Helping Your Kids Master Money
Some fun activities from the book Your Kids Can Master Their Money.
Teaching Goals:
- To teach kids how to allocate spending within boundaries.
- To give them experience with minor decision making.
Sweet Spot Age Range: 9-14
Activity Description:
Give your kids a predetermined amount to spend at a mall food court. Set the amount high enough to have a decent meal, but not so high to be able to order the super-sizes of every option including two desserts. Go over any family rules you have (such as no soft drinks). Remind kids that this is their meal — no supplements later.
This also can be an opportunity to learn about taxes. Remind kids about sales tax being added to the purchase (where applicable).
Let children order and pay the cashier. Perhaps you'll want to stand at a distance to observe the transaction. Most kids feel "big and grown-up" doing this by themselves.
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Trust…but Cut the Cards
Teaching Goals:
- To learn to count the correct change.
- To begin the habit of verifying change received.
Sweet Spot Age Range: 6-8
Activity Description:
Have your children set up a make-believe toy store. They can arrange their toys for display and think of a name for their store. You'll shop, and they'll be the cashiers. Explain that the store is just for pretending; they won't really sell or get rid of the toys permanently. And you'll get back the money you "spent."
Have kids put prices on the toys between $1.00 and $2.50 (adapt these amounts and others in this activity to your country's currency as needed). Encourage them to price items with cents, such as $1.75 or $1.90.
Provide one $5 bill, about seven $1 bills and a few of each type of coin.
Shop for one item. Then go to "check out." Hand your children a $5 bill and have them practice giving the correct change. Let them watch you standing there, counting your change. Explain that this is an important habit to practice at stores.
Come back and shop again. Purchase several items to give your children practice adding up the total. Have them give change and then count it.
Switch roles and have your children be customer while you pay cashier. Make sure they count the change at the counter before leaving.
Keep your children on their toes by giving them incorrect change to see if they notice. You might also try purchasing more than $5 worth of items and asking your kids to tell you what should be returned.
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Picture Your Savings Goal
Teaching Goals:
- To set savings goals.
- To provide motivation for delaying gratification.
Sweet Spot Age Range: 8-11
Activity Description:
Has your child ever begged you to buy the latest toy or doll or electronic gizmo? Being the wise parent you are, you likely responded with, "Well, start saving your own money."
Let's follow up on that comment by helping your child set a goal and then using visual reminders to achieve that goal.
Help your child find a picture of the item she desires to save for. From magazines, Web sites, catalogs, ad circulars, or newspaper ads, choose a good picture and cut it out.
Place the picture in a prominent place where she keeps her money or where it will be seen often. For younger children, tape the picture to a piggy bank. For older ones, put it on a bulletin board, mirror or in a purse.
Be creative in monitoring progress. Consider drawing a thermometer on a small poster. Have your child color in the thermometer to show how she's doing in reaching her goal.
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Excerpted from Your Kids Can Master Their Money. Copyright © 2006 by Ron and Judy Blue and Jeremy White. Used by permission of Tyndale House Publishers, Inc. All rights reserved. International copyright secured. Excerpt may not be reproduced without the prior consent of Tyndale.
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