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twood80 04-19-2013 01:56 PM

Best resources for teaching money skills
Not just for thrifty families or homeschoolers, teaching money responsibilities is for all parents, so I'm hoping putting this thread here is the right place.

How do you translate what you know about money, into appropriate lessons for kids? Website references are great, books, personal experience, I'm happy to take it all. Preferably fun hands-on suggestions rather than a lecture style lesson

Age breakdowns for when the various parts/sessions of lessons are appropriate would be good (like many life lessons, I know it's probably earlier than I expect); what are the key behaviors to look for to know they're ready for the lessons? Lots of stuff I see doesn't seem to talk about what to do with little kids other than an allowance, and then it talks about teenagers as an age-lump but we all know there's a big difference between a 13 year old and an 18 year old about to go off to college.

There are lots of other sites and lots of books out there, and I've read some. But what works for your family?

mibarra 04-19-2013 04:27 PM

I was just reading somewhere that starting a small allowance (50 cents to a dollar per year of age as young age 3, and letting them spend or save however they want starts teaching them the rudiments :)

DallasK 04-19-2013 04:34 PM

Re: Best resources for teaching money skills
I saw a Dave Ramsey kit for kids, but I haven't heard anything about it yet.

mcpforever 04-19-2013 05:46 PM

Re: Best resources for teaching money skills
Well, we talk about spending and making good choices with our money as we go along. I talk about things like buying in bulk and whether it's a better use of money (will it spoil before we can use it all? Is it really a better price?) as I shop with my kids. We talk about conserving some things (like electricity, etc) so that we will have money to spend on other things.

We also talk about what will last longer. Is it better to spend $5 on a dessert now or spend it on a hotwheels car that you can play with pretty much forever? Which leads to the next question, how many hotwheels can one kid really play with? ;) I am famous for saying things like, "We have wonderful water at home. We don't need to spend $2 on a bottle when we can get it out of our own fridge."

We give allowances starting around age 5. We encourage making goals and saving for things.

DS1 and I just got back from a class trip to DC. They gave the kids $15 in cash for meals. DS1 immediately figured out that if he chose a smaller meal or got water instead of soda, he could get a dessert. They were told they could only spend it on food, so he gave up his idea of pooling all of his leftover money to get souvenirs. :giggle:

Once he hits middle school, I am giving him a budget for school clothes and will guide him through the process of figuring what he needs and how to get it. I expect him to do this on his own by high school age.

Oh, they also have "Santa Shop" at his school starting in K. It's a great way for him to figure out how to spend money and make sure everyone on his list gets a fair shake.

JennTheMomma 04-19-2013 09:31 PM

Re: Best resources for teaching money skills
I get them piggy banks at 1 year (part of their first Christmas present) and starting around 3 years of age I start explaining money going into it and saving. We also talk about how we shop, etc. ds1 is going to start earning money for his piggy bank this year.

Suzi 04-20-2013 03:29 AM

Re: Best resources for teaching money skills
We do a variety but the best is to let them work for money and let them spend it, and doing like pp said and giving $10. $15, or whatever for the whole day and let them figure out what's worth it

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