Teaching Kids About Money Management (and a cool piggy bank!)

[pennymom]

I posted this on the Community Board, and it was suggested that some of you here on the Budget Board might like it.

We received Money Saavy Piggy Banks for each of our kids from our bank when we opened their accounts. They have been a great way to teach them about money management, and we give them their allowances in quarters so it is easier to split it among the four sections (they trade for dollars after dividing the quarters into four piles). Right now, the 'investment' section is used to save for holiday shopping, but we plan to start teaching them about real investing when they are a bit older.

I believe each bank came with a booklet of ideas for teaching kids about money, and a sheet of stickers to label their goals for each of the four sections.

Hope someone finds it useful! Anyone else have good ideas for teaching kids to be financially responsible?

 

[5stljayhawks]

I talk about it all the time to the DD 7 and DS 4.83. We will be someplace like a festival or campings and they have $5 to spend on what ever. As most kids the money is burning a hole in their pocket, so when they want something we talk about purchasing, saving, helping others and limited talk on investing.

My goal is helping them understand thinking through a purchase, building and supporting short term/long term money management goals. There has been lots of talk about not going out to dinner as a family, taking lunch to school and saving $5, $10, 50 or $100 for disney. They get the basics and we are not afraid to speak to them.

If you need additional info try you local bank or visit Junior Achievement.

 

[fallcolors]

Really appreciate this posting!

 

[pennymom]

Really appreciate this posting!

Glad you found it helpful...we LOVE those piggy banks and hope someone else does, too!