Do you have a child ready to start to save & spend his own money? Teaching kids money management is not an easy task. Saving is especially a tough nut to crack.
But it is crucial. We can agree on that fact.
Where do you start teaching kids about money? Feel a bit lost?
Yeah, me, too.
Well, here is the good news!
Here is a fun way to start helping your kids learn about money. Use the adorable “I am Saving!” printable found below to help bring home the idea of what it means to save for an item.
Delayed gratification is not an easy concept to teach kids. Use these labels to help you. Print out on sticker paper to affix onto a box or jar, or bank to remind the child of his goal.
Related Read: 4 Fantastic Ways to Teach Your Child How to Save Money
I struggle to find a balance between giving my kids everything I did not have and teaching them gratitude and delayed gratification.
Can you relate?
What do you do when a child wants an item from the most recent Lego catalog? Or want to attend a friend's birthday party with a gift?
Related Read: Teaching Kids about Money – 6 Tips & Activities
Here is the deal Teaching Kids Money Management
Kids like tangible. Kids like concrete.
- Decide on an allowance (if any)
- Ask the child to collect any funds he has received from birthdays and holidays.
- Print out this “I am Saving!” printable on sticker paper
- Affix the label on the “bank”, preferably one the child can see through
- Update weekly or daily, depending on your child's see of urgency!
Excellent Tools to Teach Kids Money Management
- Learning about Money Mega Activities Pack
- Melissa & Doug Play Money Set
- Learning Resources Pretend & Play Cash Register
- Moonjar: Save, Spend, & Share
- Money Savvy Pig
- Children's Books about Money
- 7 Things You Need to Do to Teach Kids Money Sense
- The #1 Secret to Teaching Financial Literacy to Kids
I wish you luck, my friend. Teaching kids about money doesn't happen overnight. It is a process that has happened over the years.
Best,
Marnie