Take Time to Teach Your Kids About Money
If you’re like most parents working remotely, you now find yourself in dual roles – part employee and part teacher – as you help your kids with schoolwork. Even if you have homeschool packets or online resources, it can be a daunting task to tackle homeschooling.
If you’re looking for ways to supplement your kids’ learning and keep them busy, we can help! We’ve compiled some great resources and tips for teaching your kids about money – no matter their age.
It’s never too soon to begin teaching your kids about money. Grab a handful of change and some dollar bills, or search for printable money and coins online. Teach them the value of each coin and bill. Practice using five pennies to make a nickel, and four quarters to make a dollar.
These concepts may seem beyond their comprehension, but you might be surprised how much they remember! Interactive activities are more fun and will help them retain what they are learning.
Create a budget worksheet with simplified dollar amounts. For example, give them a budget of $100 per month and then outline expenses for things like rent, phone, utilities, groceries, eating out, and fun activities. Have your students choose how they will spend their $100 for the month and explain to you why they made certain choices.
Once they’re done, challenge them to consider how their choices would change if they could split bills with a roommate. Create a list of long-term goals with associated expenses and have them figure out how long they’d have to save to reach each goal.
Then find a way to tie this activity back to your household budget. This will help your kids learn at a young age that money isn’t unlimited and that sometimes we have to make sacrifices to meet responsibilities.
Preteens and High school-aged Children
Have your kids walk through a real-life scenario. Dream big with them as they think about a career, college and where they want to live. Help them search online for average salaries for their career choice, cost of living, and how much other things cost.
Encourage them to create a budget based on their goals. Once they’re done, challenge them with scenarios like a flat tire, doctor bill or other unexpected expense. Are they prepared for the unexpected? How can they change their budget to be more prepared financially?
Take each of these activities one step further by giving your kids ways to earn money. Create a job board with a list of age-appropriate household chores and how much they can earn for each task. At the end of the week, sit down together and add up how much they earned.
Look at the prices of things they want to buy with their money and help set savings goals. This will give them an even deeper understanding of the value of money as they work toward something they really want.