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Finance for Kids

Updated on March 10, 2010

Finance for Kids

 Here are some useful suggestions for parents to teach their children about money:

1.    Compensate your children for extraordinary effort, work or errand done, particularly if they do it without being told. Reward them for positive change in their behavior.

2.    Don’t reward with material things or money for being a member of the family or for doing what a child is supposed to do.

3.    Remember that every moment with your child is a teachable moment. For example, when driving to school, show them the prices on gas stations and explain why they change so often. Explain the prices using concepts of demand and supply.

4.    Take your children grocery shopping. While in a store, tell them they need to buy a cereal box, or some item. Give them money and tell them to pick one and to do it wisely.  If they can count money, ask them to complete the purchase transaction on their own. Discuss what they did right and what they can do better next time.

5.    Teach children the value of comparison shopping.

6.    Make use of coupons in their presence. Show them the value of buying in bulk, shopping at garage sales and flea markets.

7.    Take your children to the bank and open a savings account in their name and request an ATM card for them. Once you receive the card, show them how to deposit cash using an ATM. Once in a while, show them how cash is withdrawn. Ask them to keep a running total of their balance.

8.    When paying for a dinner at a restaurant, ask your children who will pay for the meal and how they should pay for the meal - via cash, check or credit card. Talk to them about pros and cons of using a credit card.

9.    Talk to children about identity theft and the importance of protecting personal information from strangers. This can be done while completing a school application form, writing a check or paying for toys in a toy store.

10.  Explain to your children that money is just a tool and they don’t need it to make them happy. It is a means to an end and not the ultimate goal in life. Teach them the values associated with sharing, recycling and caring for others and the environment.

Copyright 2010 Prakash L Dheeriya, PhD

Finance For Kidz Series

http://www.finance4kidz.com

 

 

Finance for Kids- Books for children

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Finance For Kidz: Volume 1: Wants & NeedsFinance For Kidz: Volume 2: Resources: Natural, Capital & HumanFinance For Kidz: Volume 3: Scarcity & ValueFinance For Kidz: Volume 4: ChoiceFinance For Kidz: Volume 5: Opportunity CostsFinance For Kidz: Volume 6: Goods & ServicesFinance For Kidz: Volume 7: Swapping (Exchanging) Finance For Kidz: Volume 8: Where Does Money Come From?Finance For Kidz: Volume 9: Spending, Saving & Sharing MoneyFinance For Kidz: Volume 10: Consumption & ProductionFinance For Kidz: Volume 11: MarketsFinance For Kidz: Volume 12: SavingsFinance For Kidz: Volume 13: Inflation & DeflationFinance For Kidz: Volume 14: BudgetingFinance For Kidz: Volume 15: Risk & ReturnFinance For Kidz: Volume 16: CreditFinance For Kidz: Volume 17: Managing a CheckbookFinance For Kidz: Volume 18: Starting a BusinessFinance For Kidz: Volume 19: Protecting Yourself FinanciallyFinance For Kidz: Volume 20: Money Management Tools
Finance For Kidz: Volume 1: Wants & Needs
Finance For Kidz: Volume 1: Wants & Needs
Finance For Kidz: Volume 2: Resources: Natural, Capital & Human
Finance For Kidz: Volume 2: Resources: Natural, Capital & Human
Finance For Kidz: Volume 3: Scarcity & Value
Finance For Kidz: Volume 3: Scarcity & Value
Finance For Kidz: Volume 4: Choice
Finance For Kidz: Volume 4: Choice
Finance For Kidz: Volume 5: Opportunity Costs
Finance For Kidz: Volume 5: Opportunity Costs
Finance For Kidz: Volume 6: Goods & Services
Finance For Kidz: Volume 6: Goods & Services
Finance For Kidz: Volume 7: Swapping (Exchanging)
Finance For Kidz: Volume 7: Swapping (Exchanging)
Finance For Kidz: Volume 8: Where Does Money Come From?
Finance For Kidz: Volume 8: Where Does Money Come From?
Finance For Kidz: Volume 9: Spending, Saving & Sharing Money
Finance For Kidz: Volume 9: Spending, Saving & Sharing Money
Finance For Kidz: Volume 10: Consumption & Production
Finance For Kidz: Volume 10: Consumption & Production
Finance For Kidz: Volume 11: Markets
Finance For Kidz: Volume 11: Markets
Finance For Kidz: Volume 12: Savings
Finance For Kidz: Volume 12: Savings
Finance For Kidz: Volume 13: Inflation & Deflation
Finance For Kidz: Volume 13: Inflation & Deflation
Finance For Kidz: Volume 14: Budgeting
Finance For Kidz: Volume 14: Budgeting
Finance For Kidz: Volume 15: Risk & Return
Finance For Kidz: Volume 15: Risk & Return
Finance For Kidz: Volume 16: Credit
Finance For Kidz: Volume 16: Credit
Finance For Kidz: Volume 17: Managing a Checkbook
Finance For Kidz: Volume 17: Managing a Checkbook
Finance For Kidz: Volume 18: Starting a Business
Finance For Kidz: Volume 18: Starting a Business
Finance For Kidz: Volume 19: Protecting Yourself Financially
Finance For Kidz: Volume 19: Protecting Yourself Financially
Finance For Kidz: Volume 20: Money Management Tools
Finance For Kidz: Volume 20: Money Management Tools

Children's books: Finance for Kids series

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