Did you know that April is National Financial Literacy Month? Now that tax season is over for the adults in your family, why not devote some time to starting your children on the path toward a financially responsible future? Here are a few ideas and suggested resources for teaching kids about money:
Reinforce money-counting skills with play.
For very young children just beginning to grasp the concept of money, play-acting a trip to the grocery store or shopping mall, complete with shopping bags and pretend money, makes a great way to practice counting money or making change. A wide variety of colorful money worksheets can also be found online to reinforce these skills.
Turn grocery shopping into a learning experience.
Equip kids with calculators, pencils, and notepads, and turn your trip to the market into a lesson in comparison shopping. As you shop, ask them to calculate the difference in cost between various brands and advise you on which ones you should purchase. Make sure they jot down the amount saved for each item. Afterward, add up how much money they helped you save—and let them select a special treat as a reward.
Encourage careful money management.
Whether your child receives money from an allowance, birthday gift, or job, it’s a smart idea to teach him or her to keep track of it! Consider encouraging (or even requiring) your child to save a portion of his or her money, too.
- Teach younger children to set aside part of ...