Creative Mamma » Teaching Kids about Money

On : Nov 4th, 2010

I’m pretty sure that the our little guy will be getting some money this coming Holiday season. I know he’s just 21 months old, but my husband and I have started formulating a game plan to teach the him the importance of using his money wisely.

Our financial game plan:

We have to teach the munchkin how to count. Right now, he recognizes his numbers, but doesn’t really understand the concept of counting yet.
Start introducing him to the concept of division – meaning, dividing his money into different parts: Share, Save, Spend. I know he’s really too young to grasp the this right now, but I figured, he’ll be happy to put coins into little coin boxes or maybe a piggy bank with different compartments.
Open a savings account.
Teach him the importance of saving before buying.
Explain how we use money – for grocery shopping, buying clothes, paying bills, etc.
Involve him in our financial meetings, so he can see how a budget works.

In reality, all these concepts are over his head right now, but there’s no harm in planning, right?

Do you have a financial tip to share?

in : Articles, Miscellaneous

Darla Anne

I think this is something important that we can d for our kids to get them ready for the real world. Especially before the credit card hounds come calling in college. We were kinda struggling with how but a friend told us about http://www.threejars.com and it has been really helpful. I think that the biggest thing is that because it is an online program the kids are into it more than when we would just try to show them stuff. They get to manage things on their own.