When should we start teaching our kids about money?
At very young ages, they seem to be awfully good at wanting to spend it!
YesKidzCan!’s Co-Founder Julie has two boys ages 7 and 9. She and her husband feel strongly that if their kids want to spend money so badly, they should not only learn about spending it responsibly, but they should also appreciate saving and donating it! When the boys were ages 6 and 8, they came up with an approach to teach them how to make thoughtful and personal choices with their allowance.
Here’s what they did to foster financial responsibility, awareness, and generosity in their house:
- First, the spending piece. They took their boys to the store so each could pick out their own wallet for money they can spend.
- Second, they each designed a “savings box” for money that will be kept for big-ticket items or the future.
- Third, the boys decorated a “giving jar” for money that will be donated. They captured this fun project on video!
They spent time discussing the purpose and meaning behind each container, and also created a “matching savings program.” Whenever the kids place money in the savings box, the boys understand that mom and dad will match it dollar for dollar. They decided that the kids cannot touch their savings until after college. On allowance payment days, the boys take out their jar, box, and wallet and they give them the payment in crisp one-dollar bills. They watch as they choose how much money to put in each container without any coaching or coaxing.
To bring together the entire concept, they set up a family craft project. They purchased a canvas and, working together, created a painting about the spend/save/give concept. The painting hangs in their upstairs hallway in a spot that the boys regularly see as they race up and down the stairs. The painting has literally added color and life to a topic that can sometimes cause kids to glaze over.
Parenting seems a little easier when fun and creativity are added to the mix! Think of how much of a kick kids get out of learning fun synonyms for “money.” Try using words like: dough, cash, bucks, or moolah.
How about giving our kids equally fun ways to learn about finances?
Why not make “spend, save, give” part of your family time?
This article was written by Lisa Novick, Co-Founder, www.YesKidzCan.com, the place that provides grownups with resources to engage kids in giving back.
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