7 Simple Ways to Teach Your Kids About Money
During Summer Vacation
Involve your kids in fun, engaging money situations to help them develop financial skills
Summer vacation means sleeping in, watching cartoons, and riding your bike. But it also allows time for parents to work one-on-one with their children to instill healthy financial practices. Doing so is educational, engaging, and fun.
And it prepares kids for real life!
Here are 7 simple ways to engage kids of all ages in money management situations:
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Plan a Vacation Together
Plan a family get away with a set budget. Ask your child to pick a destination and include the cost of travel, lodging, food, entertainment, and miscellaneous expenses. |
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Pool your Pocket Change
Save the loose change in your pocket and give it to your child each day for a week. At the end of the week, talk about saving a portion and spending a portion. |
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Allow a Little Savings
Ask your child if there is something they would like to have before they go back to school, such as a nice pair of jeans, backpack, or computer. Give them an allowance that will add up to enough money to purchase the item, but also incorporate room for saving. |
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Check Out the Check Book
Have your children sit with you when you pay the monthly bills. Explain how you budget for such expenses, save for future expenses, and monitor miscellaneous spending. |
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Build a Pig
Build a piggy bank with your kids that includes four separate slots for coins - one for saving, one for spending, one for charity, and one for investing. |
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Count on a Youth Account
Open a youth account at a local credit union or purchase a prepaid VISA gift card. Teach children about depositing into accounts and how debit cards work. |
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Encourage an Entrepreneur
Help your kids become local entrepreneurs. Have them open up a lemonade stand or start a lawn mowing business. There are many great examples of youth entrepreneurs on the PBS television show Biz Kid$. PBS stations across the state are showing Biz Kid$. For air times go to www.pbs.org. |
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MoneyAndStuff.info is a free resource from Ohio's credit unions. Your local credit union is a great place to learn more. 
