As parents, we set the grounds for our children’s future. So, a great deal of responsibility is up to us. Therefore, if we wish for them to have a solid future and be able to deal with life challenges that come along the way, we shouldn’t take risks and let them pick things up along the way. On the contrary, teaching your little ones about finances, obligations, and responsibilities early on will most likely set them off on a good path. This way, they will become more independent and won’t experience a shock once they’re in charge of their own lives and finances. However, you needn’t worry. We’ve compiled a list of fun ways to teach your kids about money that will make the process creative and adventurous for all parties!
The list of fun ways to teach kids about money
Life circumstances are pretty unexpected, to say at least. And taking care of our family’s financial well-being is a crucial part of living a happy life. Therefore, we should set an example so kids can learn daily without realising they’re learning. For instance, if you’re selling your home and moving, you can use this significant life opportunity to look into ways to save money while relocating and manage your finances overall.
Nevertheless, even though having independent, financially literate kids sounds like a dream, you must think, “Where do I start?” Firstly, bear in mind that this will be a long-term teaching process. Secondly, and more importantly, it won’t take a lot of effort and time, as some of the ideas we’ll share with you are pretty simple. If you wish to go extra, we have something in the store for you too. Let’s read about fun ways to teach your kids about money and help them get started.
Use a piggy bank or a clear glass jar to save
Having a piggy bank is good old saving advice for kids (and adults) of all ages. However, if you have a visual learner, it might be better to use a clear glass jar for savings. This way, they will witness their money growing. Also, don’t forget to talk them through the process. For example, yesterday, they had a pound and three fifty pence, and today, they have a pound, three fifty pence, and a five-pound note. Woohoo!
Give them a chance to earn some money.
If you see the spirit of entrepreneurship in your kid, don’t neglect it. On the contrary, help them out develop it even further. An easy way is to set up a lemonade stand during summer. Because let’s be honest, who can resist an adorable face offering them refreshment drinks?
If, on the other hand, you don’t live in a neighbourhood where this idea is doable, there are alternatives. For example, you can make a concession stand for a movie night with the family. In addition, selling food and drinks (for a reasonable price) from the comfort of their home with the people they love is a safe and fun way to integrate dealing with finances in their life.
Organise a saving contest
Another friendly way to motivate your child to save is to set a family saving contest with a deadline. The one who saves the most money is the winner.
While setting the contest’s rules, you should first identify how your child can earn money through some tasks and chores. Making a list together will improve the process, as your child will have a say in decision-making. Finally, you can let them choose the winning price. This can be a toy they’ve been begging you for a while or even additional money.
One of the fun ways to teach kids about money is to play shops
One of the more amusing ways for little kids is to pretend play. You can set up a play shop in the corner of your living room with a toy cash register and pretend money. This is the most basic way of learning through play. You can teach them the basics of pricing and adding up the costs.
Read children’s books and stories about money.
On those days when you want to avoid a lot of action, you can both enjoy reading some children’s books with money topics. Some of our top picks are:
- One Cent, Two Cents, Old Cent, New Cent: All About Money by Bonnie Worth
- A Dollar, A Penny, How Much, and How Many by Brian P. Cleary
- The Coin Counting Book by Rozanne Lanczak Williams
- You Can’t Buy a Dinosaur with a Dime by Harriet Ziefert
- Pigs Will Be Pigs: Fun with Math and Money by Amy Axelrod
Play games and use the calculator
A simple way with school-age kids is to bring a calculator when you go to the shop. They can add in the prices of the items you choose, and they’ll keep you informed of the overall cost. Along the way, make sure you comment on the prices and have a discussion.
Furthermore, this is also a way of helping your kids enjoy school and math, as they’ll be familiar with the basics of adding and subtracting.
Alternatively, you can play money board games, money bingo, coin sorting, money memory games, flip the coin, and similar games to help your little ones learn through play.
Use apps for money
Ultimately, as we live in a technology era, we shouldn’t neglect the existence of online apps and resources that can help our children become financially literate. Apart from online cash register/shop games, you can look up some of the following resources.
- Zogo (an online app for older kids aged 10-25)
- Greenlight (a Mastercard debit card and app for kids of all ages)
- Money with Mac and G (audiobooks for teens)
- BizKid$ (online resources for middle and high schoolers on financial topics)
- Comic Books by the Federal Reserve Bank of New York (free comics for middle and high schoolers that explain what the economy is)
The takeaway from fun ways to teach your kids about money
Helping our children learn about finances is as important as learning a second language. Luckily, there are fun ways to teach your kids about money and set them off to be responsible with their spending. And the best part is, it doesn’t have to be complicated, as you could’ve seen from our examples. Happy learning!
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