I can remember how exciting it was to get a coin to put in my piggy bank even if it was a penny. I would drop it in the slot and then shake my bank. The sound of all those coins in there made me think I was rich!
Fun Ways to Teach Your Kids About Money
The PolicyGenius website has a great article written by Hannah Horvath that has 50 fun ways to teach your kids about money. Ms. Horvath states that “your child has something to learn money-wise at every point in their life, from toddler to high schooler.
Here are just a few of her ideas about fun ways to teach your child about money.
- Start with a piggy bank or a clear glass jar. The anticipation of finally getting to break the bank is so enticing!
- Play money games such as Monopoly or Life. There are also interactive money games online. She suggests checking out Visa’s money games which are directed toward several different age groups.
- Set up a “three jar system”. Label one jar “Spend”, one “Save” and one “Donate”. When your child gets some money, let them decide where it goes.
- Use cash instead of plastic so your child can see that money is finite. Youngsters may not understand you are spending money when you swipe your card!
- Use commission, not allowance. Give them money for tasks completed so they will learn that money is earned, not given.
- Teach them the concept of compounding interest with pennies. Day one, give them a penny; then each day give them interest equaling the amount they already have. That means on day two you will give them one penny because that is what they already have. On day three you will give them two pennies and so on.
- For older kids, have them calculate the tip, read the business section of the newspaper, or talk to them about their cell phone bill!
There are so many more good suggestions for ways to teach your kids about money on this site. To get to it, click here.
United States Mint – H.I.P. Pocket Change Kids Site
This is an amazing site that teaches kids about our US coins. I watched one of the videos on it that showed how coins are made from start to finish – very informative and entertaining! There are also interactive games, tips about coin collecting, a coloring book and a section called “Coin Scout Badge”. To view this site, click here.
Resources for Youth
This is another government site that has games, fun activities, web sites, video games and information about saving money, using money and budgeting. The ideas are sorted into three categories: Kids, Parents and Kids and High School Youth. I think you will get a lot of good information and great ideas on this site. Click here to get to the site.
I hope you get a chance to check out these sites so you and your family can have fun learning about money!
– Becky Lynn is a writer for EllisDownHome.com. She and her husband Bob enjoy spending time with their 8 grandchildren and traveling. Becky loves cranking up the music and heading to the kitchen to try out new recipes or cook for an upcoming party. She is passionate about continuing to be a life-long learner!