Save Money
Teach Children to Save Money
3. SAVE UP... Make a goal as a family to save up for something everyone wants to do. Like going to a favorite restaurant, vacation, or the fair. Then have everyone help save up change or dollars. This makes kids feel like part of the process and teaches them how to save for something they really want. In today's microwave society, it's good to teach children to work and save for what they really want.
4. BE THE EXAMPLE... Don't be afraid to talk about finances in front of your children. It's good to include kids in discussions about family finances. This will help them learn about different topics that can arise.
5. START A BUSINESS... Encourage children to start their own business. Most kids want to make money, so encourage them and find different things that may interest them. A lot of kids like doing lemonade stands, or going around the neighborhood and raking or picking up branches. Babysitting is another popular way to make money. There are many, many options but teaching kids what it entails to run a business is a great experience !
