Forbes has a great article on money lessons you should be teaching your kids, with milestones for ages 5, 10, and 15. Let’s see how I’m doing with my kids:
Money Lesson Goals for 5 Year Olds
- Savings Goal – a savings goal has three elements: (1) what you want to buy, (2) when you want to buy it and (3) how much it will cost at that time.
- Bank – a place that helps us safely store, organize and manage our money
- Check – a way to pay for items where we write a note asking our bank to send our money to someone to pay for our purchases
- Bills – notes letting us know how much we owe for our purchases
- Trade Off – A decision we have to make when we are considering whether to save for something or spend our money
Teaching Kids About Charities
Thank you to my reader Ali who asked me to post on charities that kids can support. These non-profits below have touched me. If you have your children working on personal finance with a system to Spend, Save and Donate, perhaps some of these organizations will be lucky recipients. Read more…
Teaching Kids About Money
It’s great that schools are now emphasizing the need to teach financial literacy in the classroom but the issue is training teachers. The problem is that most adults don’t understand the basics of financial investing, yet they overestimate their knowledge. Here’s a way to test your financial investment acumen from The Wall Street Journal: Read more…
Teach Kids Financial Literacy through Texting
This hilarious post is from Susan Beacham, a financial literacy expert, author, columnist, and translator of “text speak.” She advises teaching kids about financial education and comes at it in an effective but usual way: text it to them! What a great idea for middle school kids and older!! If you want to sneak some “valuable life lessons” into this summer’s curriculum, try this! Your kid will think you are nutty but cool! And for those of us just learning to teen text-speak, she has a handy glossary at the bottom. TG (Thank God!).