How do you teach Your Kids about Money?

1. Start with the Basics (For Young Kids, Ages 3–7)

Concepts to Teach:

• What money is and why we use it.
• Recognizing coins, bills, and their values.
• The difference between wants and needs.

Activities:

• Play Store: Create a pretend store with price tags on items. Let your kids “shop” with play money to learn how transactions work.
• Piggy Bank Game: Give them a piggy bank to save coins and explain how saving adds up over time.
• Wants vs. Needs Activity: When shopping, ask them to help you identify items that are “needs” (e.g., groceries) vs. “wants” (e.g., toys).

Games:

• Learning Resources Money Bags Coin Game This board game helps kids practice counting coins and understanding the value of money while having fun.
• The Allowance Game A simple board game where players earn money, save for things, and learn how to manage funds.

Apps:

• PiggyBot (Free) A virtual piggy bank that teaches kids how to track their allowance and divide it into spending, saving, and sharing.

Tools:

• Play Money Set Get a play money set with realistic coins and bills to help kids practice counting money hands-on. (Example: Learning Resources Pretend & Play Money Set)

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2. Introduce Earning Money (For Elementary School Kids, Ages 8–12)

Concepts to Teach:

• Earning money through work or chores.
• The value of hard work.
• Budgeting basics: Save, Spend, Give.

Activities:

• Allowance for Chores: Tie allowance to small chores to help them understand earning money requires effort.
• Set Goals for Saving: If they want a toy, help them save for it by breaking it down into smaller goals.
• The "3 Jars System": Use jars labeled "Save," "Spend," and "Give" to teach them how to allocate their earnings.Introduce earning, saving, and basic budgeting in fun and interactive ways.

Games:

• Monopoly Junior A simplified version of Monopoly that introduces money concepts like buying, selling, and managing funds.
• Life Board Game The classic game teaches kids about expenses, earning a salary, and balancing income and spending.

Apps:

• RoosterMoney (Free with premium options) A kid-friendly app that helps manage allowance with sections for “Save,” “Spend,” and “Give.” (Great for introducing the 3 Jar System digitally.)
• Bankaroo A virtual bank for kids where they can track savings, set goals, and learn about financial responsibility.

Tools:

• 3 Jars Method Use physical jars labeled "Save," "Spend," and "Give" (or use apps like RoosterMoney to digitize this). (Example: The Moonjar Moneybox is a great pre-made set for this concept.)
• Chore & Allowance Apps: Apps like Greenlight or BusyKid allow kids to earn allowance by completing chores and learn to spend responsibly.

3. Teach the Power of Saving and Investing (For Teens, Ages 13–15)

Concepts to Teach:

• Delayed gratification and long-term saving.
• Basic interest and how money grows.
• The basics of credit, debt, and avoiding pitfalls like overspending.

Activities:

• Open a Savings Account: Let them deposit their own money and track their balance. Explain compound interest.
• Teach Budgeting: Help them create a simple budget for their allowance or part-time job.
• Mock Investments: Play a stock market simulation game or use an app to teach them about investing.

Games:

• Cashflow for Kids by Rich Dad Poor Dad A board game that simplifies financial literacy and teaches kids about passive income and smart money choices.
• Market Watch Virtual Stock Exchange Game A free, real-time stock market simulator that helps teens understand the basics of investing.

Apps:

• Greenlight Debit Card ($4.99/month) A debit card for kids and teens with parental controls. Teens can earn money, spend within limits, save, and even invest.
• Plan’it Prom App (Free) A budgeting tool designed for teens to plan their prom expenses, teaching them about managing money for specific events.

Tools:

• Teen Savings Accounts: Open a savings account at your bank to teach them about tracking balances and saving for larger goals.
• Investing Apps for Teens: Use apps like Stockpile or Acorns Early to introduce teens to the concept of investing with as little as $5.

4. Prepare Them for Real-World Money Management (For Young Adults, 16+)

Concepts to Teach:

• Credit scores, loans, and managing debt.
• Understanding taxes and bills.
• The importance of living within their means.

Activities:

• First Job Guidance: Discuss paychecks, taxes, and benefits.
• Create a Real Budget: Help them plan for expenses like car insurance, college, or rent.
• Introduce Financial Tools: Teach them how to use budgeting apps, track expenses, and understand bank statements.

Books:

• "Rich Dad Poor Dad for Teens: The Secrets About Money That You Don't Learn in School!" by Robert T. Kiyosaki This teen-friendly version of the bestselling Rich Dad Poor Dad simplifies financial literacy concepts like saving, investing, and creating wealth. It’s a great starting point for understanding how money works and thinking about long-term financial success.
• "Rich Dad Poor Dad" by Robert T. Kiyosaki The original book offers valuable lessons for anyone, including young adults, about building wealth, understanding assets vs. liabilities, and escaping the rat race. It's an eye-opener for teens and young adults ready to think about financial independence.
• "I Will Teach You to Be Rich" by Ramit Sethi A fun, no-nonsense guide that covers everything from saving to investing, written in an approachable way for young adults.
• "The Money Manual: A Practical Money Guide to Help You Succeed on Your Financial Journey" by Tonya B. Rapley Perfect for beginners who are just learning about budgeting, credit, and managing expenses.

Apps:

• Mint (Free) Helps track income, expenses, and savings goals. Great for learning real-life budgeting.
• YNAB (You Need a Budget) ($14.99/month) A budgeting tool that teaches the importance of living within your means and planning for expenses.
• Credit Karma (Free) Helps young adults track their credit scores and understand how credit works.

5. Online Educational Resources

Websites:

• Money Prodigy A site full of games, worksheets, and advice for teaching kids and teens about money in fun ways. (www.moneyprodigy.com)
• Practical Money Skills Free financial literacy games and lesson plans from Visa, including budgeting simulations and activities for all ages. (www.practicalmoneyskills.com)
• MyMoney.gov A government resource packed with age-appropriate tools and activities for kids and teens to learn about money. (www.mymoney.gov)

YouTube Channels:

• The Financial Diet Offers accessible money advice for teens and young adults, including budgeting and saving tips. (www.youtube.com/c/TheFinancialDiet)
• Two Cents (PBS) A fun and engaging YouTube channel with short videos explaining everything from credit cards to saving money. (www.youtube.com/c/TwoCentsPBS)

Tips for Success

• Be a Role Model: Kids learn from watching you. Show responsible financial habits like saving, budgeting, and avoiding impulsive spending.
• Make it Fun: Use games like Monopoly or online financial literacy apps designed for kids.
• Reward Good Habits: Praise them for saving or making smart money decisions.
• Have Open Conversations: Involve them in small family financial decisions (like comparing prices at the store) so they understand real-life money management.

By teaching these concepts in stages and making lessons relatable, you’ll help your kids build a strong foundation for financial independence and responsibility!