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 ding what a child is supposed to do.
- Every moment with your child is a teachable moment: grocery shopping, changing price of gas etc. Talk to them about how supply and demand sets 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, shopping at garage sales and flea markets.
- Have your child open a savings account at a bank and to 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.
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