Great Ideas to Teach Kids About Money

We all long for our kids to make wiser choices in their lives than we have in our own. If you are anything like me, you want your children to be better managers of their money, avoiding the pitfalls and traps that took us years to correct. Here are some simple tools and resources sure to help you teach kids about money. Best of all, it doesn’t require a formal class or boring books.

Give, Save & Spend Envelopes: Help your kids begin to understand the basic concepts of money by printing out these free envelopes. Labeled with Give, Save, and Spend on the front and some inspirational quotes on the back. Each time your child earns or receives money, help them divide their dollars and cents into these three categories. As a general rule, it’s a good idea to put at least ten percent in Give, ten percent in Save, and the rest in spend.

Involve Your Child in Household Finances: From writing checks to explaining why you can get money out of the ATM, money touches every area of our lives. Make each moment a teachable one. Explain in age-appropriate terms concepts like mortgage, credit, taxes, and the difference between debit and debt (most kids don’t differentiate between the two). It might feel a little odd at first, especially if you didn’t grow up talking about money. Don’t overwhelm your child with too much information. Answer questions asked.

Take Your Kids Grocery Shopping: Even something as simple as weekly trips to the grocery store can become a platform to teach kids about money. From running a calculator as your shop to crossing items off your list, this is one of the very best places to teach your child about the value of a dollar. You need to set expectations before you leave for the store (i.e. we’re sticking to the list, we’re only spending this much money, etc.) and have plenty of patience. For more ideas, read: How Grocery Shopping with Kids Can Increase Their Financial IQ.

Read Great Books: There are so many wonderful resources about helping kids learn about money. We’re big fans of the Financial Peace Junior and the Junior’s Adventures:the Boxed Set from Dave Ramsey. I’m most excited about the new book Smart Money, Smart Kids by Dave Ramsey and his daughter Rachel Cruze. It releases THIS week and today is the last day to pre-order the book and receive $50+ in great freebies. This week, Rachel Cruze will be Barnes & Noble at 8675 River Crossing Boulevard in Indianapolis on Thursday April 24th signing books beginning at noon. I’ll be there! I’d love to see you there, too. With a spirit of humility, Dave and Rachel bring you practical wisdom to teach kids about money. Vital lessons about work, spending well (more is caught than taught, parents!), giving, and strategies for saving for everything from toys to computers to cars and college, fill this book. The content covers ideas for every age of child from three through adulthood. The book is easy to read (really feels more like talking to old friends) and has tips you can begin applying today. I’d royally recommend Smart Money, Smart Kids.

Looking for more resources? Check out my board Money Savvy Kids on Pinterest!

Gain inspiration to pay off debt! Check out Inspiration to Pay Off Debt: 30 Days of Encouragement from the Queen of Free on Kindle or Pre-Order Slaying the Debt Dragon: How One Family Conquered Their Money Monster and Found an Inspired Happily Ever After (due out October 2014).

This post contains an affiliate link. That means when you get a great deal or maybe even something for free, you also help our family pay off our mortgage early. And for that, we royally thank you!

Related posts:

Royal Video Tips: Great Ideas to Teach Kids About Money Ways to Inspire Your Finances in 2014 Saving Money on Snacks & Creamy Blueberry Popsicle Recipe {VIDEO} Royal Video Tips: Teaching Kids About Money