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16 Fun And Inspirational Ways To Teach Kids About Money

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16 Fun And Inspirational Ways To Teach Kids About Money

Being a parent, I find kids are very clued in on what they want, and do not seem the slightest bit concerned that it will involve a monetary cost! What I find even more amusing, is that they have no problem spending our or anyone elses money, but ask them to dig into their savings and I am met with highly indignant faces! Oh yes, before they decide to spend their money, there is deep thought and analysis before a decision is made, and of course the guilt trip I am put on for even suggesting they pay for it themselves, never ceases to amaze me!

Yes, I am a parent who tries to teach my kids about money, but finding fun and inspirational ways to do so, is not always easy, especiallly when dealing with different age groups of kids.

Here are some examples of ways you can teach kids about money.

1. Calculator

Give them a calculator while out shopping, so they can key in the item value and keep you informed of costs on an ongoing basis. Comment on some items so they know what is cheap and what is expensive!

2. Allowances

If you aren’t doing it, just try giving allowances for a few weeks, different allowances for different age groups. Be clear to them that they will get no other money for anything until such a date, so they are in charge of the money they are given. Try giving different amounts starting small and see what their spending pattern is like. See if they spend it all in one go, if spend it on junk food, treats, small toys, books etc. This will give you a baseline to work with. When you have this you will know what areas you need to work with for your child. Of course young children will struggle with this so only use it for kids who understand time and can handle some level of responsibility.

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3. Shopping

Take them shopping with you and ask them to take notice of the prices of different items of the same type. For example how branding, quality, weight, discounts etc work.  Ask them why they think one is cheaper, more expensive, etc just to increase their awareness of cost. Kids get so bored out shopping so keep them involved. It is a great way to learn.

4. Challenges

Set them challenges to work individually or as a team to buy something and come back with the most money. Of couse you will also need to explain about value to them so do this after they understand the concept of shopping covered in the previous point.

5. Coin Game

Play a coin game with them where they need to work out how many small coins equals one bigger one etc. For smaller kids they may need a reminder chart which you can simply be drawn out. This way they will understand that its not just the number of coins that matters but how much each coin is valued at.

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    6. Observe transactions

    Ask them to observe you paying for something and how the transaction goes. whether it is card, cheque or cash transaction. Let them see how each transaction happens. Teach them that money is a form of exchange for a goods or service! Explain the difference to them with examples.

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    7. Banking Experience

    Take them to a bank and show them how it works. Kids love mystery and stories. Explain where the money goes, that is the money that goes back to the bank and the money that comes out from the bank.

    8. Take them to an ATM

    I find this always amuses me, as my kids think its magic that a card just gives me what ever money I ask for. I show them that this really comes from my savings or from a loan but that every time I use the card to take money out what I have left, gets lower and lower.

    9. Brainstorming

    Ask them to think of ways to save more money and get more money. No matter how whacky their ideas may seem, they are thinking it through and that is good. Write down their ideas and try to keep adding to the list. You never know if you may come across a marvelous money saving or money forming idea!

    10. Observation Field Trip

    Take them shopping or simply on a car journey through a commercial area and ask them to look around them and see different ways people are spending money, and on what they are spending, whether it’s gas at the station, taking money from an ATM, carrying packages or groceries, or whether they are doing a task where they will get a monetary payment in return.

    11. Online job chart

    Give them a jobs list at home and allocate different monetary values for different tasks. Be sure to have a value of zero for some tasks which they need to do as part of the normal contribution to the household. This also teches kids about value..

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    12. Money Bingo

    Play money bingo where they need to work out how many coins match a number on a box and who ever gets the most right wins. For this to work they will need to add up the correct number of coins and stack them on each number. Of course you will need large boxes and plenty of space.

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      13. Coin Groupings

      Gather all small coins and ask kids to separate them into the same groups. Ask them to write down how many coins are in each group.  Then involve them in trades to try to get lots of coin mixes of different coins going. The trades need to be for the same monetary value.

      14. Allocation Jars

      Give kids three jars and ask them to label and decorate them as they wish. They should be labeled Spend, Save and Give. As a parent you can either decide what amount of money they have goes into each or encourage your child to think about it and then come to an agreement with them over the distribution of the money. Discuss with them also what each jar represent and what will happen to the money in each jar. Kids love seeing things build up and love to shake the jar or take money out and re-count again. Physically seeing their money will give them a greater awareness of money and how it can be used.

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        15. Coin Rubbing and Tracing

        Do coin rubbing and tracing shapes of different coins. For notes, ask the kids to find as many differences as they can see between the notes. This will increase their power of observation!

        16. World currency

        Encourage them to collect money from around the world and to look up the value of each currency. This is great to let them know about money on a global scale. Open n online converter and show them how to do their own conversions! It will definitely make them think!

        “The easiest way to teach children the value of money is to borrow some from them” – Unknown

        Photocredits: Pinerest-Moneysavingmom, Freehomeschooldeals, Creeksidelearning.

