How to Teach Children About Money Management

Kids and Money Management

Crafty Ways to Teach Your Children to Save, Spend and Give

 

Teaching children about money management is an amazing gift a parent can give.  Make it fun and creative for a win-win!  Starting around age three, a child can start to grasp the concept of allowance.  This is NOT money we just give them.  They must actually do something to earn it.  The seeds you’re planting are work ethic, responsibility and persistency.  Who wouldn’t want their children to learn those big three lessons?  This is where it all begins.  Let your child know that you’d really love some help around the house and that they can earn some money by helping out.  That money can be set aside in one container for fun things like toys and games.  A portion of it will be put in a container and saved for something they want in the future.  Help them think of ideas as what that may be.  Maybe it’s a more expensive toy or a trip to the Zoo.  The last part will be put into a container to be given to other people who need it.  Just like sharing toys, it’s important to share money with others who need it.  Help them picture the place the money would go.  Maybe it’s a food bank, a religious organization or an animal rescue organization.  By helping your child visualize what the money in each container will be used for, it gives them a clearer motivation for earning the money and saving it.

Should Allowance be Tied to Chores?

Chores for Kids - Girl holding folded towels

Do you expect your kids to do chores to earn allowance?

 

by Kerrie McLoughlin

The word “allowance” might conjure up images of trust-fund kids and seems to hint at getting paid to do nothing. Poll a few of your friends about whether or not kids should get an allowance, and you’ll hear all sorts of answers. I’ve found there are several different camps on this issue, including those who believe kids should:

  1. do chores because they get a place to sleep and food to eat
  2. be paid by the chore to learn the value of working for money
  3. receive a set amount of money every week to do chores as needed or
  4. be paid an allowance to learn how to manage money

Pre-Reading Activity: Building a Word Family

Word Family - Games for Kids

Guest post from Kristina at Kidsactivitiesblog.com

Learning to build a word family is an important pre-reading activity.  Turn learning into a fun game for kids by letting your child use some colorful sticky notes!

I  have been doing a lot of activities with my son to help us focus on some Back to School Basics skills. We’ve been working on simple pre-kinder and kindergarten level math, writing, and pre-reading activities.