Teaching your child about money at a young age sets them up for success as a young adult. Start teaching them now about generational wealth and set your child up to be a success by the time they are age 18.
Teach children to understand the difference between things they ‘need’, compared to things they ‘want’, as it will help them make value judgments in the future. Paying your children to do chores that are beyond their routine tasks is one way to help your children learn about saving and responsibilities.
“Black parents are more likely than their white counterparts to discuss financial goal-setting and other money topics with their children, according to a survey. Asked how often they discuss with their kids the importance of saving, how to earn money, setting long- and short-term financial goals, maintaining a budget and saving for college, Black parents were more likely than white parents to say they “always” had those conversations, according to a T. Rowe Price survey released Thursday.” (Marketwatch)
Using tools like The Money Box produced by Ebony Beckford that she created for her own child, can help your child understand the basics of money. The Fin Lit Kids Box is an activity box for kids ages three and up. Filled with fun and engaging games and activities, the box is designed to teach children the value of US currency, introduce them to basic financial concepts such as saving, investing, and giving, and to promote critical thinking about money.
The Money Box Contains:
Madison’s 1st Dollar: A coloring book about money and crayons.
Fin Lit Kids Flashcards – designed to help children name and identify the value of the four most used US coins. They also help develop and build early mathematical skills.
Fin Lit Kids Play Money: kid friendly play coins to be used along with the flash cards
Fin Lit Kids Matching Game: Matching games are a simple way to make learning hands-on and fun! They help strengthen visual memory, help discern the differences between objects, and identify patterns. Matching and sorting activities can also be good for developing fine motor skills.
Fin Lit Kids Money Jars: Save & Spend Jars to help children visualize their actions.
Fin Lit Kids Digital Adult Guide: Makes recommendations for fun and engaging activities that adults can partake in to enhance the learning experience for the children.