Teaching Kids About Money
As soon as the kids were born, I said, OK, it’s my responsibility to make sure they understand the value of a dollar, how to save, invest, and spend — something I wish I had a bit more education about way before my 30s!! — but I must admit, teaching kids about money is not as easy as it sounds, and probably why my folks and many other parents have a go at it (if anything just the basics), but then let it slip, as holding their attention on what could be a rather dry topic is quite the challenge — I typically here, “it’s boring”, and then I’m shut out. So I tried a few “teach kids about money” games with limited success, so I could not be more excited about this FIscovery found at the Be Net Worthy blog.
Two fantastic posts about teaching kids the value of money and what to do with their money — I only wish I found something like this many years back but fortunately the kids are still young enough that this is a homerun.
The first post lays out a simple three point strategy that teaches kids the value of money –
- Revenue for Kids
- How to Allocate Money
- Spending Their Money
Read this article on Be Net Worthy.
Which they then followed up with a post that teaches kids what to do with their money –
- Saving and investing (with a side note about investing)
- Kids accounts
- Teen accounts
- Spending
- Lessons learned
Read this article on Be Net Worthy.
I am excited to give it a go, finally something practical that just may work, but more importantly, teach them what they need to know about money basics so they don’t end up like me in 40 years (hopefully by then they will have achieved financial independence)!