Bedtime for my son (3) and daughter (1) looks quite different. One gets a bath, a bottle, a burp, and a couple of soothing classics, usually including Goodnight Moon. The other gets a few innings of the Mets, an exhausting but thrilling battle to put on pajamas and brush teeth, and a gathering of every Dr. Seuss book we can find. We expect every image, sentence, and theme from these bedtime books to plant seeds of understanding about the world and its complexities. Among these foundational concepts is the complicated topic of money, a subject that requires brewing time and experience to understand.
The Berenstain Bears' Dollars and Sense is a great starting point. It reminds us that introducing basic concepts early on can set a positive tone for how our kids handle money in the future. In the story, Brother and Sister Bear receive an allowance from Mama and Papa Bear, but they quickly spend it on unnecessary things. Mama Bear steps in and helps them set up a system to record their spending and saving, teaching them to budget and make thoughtful choices. By the end of the book, the cubs feel confident, in control, and proud of their newfound ability to save and understand financial concepts. Building good money habits from an early age is a powerful lesson for families.
When teaching kids about money, we need to get creative and make it as fun as possible. This is often best achieved through games and activities. Get creative and try a few of the ones listed.
Money Jar System
Concepts: Saving, Spending, Sharing
Activity: Create three jars labeled "Save," "Spend," and "Share." When your child receives money from an allowance, birthday, or other events, help them divide the money into the jars and discuss the purpose of each.
Grocery Store Challenge
Concepts: Budgeting, Autonomy
Activity: Give your child a small budget and a shopping list for their dinner. Let them take ownership of the process, teaching them to create and stick to a budget while empowering them to make spending decisions within that budget.
Homemade Bank
Concepts: Saving
Activity: Create a piggy bank, preferably with a clear exterior so they can really see their savings grow. Set goals together and track progress. You can even match a percent of their contributions to add incentives.
Lemonade Stand
Concepts: Entrepreneurship, Business Management, Profit/Expenses
Activity: Plan and budget for supplies, set prices, deal with customers, and keep track of sales and expenses. This hands-on experience allows children to understand business basics. It’s not wild to imagine successful businessmen crediting their childhood lemonade stands with sparking their interest in business.
Allowance Management
Concepts: Budgeting, Saving, Spending
Activity: Giving your child a weekly allowance can help them learn to budget, save, spend, and donate. Discuss their goals and feelings about money allocation.
Board Games
Concepts: Earning, Spending, Investing
Activity: Use games like Monopoly and The Game of Life to replicate real-life financial situations and help kids understand financial concepts.
Storytime
Concepts: Basic Financial Principles
Activity: Introduce books that explain financial concepts in a fun way. Classic financial fables can also play a key role.
Coin Sorting
Concepts: Currency, Valuation
Activity: Give your child a jar of coins and let them sort by type and value. Set a timer to make it a fun challenge.
Family Financial Meetings
Concepts: Budgeting, Planning
Activity: Review saving, budgeting, and household expenses with your children. This empowers them to understand the basics of real-life financial planning.
2024-178006 Exp 07/26