Is it ever too early to start learning financial responsibility and wise spending habits? Judging from the fact that one of the top New Year’s resolutions is to save more and manage money better, there are many adults who wish they’d developed some responsible financial habits earlier in their lives. In this first post of a three-part “Homeschool Resolutions” series, discover some great tips for how and why to include financial budgeting in your homeschool curriculum, as well as excellent activities and resources for teaching children of all ages the value of money.
Responsibility of Finances
Should children earn an allowance for performing their family chores? It’s hard to teach responsible financial habits if there are no finances to practice with. But do you tie an allowance to the responsibilities your children have around the house, or are both the allowance and the chores treated as separate components of being a part of the family? Steve and Annette Economides of Money Smart Family share their thoughts here.
Financial guru Dave Ramsey offers a wealth of information on family finances and learning about money, including how to talk to your kids about money, tips for introducing financial responsibility to kids of all ages, and how to raise “money-smart” kids.
Explore these 20 ways to teach kids financial responsibility at any age–from elementary school age to high school and beyond. There’s more to teaching about money than providing an example of financial responsibility and encouraging kids to save their allowance–although that is certainly the biggest part of it! Remember to involve them in other financial matters such as taxes, credit, and stock. Since these concepts will involve more confusing concepts, be sure to introduce them at appropriate stages for your children and build on basic skills as they get older. This is also the perfect time to combine subjects and introduce new math concepts, and practice and develop existing math skills.
Do your kids know what you mean when you tell them “Money doesn’t grow on trees!”? These free printables from Self-Sufficient Kids can help younger children keep track of their earning, saving, and spending habits. The spending sheet in particular is an excellent concept to carry over into lessons for older children. Keeping notes on items that they have saved for and actually purchased will serve as an excellent reminder of their successes (the spending goals they’ve achieved) and their struggles and regrets (items that did not live up to expectations, or plans that were derailed.
If you’re looking for a new game for a family night, you might try one of these suggestions from Wise Bread. These six board games are an ideal way to teach about money, saving, debt, and spending habits in a fun, family-friendly way.
Browse this list of mobile apps for the college-bound teen for some more high-tech options for tracking spending habits and savings goals into young adulthood.
Do your kids earn an allowance or extra money for doing chores around the house? Share your thoughts in the comments below!