RSS FeedTeaching your children about money is an important job for parents, but not always necessarily a fun one. However, this is a lesson that will last for your children’s lifetimes, and even affect your children’s children, so it’s important to get started.
But, it’s summer! There are plenty of ways to make learning financial lessons fun and entertaining.
Use your library for good stories that include a financial lesson.
Read them aloud to your children, or let them explore the books individually.
- The TD Bank website has a list of great books for kids from kindergarten to eighth grade, by recognizable authors. Many should be available at your library.
- The Hawaii State Public Library system has a very fun summer reading program starting May 31—read more details here. Encouraging the love of reading and literacy is a big part of learning to be financially knowledgeable and responsible.
- U.S. News & World Report also has a good list of children’s books that contain financial lessons here.
- Ask for suggestions in the children’s library section.
Draw on familiar characters from television and games:
- Nickelodeon’s Nick Jr. has a fun list of money games to play with your kids here.
- Savings Spree is a game app that also teaches lessons about money decisions.
- Other iPad, iPhone, or iPod games and apps include:
- Kid’s Money, a savings calculator.
- Roosterbank tracks spending and pocket money with games and more.
- Celebrity Calamity helps players learn about debit and credit cards by managing a budget for a clueless celebrity.
- Star Banks, from T.Rowe Price, helps kids learn smart saving and spending habits.
Don’t forget board games:
Board games are enjoying a resurgence in popularity; don’t be afraid your kids will think you are hopelessly old-fashioned!
- Pull out old favorites like: Monopoly, Life, Payday.
- Newer games include: The Allowance Game, Millionaire Maker, Puerto Rico, The Farming Game, Wise Money, and Awesome Island.
Go online for inspiration, activities, and more games:
- Money Confident Kids, from T. Rowe Price.
- Financial Peace Junior, from Dave Ramsey, is an entire kit that teaches your children that money comes from work, and about the importance of giving, saving, and spending.
- Fun for Kids, from TheMint.com, offers games, calculators, quizzes, and education on money basics.
- Money Smart for Young People, put together by the FDIC, includes programs for all age groups.
Put it into practice:
- Start your child on an allowance: Have discussions about how much your child can buy with their allowance, and the value of their purchase. Now is a good time to begin working on the concept of saving, and also allocating or budgeting. Try establishing an allowance just for the summer, or for the family vacation. Your children can be in charge of their own money for a short, experimental period of time, and you’ll have more of chance to help them with their decisions.
- Have your child be in charge of checking the change you receive back from purchases.
- Explain some of your purchase decisions, and what your financial priorities are—as an individual, and for the family.
- If your child is older, go with them to the bank and help them open a savings account, and then show them how to make deposits into it.
- A prepaid debit card is another way to get your children used to handling their own money. Give your child a prepaid card for a modest amount, and give them a time limit for which that money has to last (for the month, for the summer, for vacation, or through the rest of the year). This is a good tool for learning how to budget and make purchasing decisions. Review your child’s progress and help them through any rough spots. At PayDayHawaii you can get a prepaid debit card for any amount.
As your child grows up, you can start teaching him more complex issues about money, and how he can handle it—especially if he is making his own money. Make a good start this summer!
Questions? Just stop by one of our convenient locations, and speak to one of our friendly associates.
