It’s never too early to teach your kids important money concepts – including how to save, budget and spend money wisely. In fact, if we don’t teach our kids about money, someone else will and that’s a risk I’m not willing to take. According to previous studies, children as young as 2 or 3 years old can understand basic financial concepts (like saving & spending) and money habits are formed by age 7. WOW!
SO, how do you teach your kids about money? Not only by example, but according to Dave Ramsey, it also depends on your kids ages. For instance, you can teach a 2-year-old the names of coins, show a 4-year-old how to clip coupons at the grocery store, teach a 7-year-old how to spend his/her allowance, teach a 10-year-old how to do comparison shopping, and “help” a 16-year-old get a job and open a bank account. And, it’s never too late to talk about money… someday your kids will thank you.
If you’re needing a place to start, are looking for a fantastic gift idea, or just want to make learning about money FUN for your children, check out these TEN educational and highly rated products I love…
This piggy bank is a great way to teach your baby about putting money IN the piggy bank. Not only does this toy introduce concepts like counting, colors, Spanish and more, but it also includes musical responses and sing-along songs. There are also two different levels with a variety of developmentally appropriate songs, phrases and sounds – just slide the switch to choose the level for your child.
What child doesn’t love role-playing with money? This cash register encourages social skills, role play, math skills and features a solar calculator, a pretend credit card, 30 play bills in a variety of denominations and 40 plastic coins. The cash drawer really opens, and the buttons are specially designed to be easy for little hands to press. Great for endless hours of fun pretending and learning!
Packed with tools, resources, and step-by-step instructions for parents, Financial Peace Junior by Dave Ramsey will equip you to raise money-smart kids who know how to handle money. Through fun stories and activities, your kids will learn the values of working, giving, saving and spending.
Age Range: 36 months – 12 years
Manufacturer: Learning Resources
It’s always fun to pretend you’re a grown-up! With this set, kids can fill out pretend checks (they’re actual size too!), make payments and calculate their balances as they learn about check writing. This set includes 25 checks, a check register, pen, calculator, deposit slips and instruction card.
This award-winning Moonjar moneybox is divided into Save, Spend and Share tins that allow kids to set practical goals with their money for each section. Also, each Moonjar Kit comes with a family guide with simple budgeting ideas and a passbook so kids can track their progress.
6.) Children’s Books:
- One Cent, Two Cents, Old Cent, New Cent: All About Money
- A Chair for My Mother
- Just Saving My Money (I Can Read!)
- Curious George Saves His Pennies
- Alexander, Who Used to Be Rich Last Sunday
Age Range: 4 – 8 Years
These are just a few popular and highly rated children’s books that will teach kids about various forms of money, saving for things you need and want, and all the things that you can do with money.
In this skill-building game, players race around the game board doing chores to earn their allowance and then save it or spend it on things they want. For instance, if a player washes the car they will earn $1.30, but if they forget their homework they will lose a turn! A fun way for kids to learn about money!
What a fun way that kids can learn the value of money! This play wallet includes 30 bills, 40 coins, pretend credit card and bank card. It features a zippered coin compartment and suggested activities.
8.) Money Bags Game
Similar to The Allowance Game, this highly rated game also allows kids to earn money by landing on a square with a practical chore or entrepreneurial endeavor, such as setting the table, hosting a lemonade stand and more. This game also gives kids practice counting bills and exchanging money. Plus, there’s an additional incentive for kids to use critical thinking and coin combining skills.
Know an American Girl fan? In this book, girls will learn how to not only spend their cash, but also how to earn it. The quizzes, tips, and helpful quotes from other girls will make learning about money management easy and fun. Chapter topics include Making Money, Shopping, Saving Money and more.
Written by Mary for Hip2Save. Mary is a proud mom to 3 kids in Austin, TX, who thrives off running long distance, bargain shopping, warm weather, a yummy latte…and a little Candy Crush from time to time. She loves quality time with family & friends and sharing great deals with others.