Money is an important factor in life and it is always a good idea to teach your kids how they can handle it well and be good at it from a young age. It can be a challenge to teach your young ones how to manage money well but if you try, it’s not rocket science. Here are some amazing tips for you that can help you and your children learn about money management.
Go for online resources
Nowadays everything is available online and so are the sources that can teach you and your children about money. There are various games that you can use to make it fun for your children to learn money management. For example, the Council for Economic Education has a Family-At-home Financial Fun Pack. It lets you download different games and activities as per the age of your children and help them learn things.
You can also find search games on Next Gen Personal Finance and the National Endowment for Financial Education. They provide amazing online courses for you and your children. There are also several special websites that provide resources to parents and children.
Yes, you read it right. Even playing games with the kids can help them learn the importance of money. They help them develop critical thinking, enhance their decision-making and develop their mind.
Games such as those below are a great choice.
- Game of life
- The stock exchange game
- Monopoly junior
- Sab shop board game
- Buy it right
- Pay day
Importance of books
You can never go wrong with developing habits of reading books for children. There are suggestions on books for reading below that can help your children learn about money management. They are bifurcated as per the age of the children.
Children in grades 9 to 12
- Learn to Earn: A Beginner’s Guide to the Basics of Investing and Business
- Freakonomics: A Rogue Economist Explores the Hidden Side of Everything
- Make Your Kid a Money Genius (even if you’re not)
- The Wealthy Barber: The Common Sense Guide to Successful Financial Planning
- The Tipping Point: How Little Things Can Make a Big Difference
Kids in grades 6 to 8
- Johnny Tremain
- The Six Most Important Decisions You’ll Ever Make
Children in grades 3 to 5
- Rock, Brock and the Savings Shock
- The Little Red Hen
- Peppe the Lamplighter
- A Chair for My Mother
Kids in kindergarten to grade 2
- The Little Red Hen
- The Giving Tree
- Alexander, Who Used to Be Rich Last Sunday
There are many financial experts that have already published books on money management for kids. In short, the earlier you start teaching your kids about money management, the better result it will derive for them in the future. To start early, make it fun and learn with the kids.