As summer break winds down, students are getting ready to head back to class. But parents, we’ve got some advice on ways to teach your kids about money.
A lot of companies and websites offer lessons on finances for kids for free but we found this one on www.moneyconfidentkids.com.
It's a 30-day plan: one month to make your kids scholars of dollars and cents.
For example:
Day 1 – Create a grocery budget with your kids so that they know how much their meals and snacks actually cost.
Day 8 – Visit the bank. The tellers and managers would be happy to talk about the importance of managing money.
Day 14 – Practice money vocabulary with words like interest, loan, inflation and even taxes.
Day 23 – Go to a sporting event and take enough money to get a little something to eat and maybe a souvenir. But let the kids decide how to split up the cash.
Day 30 – Go online shopping to teach them that digital money is still money and digital debt is still debt.
This is a great time to teach kids about being responsible even when the world is seemingly at their fingertips.
