You are reading this page because you want to find more information on how to teach kids about money. You will probably agree with me that these days, schools all around the country and the world have been lacking the commitment or expertise to educate our children. I find this deeply disturbing and want to create a better way for our kids to learn about this.
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Many families give an amount, starting in kindergarten or first grade, based on their child’s age — for example, $1 a week for each year, so a 12-year-old would get $12 a week. You may want to ask around the neighborhood to find the going rate where you live.
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Parents, who do you think your 15-year-old will listen to: her grandmother, who cautions her to put her Christmas money in a savings account, or that seductive vampire Edward Cullen, exhorting her to spend, spend, spend?
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The Money Belt is your gateway to financial learning. Here, you can build your knowledge and confidence in handling finances and situations involving decisions about money. It’s the place to get practical tips and test what you know — and don’t know — about managing money without the risks and consequences you would encounter in real life.
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Teach them about budgeting their money—even if they only get a few dollars a week, children can list things they want to do with their money and whether they have the money to get those things. For example, say your child wants to put some money into savings, or buy a toy or a new pair of jeans. Sit down with them and help them a few times to budget, or project how much that particular item will be, and then determine if they have the money, or how much money they need to save in order to get it. Once they know about budgeting their money, it will become easier to manage their money in the future.
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Teach them one principal at a time—if you bombard them with everything all at once, they will only be confused. We can’t expect them to be awesome money managers overnight. It takes time. Once a month, teach them one principal about money. For example, this month, you can teach them about budgeting their money. The next month could be about having a savings account, and so forth. If you teach line-by-line, precept-by precept, they will absorb more of the lesson. No one wants to be preached to.
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Up until a couple of years ago, being financially literate was a skill needed for “later in life.” Nowadays, things have drastically changed. The number of financial literacy classes is multiplying and money management classes are taught to students as early as grammar school.
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