Thursday, November 29, 2012

Teaching Kids About Money

Somewhere around 9 years ago I was wandering around my favorite local library and I came across several books about money education.  I remember very vividly thinking the books looked really good.  I even thought about checking them out then, but figured I didn't really need them with only a 2 year old running around.  I'd find them later.  You know, when I needed them.

I've been thinking about those books (and of course, I can't remember their titles) that I was so sure would be perfect for a year or so now.  Thinking I should really try and find something like them at my library.  Unfortunately, I'm occasionally a bit of a procrastinator.  Thankfully, technology often steps in to nudge me/help me get headed back in the right direction.

A few days ago, I came across a fantastic idea on Pinterest.  Laurel from the blog Ducks in a Row and I already agree on many things.  First, we also give our kids an allowance that is not tied to chores.  I'm a firm believer in not paying them for the chores that I feel are a part being a member of our family (although, I'm not opposed to paying them set fees to do extra chores).  Second, we also pay our kids $1 for every year of their age.  Unlike Laurel, we don't start their allowance until our kids turn 8, but after that it's just the same.

What I really love, something I've wanted to do, but wasn't sure how is her family bank.  She has a notebook with a register in it for her kids (along with their spending money).  A register!  That's such a GREAT IDEA!  Why is it that the super great ideas I never think up on my own are always also super simple?  I always think things need to be complicated.  Well, they don't!
My kids keep their money at the bank (it's a ton easier for me to just set up an automatic transfer every month), but it's hard for them to wrap their head around or keep track of exactly what they have and how they're really spending it. 
Right now during homeschool, we do real life math on Fridays.  We talk about how the math they're learning (or will learn) can be used in other areas of life and this will fit in perfect.  Every month we can sit down and go over what money they have and see what they're doing with it. 

I'm going to get started on this over the weekend and am looking for other ideas.  Do you know any great websites?  Good books?  Fun (and informative) curricula for teaching kids about money?

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