Fiscal Assured
For many kids, what they see is easier to comprehend than numbers on a page. Use that to your advantage in teaching them about saving with products like the Money Savvy Pig. This modern piggy bank contains 4 different slots for kids’ coins and bills: Save, Spend, Donate & Invest. A transparent body helps them see what they’ve contributed to each area, starting them thinking about where they’re cash is going.
Digital Age
Check out DoughMain.com, a website devoted to creating games and tools for kids and families to learn about proper money management. DoughMain’s Fun Vault contains a range of money games specifically designed for kids of different age groups that help them master important skills. Meanwhile, the site’s family organizer tools make it easier to schedule chores and other contributions to the household.
Spare Change
An allowance is a traditional and potentially powerfully effective way to let your kids gain important financial experience from a young age. Consistency is key. As such, allowances should be delivered regularly and on time, comprised of either a gift or tied into performing chores or other duties — just make sure not to use it as a reward against bad behavior. For things you provide, have your kids participate in making a smart budget.
Good Example
Make sure kids see and understand how you handle your own money. Explain the guidelines you apply when shopping or paying bills. Using cash during transactions where children are present can be helpful, providing a more concrete basis for what it means to buy than swiping a credit card. As kids get older, make sure they understand concepts such as debt, interest rates and insurance by cluing them in on your decisions.
