3 Tips That Will Immediately Improve Your Kids Financial Literacy
1. Turn off the TV
This single step could transform your child’s life and relationship with money. Why? It will eliminate or reduce their exposure to thousands of messages on spending monthly. Here are two sources of information I recommend you review.
Read materials to help you improve your own personal finance knowledge. Read storybooks to young children that communicate lessons to them on great money habits. Encourage older children to read books and magazines on money as well. Read. Read. Read. I recommend you review the following article posted on the National Association for the Education of Young People (NAEYC) website: Reading Aloud with Children of All Ages.
3. Interact and do activities with your kids specifically related to money
Whether it is counting or talking, get kids actively involved in learning. You want to encourage active learning as opposed to passive learning. Here are a variety of money related activities your children may enjoy.
i. Play a family board game like Monopoly or Life.
ii. Create and decorate a family vacation savings jar.
iii. Make a game out of grocery shopping at the store with incentives and cash prizes.
iv. Pick a well known person or fictional character of interest to everyone in the family. Then try and determine the person or character’s money philosophy. A super person to start with is Benjamin Franklin.
v. Write or type five or ten famous quotes on money on separate pieces of paper. Fold the paper in two. Place them in a bowl. Have family members select one or two to read and discuss.
vi. Have everyone in the family create their own personal money mantra like “I am an asset builder!” Then decorate, frame, and place the mantras throughout the house. Or place them altogether on a special wall.
vii. Once a month have a family gathering where everyone brings an article on money that they personally find interesting and want to share with the family.
viii. Color, draw, and solve money themed puzzles
SUPPORT Sammy’s Dream Big Campaign
- The Objectives: (1) Address financial literacy early (2) Inspire kids to dream big (aim high)
- Mission 1: Place 100,000 Dream Big Financial Literacy Kits in elementary classrooms by 2020
Reading and Resources
How to teach kids to save money – 15 Easy Strategies
Storybook: Sammy’s Big Dream!
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