Let’s talk about money!
Say that to a group of kids and you are likely to be met with cheers. Children are known to be quite curious about how money works and how they can get their hands on some of that green.
But let’s face it: talking about money can be inherently boring (unless you are the one that has an abundance of it). This especially applies to young kids who don’t quite yet have a grasp on the complex world of money and finance.
Introducing kids to the concept of money, budgeting, and how it fits into running a business is a critical life skill, in particular for kidpreneurs! This will help them make wise and sound decisions about managing money.
Don’t rely on the old “money doesn’t grow on trees” adage to be sufficient enough of a lesson for youth. Kids thrive on learning the history and system of currency but also benefit from knowing techniques for how they can earn, save, and create MORE of it.
So how can you amp up your game when it comes to teaching your kidpreneur how to responsibly manage money?
Check out these ideas and resources for engaging and relevant ways to get your kid excited about the ins and outs of finances.
A good, reliable piggy bank is still a rite of passage for most kids. The satisfying “clinking” sound of coins falling atop each other is an instant pick-me-up for most any kid. Piggy banks provide a secure, consistent place for children to toss extra change into and showcase how quickly money really can add up.
But piggy banks have a come a long way from the days of the fragile, ceramic creations shaped after their namesake. Now, there are electronic piggy banks on the market that automatically calculate the amount of money saved. To encourage the concept of saving, some piggy banks come with separate compartments for “saving”, “spending”, and “sharing”, which helps kids visually explore the different options they have with saving money.
Numerous banks also offer various options for savings accounts geared towards children. These kinds of accounts are a great way to discuss with your child how to responsibly manage money. Most kids enjoy viewing their bank statement, seeing how they can deposit, withdraw, and transfer money, and learning about interest.
Features of savings accounts include competitive interest rates, ability to structure the account into certain “buckets” for saving and spending, online financial educational resources, and mobile access via apps. Some accounts even offer special incentives such as bonuses when the child turns 18 years of age.
Another options is to open a custodial savings account, which is one in which the parent manages it and then gifts their child with the savings once they are of age. The advantage is that some of these institutions offer features akin to “spare change” programs, where they automatically round up every purchase and deposit that amount into a savings account. Even if it’s 50 cents at a time, this can be a unique way to save money without “feeling the burn”.
Technology has transformed the way we do life, do business, and certainly how we spend and save money. I’m not sure kids these days will ever have to deal with the clunkiness of writing checks and balancing a check register!
The vast amount of apps dedicated to banking, finance, and budgeting can be overwhelming at first. Many are geared towards kids and parents and can be an awesome, interactive way to engage kids in money lessons.
Available apps includes ones that, as previously mentioned, “round up” change from purchases and deposit into an account. There are apps that can be used to set and track savings goals, such as saving for a big purchase, a vacation, a first car, or college. These apps use the power of technology to help encourage kids in their goals and provide tips to help them meet those goals.
There are a few apps that come with a debit card attached that are specifically marketed and designed for kids. These debit cards are connected to an app that allows the parent to have access and control over how much their child spends and even what they spend it on (settings can be changed per the parent). Another cool feature is that these apps even have the built-in capability to automatically transfer a scheduled allotment to a savings or allowance account for the child.
Finally, there are plenty of budgeting apps that are geared towards kids and can help them visually understand the dynamics of money as well as learn new terminology. Especially useful for teens new to managing money, budgeting apps can track and monitor where their money is going and how it’s being spent.
Less hassle is always a good thing!
Never underestimate the power of a good family game night. The great news is that there are fun and educational board games available that teach kids to take charge of their personal finances and learn financial literacy. All while bringing fun and competition to the table!
Ranging from the traditional games such as Monopoly and Payday, to newer and more modern games, these are designed to encourage participation from the entire family. Some of the games even introduce children to the ideas of investing and real estate, as well as giving and good citizenship.
With board games like these, you can combine the benefit of family connection with fiscal responsibility.
And an extra bonus? They make a great gift for kids of all ages!
Hey, nothing will ever replace the experience and feel of a well-loved book in your hands. Of course, with the widespread adoption of websites such as Amazon (remember when it was solely a book purchasing website?), books are available at the click of a button. Have educational reads about finances and money delivered right to your doorstep or to your tablet in minutes. There is no shortage of in-depth books and online resources directed at both teaching children about money and specifically written with kids in mind.
Of course, we happend to write a few of those award-winning books ourselves. Inspired by what we wished we would have had access to as children, my brother and I wrote “Kidpreneurs” as well as “Starting Your Own Business: Become an Entrepreneur”. Both are available online as well as through our website.
And don’t forget: we offer our “Kidpreneurs” book to you with free shipping and tracking.
Be sure to click on over to our website to order your copy for more helpful ways in which you can encourage and guide your kidpreneur to success.
Have fun teaching your kids that money isn’t something that has to be boring or scary but that can empower them to make their dreams come true!
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