Fellow rookie parents, I discovered a website for teaching kids about money and I wanted to share. Wait, don’t click away just yet. I realize how boring that sounds (“Teaching about money.” Blech). But really, I could argue that teaching your children about money is one of the most important things you’ll do as a parent.
Now it sounds a little more interesting. And scary.
I found this site and fell in love with the direct approach to dealing with all kinds of money matters in a way a child can understand. They provide a milestone map to guide parents on the path to helping our kids develop a healthy relationship with money, all boiled down to 20 things your kid needs to know. And, no, ignoring money entirely like my family did doesn’t cut it.
The list format — oh, how I love a good list! — takes some of the mystery and drama out of the money conversation. Though it does not tell me how to answer when Holden asks, “So, how much are you selling the old house for?” a question that I’m just not comfortable having him discuss on the playground (although perfect strangers could look it up online), it does provide financial goals and related real world activities for kids age three and up.
For example, preschoolers should learn that toys that cost money and begin to identify coins. Easy. But knowing that two big lessons I need to teach my kids are
> You may have to wait before you can buy something you want
> There’s a difference between the things you want and the things you need
is really helpful. If you’re too busy to click around, here’s a cheat sheet of the tips for each age.
What do you do to help your children become money-wise? Is there anything you wish your parents did differently when it comes to money?
- On introducing allowance – Find out the lengths we go to in my house with our first kid. Why do I think all bets are off by the time kid number three needs money?
- Allowance, taxes, potty training (from planet money) – Innovative suggestions: 100% health tax for buying candy, educational matching, and the dress code subsidy. That is soo geeky, perfect for me and my fam!
- Teaching our kids about money (from babycenter) – The one where Whitney shares her new ideas from a chat we attended by the authors of The Financially Intelligent Parent.