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Looking for lessons about money? These are some great suggestions.
Ok, let's talk kids and money. As our economy shifts, money is probably a heavily discussed topic in your house (I know it is in ours). So as we spend time talking about credit cards, financial budgets and more, I realized it was also a great time to do some lessons about money with Lydia. Nothing insane, just some simple activities to do now and again that will help her learn about coins and budgeting and banking. I think that money is something we often don't talk about as families, but lessons about money are super important for kids so that they have a healthy relationship with financial planning as they mature and start to make their own choices.
Lessons About Money: How To Teach Kids About Coins and Finance
These? Are some of my favorite tools and tips for teaching kids lessons about money and finance.
Save, Spend and Share: Balance with money is key. It's important to save some, to share or donate or tithe some, and to spend some. This concept? Look, if we're being honest I'm a spender so the balance is difficult for me. I'm hoping this is something I do NOT pass on to Lydia. We bought her this cool divided money bank a couple years ago…..it helps her to physically divide her money into a section to save, to share and to spend. I love that this makes that concept really concrete for kids.
Delayed Gratification and Saving for a Goal: For younger kids? They want what they want and they want it NOW. Delayed gratification and saving for a goal is a hard concept. What's helped us? When Lydia asks for an item at the store, we decide if she has the money to buy it….or if she needs to save up. If she's saving, we print a picture of that item and how much it costs. We help her count her money as she earns it and to measure how close she is to the goal.
Different Families Approach Money Differently: It's important to discuss how different families approach money and spending and saving differently and to talk about OUR approach as a family and why it works for us. One of the tools I've been loving lately? “Milk Money,” the free docuseries on MillionStories.com that gets real about parenting and raising kids in today’s economy. These bite sized videos about different families and their finances are a great jumping off point for discussion!
I had a blast chatting about these values with director Lara Everly……