Money and kids. It's a BIG topic. And we aren't experts on money or finances, are we? Trying to explain how much tomatoes cost or how your paycheck goes to pay for food or clothes or gas or why she can't have everything she sees on TV when we ourselves struggle with financial issues (or get a rapid heart rate when we open the bills or look at the bank account) could make us want to avoid discussing anything at all to do with money with our little ones.
But, getting your kids used to how money works and practicing making wise purchasing choices, fostering that healthy relationship with money and savings can actually help you on your quest for a strong family piggy bank. Going over the basics and foundations of finances will help you tune into what's important - and it can be a little fun too. An easy way to engage your kids on money matters is to play some games. Really. Check it out. Bet you've never had this much fun with money before.
-- Break out the board games. The new version of Life, now called The Game of Life Twists and Turns, is a fantastic way to get your kids thinking about how everyday living and events are impacted by money (or the lack of it).
-- Play "store." A good one for little and big kids. Set up a store in your home. Switch off roles of being the shopper or the shopkeeper. Have them make tags for how much things cost, pretend money, and the like. Practicing using money to purchase something, maybe not having enough for everything they want, it all illuminates the "want versus need" element to spending moolah. It is a fun roleplaying lesson for little ones, while a great math lesson and introduction to the world of finances for the big kids.
-- The Estimation Game. We use estimation every time we shop, figuring out totals to see if we will stay within budget or go over, how much a discount may result in, and so on. Just estimate things around the house: how many stuffed animals are in that cubby, how much did you spent on the groceries, how many pickles are in the jar.
-- Get a cool money game app. The Count Money app is a great introduction to money. You learn what each coin is worth and practice counting the amount of change on the screen. A fun and easy tool for you to teach kids who just starting to be aware of money's worth.
How you teach money lessons to your kids? Share your best tips here!
©iStockphoto.com/happymoron
My kids are older now, but we used to play Monopoly a lot, or Life. They had play money. Many times I'd have them help me shop, including making a grocery list, figuring prices, even paying at the checkout. When they were given birthday money, our rule was 10% savings, 10% tithe, and they could choose whether to spend or save the rest. If they spent it all right away and wanted something else later, we'd emphasize that their choice was to satisfy an immediate craving over saving to get what they wanted. They are aware of our budget and what we do to make ends meet (gardening, living frugally, etc.) and are expected to do their part.
Playing store was fun. I like the estimation idea, although I haven't used it.
Monthly expenses
- HeatherNYC
on Jul. 23, 2012 at 12:00 AM