Activities to Help Teach Your Children About Money | St. Johns Bank
As a parent, there are many pieces of wisdom to impart on your children as they grow up, and one of the most important of these is teaching children good money habits. Finances have a hand in nearly everything we do as adults, so setting your kids up to be prepared for that aspect of the world is a very wise choice.
It is difficult to determine exactly how to go about doing this for many parents, however. There are still persistent stipulations around financial discussions in many circles, and most parents do not want to force their children to grow up too quickly.
However, with these fun activities, kids will be able to learn about money in a non-threatening way!
Smart Activities to Help Kids Learn About Money
Play store and bank with them. Children often love playing with toy cash registers and piggy banks, which is a fantastic opportunity to teach them about how stores and banks work. Playing store creates a great chance to talk about addition and budgeting for a grocery list, while playing bank is a great opportunity for discussing savings accounts and earning interest on investments.
Give them the opportunity to earn money. Even at a young age, children are capable of helping out in many ways around the house. Many parents make use of an allowance system to teach children that all money must be earned and budgeted to last. This is a great chance to give a child some autonomy while still helping them make the right decisions and build good habits.
Let them help with household finances. While managing the household finances can feel like a full-time job, teaching children what goes into running a household can be distilled to an age-appropriate lesson. Showing your children how income gets translated into bills, a mortgage and managing household expenses can provide more context for financial decisions and teach them the importance of establishing a good household budget to manage income and expenses.
If you are trying to set your children up for financial success, we can help! We offer many accounts that are great for first-time savers. Contact us today to learn more!