How to Teach Kids About Money: Tips for All Ages
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Figuring out how to teach kids about money in a way they’ll retain it is no easy task. But any parent can do it by making it fun! The Tuttle Twins series is full of books that teach kids about inflation and other money-related and economic topics. You can also make learning fun with some activities that will be sure to grab their attention!
PHOTO: Tuttle Twins
Books and Activities for Toddlers
When you start with books like the Tuttle Twins series, you have the chance to introduce a topic your kids have never learned about before, opening discussions about it as well. Kids are never too young to start learning about money, and believe it or not, the Tuttle Twins series includes a book about economics for toddlers.
The Tuttle Toddlers: ABCs of Economics presents the basic concepts about economics via an alphabetical format. By starting with this book, you’ll be laying the foundation for a future in which your child is savvy about money!
As far as activities for toddlers, try some hands-on activities like role-playing at a pretend store. While coins might not seem very useful anymore, they can be perfect for teaching toddlers about money. Sort and count coins together, demonstrating the basics of saving and spending at a pretend store. Take your little one on a real shopping trip and let them be the one to hand over money for small items.
PHOTO: Tuttle Twins
Books and Activities for Kids Ages 8 Through 12
Older kids can start to grasp topics that are a bit more complex, and the Tuttle Twins series has you covered here too. Some Tuttle Twins books that teach kids about inflation, money, and economics include The Tuttle Twins and the Creature from Jekyll Island and The Tuttle Twins and the Messed-Up Market.
In addition to picking up some Tuttle Twins books, you can also build on the activities presented to toddlers to engage your older kids. For example, you can upgrade them from coins to bills and from a pretend store to a real one by paying them an allowance in exchange for chores so that they can practice earning money.
Encourage them to save money for the things they really want instead of spending it all at once, and demonstrate giving a certain percentage of your own income to church or a worthy charity. Help them figure out how much of their own money to give and decide which causes to give to.
As your kids get older, open a bank account for them to teach about interest and other important banking concepts. Also use every trip to the grocery store as a learning experience instead of a boring chore. Show your kids how to comparison shop and decide when it could be worth paying more for a brand-name item.
Books and Activities for Teens
Your quest to learn how to teach kids about money doesn’t end when they become teenagers, although the methods for teaching might differ. The Tuttle Twins books are a great launchpad for discussions about complex money topics your younger kids might not understand. Titles like The Tuttle Twins and the Hyperinflation Devastation will introduce important economic topics.
As far as activities for teens, continue to build on the foundation of saving, giving, and spending that you set out when they were younger. Keep paying an allowance for chores and help them find a summer job to help with this. Work with them to create a budget and help them set goals for their money.
If your teens really have a handle on all things money, you might even consider a custodial investment account to help them grow their savings and learn about investing.
No matter how old your children are, you can’t afford not to teach them about money. An economic education for kids is absolutely essential as they grow up because it will set them up for success in the long run.
