The Piggy Bank: Don’t leave your kids out
There are everyday financial activities that our kids can participate in that through these simple interactions can learn from and become more comfortable in dealing with finances.
Take them Shopping
When you go to the grocery have them come with you and involve them in selecting which deals are the best deals at the grocery store. I love taking advantage of this opportunity during school supply shopping! There are so many deals available and coupons so it allows for easy discussion of which one is really the best deal. If you have a little one like I do that would rather read the latest version of Webster’s dictionary than go shopping; a great way to beef up their curiosity is by letting them pick out an item and pay cash themselves. This not only gets them to the store but personally gets them involved in making financial decisions.
Involve the kids in your decisions
When the opportunity presents itself, don’t shy away from discussing with them your everyday financial decisions. I will even tell on myself with my daughter; I’ll explain… I love shopping. BUT I don’t love spending money so I would online shop for hours if I allowed myself (total waste of time). So when she catches me perusing she always asks what am I going to buy? In the past, I’ve said, “oh nothing” and then closed out the browser and moved onto my next activity. However, recently, I’ve started explaining why I wouldn’t buy something—It’s not worth $60.00 to me, I’d have to work three hours to make that much money. Or it will be on sale at the end of the season. Or I can find a better deal on this site. Or just flat out, I don’t need another black skirt. I don’t know if it is making an impact on her but if it is, perhaps it will save me a lot of money in the future during her trips to the mall as a teenager.
Take ‘em to the bank
Have your kids been inside a bank yet? Take them with you but not just to the ATM where they see you getting cash within moments; they also need to see you deposit money and have conversations about it. You could even have them open their own savings account and make depositing money a weekly, fun activity.