Top 10: Ways to Teach Kids about Money

Personal Finance Picture Book Series for Kids

This list (slightly paraphrased) is from Dr. Prakash Dheeriya, a professor of finance, who is the author of the Finance for Kidz series that teaches kids about money management, personal finance, and planning for the future.

Compensate your kids for extraordinary effort or work.
Don’t reward them with money for doing what a child is supposed to do.
Every moment with your child is a teachable moment: grocery shopping, changing the price of gas, etc. Talk to them about how supply and demand set gas prices, for example.
Use grocery shopping to teach them about commerce. Let them buy a single item like cereal to learn to decide, purchase, and count change.
Use grocery shopping, again, to teach comparison shopping.
Use grocery shopping to show the value of coupons. Show them the value of buying in bulk, and shopping at garage sales, and flea markets.
Have your child open a savings account at a bank and track their deposits and withdrawals. (My kids are fascinated by the concept of interest).
When paying at a restaurant, ask the kids how the meal should be paid: credit card, cash, or check. Talk about the pros and cons of using a credit card.
Talk to your kids about identity theft and the importance of protecting personal information from strangers. This can be done while completing a school application form, writing a check, or paying for toys at a toy store.
Explain to your children that money is just a tool and they don’t need it to make them happy. It is a means to an end and not the ultimate goal in life. Teach them the values associated with sharing, recycling, and caring for others and the environment.

Here’s another great book:

Kumon Managing Your Money: Personal Finance for Kids by Kumon Publishing

I like the graphic novel format of this comprehensive personal finance primer for tweens. Topics covered:

EARNING

Careers
Salary and hourly work
Social security, income tax, and other benefits
Gross income and net income

SPENDING

Being a smart shopper
Budgeting
Methods of payment
Taxes and tips

SAVING

Ways to save
Interest
Inflation
Setting goals

ADVANCED MONEY MANAGEMENT

Credit cards
Loans
Investing
Insurance

This is perfect for ages 8 and up!

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p.s. Related posts:

Teaching Kids About Money: Summer Curriculum

Who Owns the Money? Economics for 4th Graders

Top 10: Ways to Teach Kids about Money

Teaching Kids about Money: Spend, Save, Donate

Money Lessons: 5 Key Ways to Teach Your Kids About Money

8 Tips for Teaching Your Kids Financial Responsibility

Follow PragmaticMom’s board Personal Finance for Kids on Pinterest.

Follow PragmaticMom’s board Life Skills for Kids on Pinterest.

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Food for the Future: Sustainable Farms Around the World

- - - Junior Library Guild Gold selection
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