25 Tips to Teach Your Child about Money (Part 1: Tips 1 to 12)

Creating money-savvy children is a topic that is a lot of parent minds those days. As today's economy moves up and down and social security is sounding more and more like a word from the past

Photo by: Alexander Dummer

Creating money-savvy children is a topic that is on parent minds those days. As today’s  economy moves up and down and social security is sounding more and more like a word from the past, it is important to parent that their children have the skills it will take to move forward in a future economy. I have listed a few helpful money learning tips to get you on the right path to teaching your children in fun and creative ways.

1. Start Now

No matter your child age you should start now. The sooner you start, the easier it will become.

2. Show Me

Show your child what you do with your money. Use real life opportunities to teach them money concepts like saving, giving and spending.

3. Let Me Budget

 

Have your child create his or her wish list of toys, clothes or whatever they like on a piece of paper. Plan ways for them to make money. Let them make purchases from their wish list with the money they earn.

4. Let Me Save

Have your child save at home in a clear jar and a local bank. As they watch their money grow in the clear jar, you will notice that they will get excited about the saving process.

5. Let Me Pay

As you wait in the line at the grocery store, let your children help you unload the cart and give them the money to pay to the cashier. Letting them pay gives a better understanding of what things cost.

6. Watch It Grow

As stated in tip 4 put the money in a clear jar. The reason for that is because kids like to watch their money grow. It becomes a game to the children to see how fast they can make they money grow. They will be little savers before you know it.

7. Have Their Account

Once their clear jar is full or close to full with money, let them take the clear jar to the bank. Make this trip to the bank fun. Make the whole event a game and be over animated. If your bank has a change machine, let your child put the money in the machine their self.

8. Write a Paper Check

Kids as young as eight years old should be about to write a check. At least they need to understand what to write in each field and what a routing number and account number is.

9. Make It Digital

We are in an age of technology. One of the easier ways to teach your child is by letting them see their transactions on a phone, tablet or computer. Children today have no problem handling technology and banking this way will be natural to him or her.

10. Read Some Books

There are now more and more books out there that teach children about money. Gone are the days of using aged book that doesn’t relate to today’s culture. For new age books with money, lessons visit MyLittleBanker.com

11. Play Bank

Your children already play classroom, cops and robbers, and doctor. Why not let them play bank teller and customer. There is cheap paper money at dollar stores that can be used in place of real money. They can make deposits and withdraws and even fill out checks and bank slips.

12. Play Store

After playing bank, children can play store. It can be whatever type of store they want. They can pretend to spend some of the money they got from the bank and make small purchases.

I hope this information was helpful.  If you like this post feel free to share on social media or leave your comments below.

Tips 13 to 25 click here.

Comments

  1. Great tips! I love the part where they can watch their money grow in a clear jar. We have tried some of these already and will continue to implement your strategies. Thank you.

  2. We love to play store with our fake cash register. We also have our kids pay for things in the store and we get better customer service since they are cute. Great tips and advice for raising money savvy kids!!

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