4 Tools For Raising Money-Smart Kids

October 4, 2016

4 Tools For Raising Money-Smart Kids

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It’s never too early (or too late) to teach your children about money. Even toddlers can grasp some of the basic concepts about money — like the fact that money is earned and money is finite.

Many of us were not taught about money as children, and as a result, learned on our own. Translation: we made mistakes and learned the hard way. Even though mistakes are painful, one of the benefits of making them is that we can pass on those lessons learned.

If you have children, there are many resources at your disposal to help you teach them about money. Here are a few of my favorites.

1. Smart Money Smart Kids, by Dave Ramsey and Rachel Cruze

Smart Money Smart Kids is an excellent resource for parents. You’ll learn everything you need to know to raise money-smart and generous kids — from toddlers to teens. The information provided is practical, age-specific, and easy to implement. By teaching the principles in this book, you will be equipping your child to handle money well once they’re on their own.

Buy Smart Money Smart Kids

2. Financial Peace Junior

This tool, perfect for children ages 3-12, will teach your kids that money comes from working and that there are three things to do with money: give, save, and spend. Financial Peace Junior makes learning about money fun through an activity book, chore chart with stickers, magnets, and a kid-friendly envelope system. And just for Mom and Dad, a parent’s guide is included as well as a free download of Smart Money, Smart Kids!

Buy Financial Peace Junior

3. Moonjar Classic Moneybox

Introduce the concept of budgeting at a kid-friendly level with this bank. Instead of a single compartment like a traditional piggy bank, the Moonjar Classic Moneybox has three compartments so your child can separate his or her money into saving, spending, and sharing (or giving). Your child will be reminded that money isn’t only for spending!

Buy Moonjar Classic Moneybox

4. Family Finance Favs

This website posts a daily financial tip for parents with children of all ages — including teens. Posts span a variety of topics from teaching your children how to withstand financial peer pressure to showing them the basics of investing. Each lesson is bite-sized and is something you can incorporate quickly. Sign up For the Newsletter to have each tip emailed to you daily.

Related Reading: 5 Money Books Every Teen Should Read, What Kids Think About Money

The best way to teach your kids about money is not by sitting them down for formal money lessons. Rather, it’s by adopting and modeling healthy money habits yourself, and by letting money be a natural topic of conversation in your household.

These resources will help you accomplish that. I think the earlier our kids learn that money is finite, the better!

What tools do you recommend or use for raising money-smart kids?