It seems that I am experiencing the cliche about how fast your kids grow up. I think with my oldest, I did not “mourn” her growing up because I had two little ones at home. When Chelsea was in college, I had one in 3rd grade and one in Kindergarten, so I was not as acutely aware of her reaching adulthood. Caitlin is almost 15 and we have broken down and let her have a fun with limited minutes and features. I decided it was time to open the subject of money management and why it is so important. My mom did not have this talk with my sister and I and we were completely unprepared for being smart about money. Here are some really solid tips to help you teach your kids how to handle money and it isn’t too early to start!
- Start Talking: The best way to being the lessons about money management is to talk to your kids about it. Ask them questions to determine where they are on the subject and then encourage them to ask you questions. Find opportunities to talk about money like going shopping or to the bank or ATM.
- Giving: Encourage your kids to give money to others when they have the chance. This may be as simple as dropping a few coins in the Salvation Army kettle or giving to a favorite cause like the Humane Society.
- Allowance: The best way to teach kids about money is with real world responsibility. Once kids earn an allowance, they can now save for an item they are dying to have instead of relying on you to buy it for them.
- Open A Savings Account: Most banks will allow kids to open their own savings account with a parent’s signature. This is a great way to let your kids see what a bank does and what they do with their money.
- Create A System: If you are not ready for the bank, set up a money system at home. You just need a few simple items to get your kids ready to start. All you need is one container of each: saving, spending and giving and the percentages each should get. The Money Mammals is a cute way to teach your kids about money which helps them learn and have fun doing it.
Fun Ways To Teach Kids About Money
Coming up on February 25-March 2, America Saves Week begins, so it is a perfect time to get your kids to start learning about saving money. The 3 jar system, which is used for saving, spending and giving, is a way that kids can see how their money is growing. By using 3 clear jars which are labeled, your kids can instantly see how much money is stacking up on their jars. John Lanza started The Money Mammals and with the simple system, parents can use the fun ways to teach kids about money. I was sent The Money Mammals Money Kit For Your Family which includes the jars, as well a a DVD, a book called Joe the Monkey Saves for a Goal and as well as a CD. Henry really liked the book and thought Joe the Monkey was hilarious and he got a huge kick out of putting his money into his jars where he learned to “Share & Save & Spend Smart Too”. I like the simplicity of the system together with the likable characters and how relateable they are to kids. I think they have a huge part to play in the success of kids being so interested in the program. You can purchase the kit online at the Money Mammals website for $39.99, but you can also buy the jars, books, and CD’s separately as well.