        Featured photo credit: How To Teach Kids Money Skills, by Carissa Rogers, Flikr via flickr.com

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        Last Updated on January 5, 2022

        33 Painless Ways to Save Money Now

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        33 Painless Ways to Save Money Now

        In a difficult economy, most of us are looking for ways to put more money in our pockets, but we don’t want to feel like misers. We don’t want to drastically alter our lifestyles either. We want it fast and we want it easy. Small savings can add up and big savings can feel like winning the lottery, just without all of the taxes.

        Some easy ways to save money:

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        1. Online rebate sites. Many online sites offer cash back rebates and online coupons as well. MrRebates and Ebates are two I like, but there are many others.
        2. Sign up for customer rewards. Many of your favorite stores offer customer rewards on products you already buy. Take advantage.
        3. Switch to compact fluorescent bulbs. The extra cost up front is worth the energy savings later on.
        4. Turn off power strips and electronic devices when not in use.
        5. Buy a programmable thermostat. Set it to lower the heat or raise the AC when you’re not home.
        6. Make coffee at home. Those lattes and caramel macchiatos add up to quite a bit of dough over the year.
        7. Switch banks. Shop around for better interest rates, lower fees and better customer perks. Don’t forget to look for free online banking and ease of depositing and withdrawing money.
        8. Clip coupons: Saving a couple dollars here and there can start to add up. As long as you’re going to buy the products anyway, why not save money?
        9. Pack your lunch. Bring your lunch to work with you a few days a week, rather than buy it.
        10. Eat at home. We’re busier than ever, but cooking meals at home is healthier and much cheaper than take-out or going out. Plus, with all of the freezer and pre-made options, it’s almost as fast as drive-thru.
        11. Have leftovers night. Save your leftovers from a few meals and have a “leftover dinner.” It’s a free meal!
        12. Buy store brands: Many generic or store brands are actually just as good as name brands and considerably cheaper.
        13. Ditch bottled water. Drink tap water if it’s good quality, buy a filter if it’s not. Get 
            a reusable water bottle and refill it.
          • Avoid vending machines: The items are usually over-priced.
          • Take in a matinee. Afternoon movie showings are cheaper than evening times.
          • Re-examine your cable bill. Cancel extra cable or satellite channels you don’t watch. Watch the “on demand” movie purchases too.
          • Use online bill pay. Most banks offer free online bill paying. Save on stamps and checks, and avoid late fees by automating bill payment.
          • Buy frequently used items in bulk. You get a lower per item price and eliminate extra trips to the store later on.
          • Fully utilize the library. Borrowing books is much cheaper than buying them, but in addition to books, most local libraries now lend movies and games.
          • Cancel magazine/newspaper subscriptions: Re-evaluate your subscriptions. Cancel those you don’t read and consider reading some of the other publications online.
          • Get rid of your land-line. Do you really need a land-line anymore if everyone in the family has a cell phone? Alternatively, look into using VOIP or getting a cheaper plan.
          • Better fuel efficiency. Check the air pressure in your tires, keep up with proper auto maintenance, and slow down. Driving even 5MPH slower will result in better fuel mileage.
          • Increase your deductibles. Increasing the insurance deductibles on your homeowners and auto insurance policies lowers premiums significantly. Just make sure you choose a deductible that you can afford should an emergency happen.
          • Choose lunch over dinner. If you do want to dine out occasionally, go at lunchtime rather than dinnertime. Lunch prices are usually cheaper.
          • Buy used:  Whether it’s something small like a vintage dress or a video game or something big like a car or furniture, consider buying it used. You can often get “nearly new” for a fraction of the cost.
          • Stick to the list. Make a list before you go shopping and don’t buy anything that’s not on the list unless it’s a once in a lifetime, killer deal.
          • Tame the impulse. Use a self-enforced waiting period whenever you’re tempted to make an unplanned purchase. Wait for a week and see if you still want the item.
          • Don’t be afraid to ask. Ask to have fees waived, ask for a discount, ask for a lower interest rate on your credit card.
          • Repair rather than replace. You can find directions on how to fix almost anything on the internet. Do your homework, and then bring out your inner handyman.
          • Trade with your neighbors. Borrow tools or equipment that you use infrequently and swap things like babysitting with your neighbors.
          • Swap online. Use sites like PaperBack Swap to trade books, music, and movies with others online. Also, look for local community sites like Freecycle where people give away items they no longer need.
          • Cut back on the meat. Try eating a one or two meatless meals every week or cut back on the meat portions. Meat is usually the most expensive part of the meal.
          • Comparison shop: Get in the habit of checking prices before you buy. See if you can get a better price at another store or look online.

          Remember that saving money is not about being cheap or stingy; it’s about putting money into your bank account rather than giving it to someone else. There are many ways to save money, some you’ve never thought of, and some that won’t appeal or apply to you. Just pick a few of the ideas that sound doable and watch the savings add up. Save big, save small, but save wherever you can.

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          Featured photo credit: Damir Spanic via unsplash.com

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