This teaching kids about money tip is one you can easily integrate into your child’s life. I promise.
When I worked full time I decided to challenge the lunch from home versus the lunch out debate.
There are good arguments for both, but, at the end of the day, the financial argument won for me.
Here is how bringing my lunch to work every day won me over:
Each day I chose to bring lunch to work, I added $10 to my savings. I actually transferred the total at the week’s end, so let’s say, $30, from my checking account to my savings account.
Experiment with your child.
Teaching Kids about Money
Choice
Offer him or her a choice. Although tough for us parents, especially when our kids may not always make the best choices, the lesson will be more sustainable for your kid. So don’t lecture them on savings and the cost of convenience. Allow them to experience it on their own.
Make Decisions Together
Allot $X for the week and let him or her decide how he or she wants to spend it. Explain that at the end of the week, whatever remains is his or her money to keep, save (hopefully), or spend on something he or she has been wanting to do (i.e. go to the movies with a friend). This $ savings could equal $10 or more a week, which is a good amount of money for some kids.
Create a System
Go further though in explaining that the money is not simply a gift, but part of the system (your allowance system) and is based on contributing to the family (not simply about making money).
Here is a great article on Lunch Money Savings.
On top of garnering a great lesson, your kids will also most likely end up eating healthy if they choose to bring their lunch to school. One more thing, leading by example is really powerful. So think about packing your lunch for work too.
Warmly,
Marnie