Growing up financially smart
Ideas for teaching your children about money
There is a great benefit in teaching children about money from an early age. Here are some fun activities and ideas that can teach your children to help them grow up financially smart.
Use a clear plastic container to store their money in so they can see it grow rather than a piggy bank that you can't see the money inside.
Use cash instead of cards so your child can see the value of money. Allow your child to pay for items and receive the change.
Play shop with fake money at home. (Access our free printable below)
Play some board games - Game of Life and Monopoly are two great ones that introduce the concept of money.
Introduce job roles at home - "Family jobs" are unpaid to help the family but "earning jobs' receive a monetary value. Hold your children accountable for their jobs. Get involved in school banking.
Introduce the spend, save, share concept with their money. Spend 70%, Save 20% and Share 10%. Spend - goes towards something they want | Save - goes into their savings account | Share - goes to a charity of their choice (Access our free printable for this activity below)
Introduce the idea of saving for a large item. Use a printable goal savings chart and introduce the concept of compound interest. (Access our free printable goal saving chart below)
Take your child comparison shopping.
Introduce the idea of budgeting. Give your child $30 to buy the family lunch. They can choose what they want as long as they don't spend over their budget. Allow them to shop for the items with you and pay for them.
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