I know growing up my parents didn’t teach me the value of money. I was able to do what I pleased with my allowance and birthday money so as a young child, of course, I spent it. At the time I remember it was almost like having money burned a whole in my pocket and I couldn’t get rid of it fast enough. I would spend it on anything and everything, including the things I thought I had to have at the time.
Now, as a parent, I realize that kids should be taught the value of money and money management. Had my parents taught me more about managing my money, I most likely wouldn’t have gone through my college years spending every dime I had and I would have been better at managing those credit cards. I would also have a nice little nest egg sitting in the bank now.
Below are some tools to help you teach your kids the value of managing money:
All of these products are from the Money Savvy Generation.
The Money Savvy Pig is a unique piggy bank that has four chambers, one for each of the four money management choices a child should be taught from the time they are small. Those choices are SAVE, SPEND, DONATE, and INVEST. Recommended for ages 4-11, the Money Savvy Pig bank is a must-have for any child because it interactively teaches children good money management techniques.
If you want to break free of the tradition piggy bank, a Money Savvy Cow and a Money Savvy Football are also available.
Millionaire Kids Club Series
Co-written by financial literacy expert Susan Beacham and New York Times bestselling author, Lynnette Khalfani Cox, the newly published “The Millionaire Kid$ Club™” children’s book series are not fantasy books. Rather, they are smart, creative, picture books which teach children that money is not merely something to be used for buying pizza and the hippest new CDs. Through two funny and engaging stories, beautifully illustrated by Tom Deja, a group of childhood BFFs learn that there are actually four things you can do with money: Save, Spend, Donate or Invest.
Volume 1: Garage Sale Riches
When Isaiah’s mom asks him to clean out the family garage, she promises her son that he can keep all the money he makes from a garage sale. Isaiah enlists the help of his friends, Sandy, Dennis and Stephanie. When the four pals start dreaming of what they’ll do with all the money they will earn, they name themselves The Millionaire Kids Club. But after all their hard work, will they quickly waste their money with a trip to Mega Mall – or will they learn a valuable lesson about spending and saving?
Volume 2: Putting The “Do” In Donate
Dennis can’t wait to get to school on Monday to tell his friends about the amazing thing that his Grandpa did. At his 80th birthday, his Grandpa gave Dennis $100! But there’s a catch: Dennis has to use the money to help someone less fortunate. With a little creativity and hard work, the four pals might even figure out a way to turn Dennis’ $100 into an even bigger donation.
Volume 3: Home Sweet Home
In Social Studies class, it’s time to talk about “current events” from the newspaper. Three members of the Millionaire Kids Club – Isaiah, Sandy and Dennis – have agreed on a topic. They want to explain why so many homes in the community have “For Sale” signs. But their buddy, Stephanie, doesn’t want to talk about this subject. After all, her family may have to sell their home too – and that has Stephanie terribly upset. Stephanie’s dad has lost his job and can’t pay for their home anymore. So will Stephanie’s family be able to save their house? Or will they have to move out, and will Stephanie have to leave the neighborhood and her closest friends?
I highly suggest teaching your children about money management (spending, saving and investing) with Money Savvy Generation. Start early so that the good techniques you teach them will stick with them as they get older. They may not like it when they are young, but I promise you they will thank you for it when they are older when they are able to fully understand the value of money and managing it.
The Money Savvy Generation has tons of great products to help teach your kids about money and inspire creativity. I will definitely be using these tools to teach our kids about money!
For more products and information check out Money Savvy Generation.