Today, the kiddo fiscal quarter comes to a close. Analysts agree that shares of “not liking broccoli” and “getting yourself sticky” are on the rise, while “sharing” and “dollars aren’t just for origami” are down 12.4% from the same period last year.
But have no fear! If you want to teach your kids more about money, here are some great tips:
Let them manage their own funds.
Give your kids an allowance or give them money for doing chores to reinforce that it must be earned. Either way, it’ll help kids learn its value and the responsibilities that go along with it.
Use a clear jar for savings.
Encourage saving by using a clear jar. That way, kids can see money accumulate, and it will teach them patience.
Encourage giving.
You can make a separate money jar for “Saving,” “Spending” and “Giving.” Let your kids pick a charity or local group to give to. They’ll learn that giving feels good for everyone involved.
Don’t let money be taboo.
It might seem awkward to talk openly about your finances with your kids, but having regular family discussions about them can make them seem less scary and confusing.
Take kids shopping.
Bring your kids to the store with you. Let young ones hand your money over to the clerk to get a better sense of how it works. Let older kids cut out coupons, pick out items at the store and compare prices. Ask them why they chose one thing over another. Discuss the opportunity costs and the differences between needs and wants.
For more financial literacy tips for the family, check out this article from NPR. Or check out these kids' books about money, which you can read together.
Here’s hoping you and your little shareholders have a profitable next fiscal quarter!
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