Alright, let’s talk about money. I mean, everyone else is, so let’s just dive right in the fray. Gas prices are CRAZY and food prices are increasing and I’m trying to buy airplane tickets right now and I can’t even talk about how expensive that will be–ahhh!! Do you feel your blood pressure going up? Because I sure do! Money is just one of those things that we will never not need. So now is the time to teach our kids about it. I’ve already shared ways that our teenagers can make money. Now I’d like to share some ways that we can teach our kids about money so that it feels accessible to them. I feel like this is one of those subjects that is just not spoken about openly enough with kids in general. Subjects that aren’t spoken about openly end up feeling scary or taboo and I don’t want my kids to feel nervous when it comes time to manage their own budgets and money. I’d rather them make the mistakes now, so let’s get to it. Here are five ways in which we can teach our kids about money.
- Teach them about money: This may seem obvious, but really, do it! Take them to the mint if you live near one, have them research how money came about, how bartering came first and why we assign value to the paper and metal coins with dead presidents on them. Get them to really understand its history, who knows, you’ll likely learn something about it as well!
- Open up a bank account for them and allow them to check it with you so they can start to understand interest.
- Help them make a plan for the things for which they’d like to save. College plans? Include them. Investing plans? Ask them. Even if they do not fully understand them, we can keep our kids abreast of what is going on with their money.
- Let them practice with your money–wait what!?! I’m not suggesting that you hand them a wad of cash and send them on their merry way. Hear me out! Take them to the grocery store and allot them a specific amount of money to buy the groceries necessary for a meal that you (or they) will prepare that night or week. Go with them as they look for ingredients and encourage them to check all the prices listed of the products they seek. Eventually you can have them do this on their own without your accompaniment.
- Lastly, let them practice with their money. Give them an allowance if you choose, OR have them find ways to earn money around the house or neighborhood. Then help them save a portion of the money that they earn (we usually have our kids save half of what they earn as they don’t have real living expenses right now) and then permit them to take money with them when you go to the store, or when you buy a gift for a friend’s party, or when they go on an outing with a friend. I feel like this is the hardest part. Let them make mistakes with their money now so that they can see how quickly it can be spent if not budgeted properly.
This is in no way an exhaustive list, but a good way to get started, so let’s get started!!
One more thought. The world would have us believe that those with money are more important or influential. While there is some truth to the freedom that money can buy, let us teach our children the importance of the influence of kindness, gratitude for the ability to take care of ourselves, and the importance of giving to others. Have them be involved in your charitable donations be them in the form of a check to an organization, or time spent serving others. Let us promote the reality of the power of one individual with a kind heart, no wallet required.
Kayleen
