Mom Knows Best : How To Help Your Kids Be Smart With Their Money

Friday, March 18, 2016

How To Help Your Kids Be Smart With Their Money

Imagine the pride you will feel when you see your kids being smart with their money.



 I like to think that I am doing a great job with being smart with my money. I am able to do four things with my money every month. These four things are Save, Spend, Donate, and Invest. It makes me feel smart and secure knowing that I don't have to live paycheck to paycheck and that I have money in the bank for emergencies. I don't have to lose sleep over money and bills not getting paid. I want my children to be money-smart also and I know leading by example is not enough. I have to teach them about money and how to manage it so that when they move out they will be able to manage their money and not be in debt. I discovered a great child-friendly educational program that helps me to be able to teach my boys about personal finance basics in a fun, approachable way to ensure that the learning sticks. I don't want my boys to learn about money the hard way!


  The Money Savvy Kids @Home Kit helps me, as a parent, to teach important money lessons to my boys. When this kit arrived at our house the other day, my boys saw the cute purple piggy bank and said "that is a cool bank! Cool that it is purple!" My younger son then read the words on the bank and understood all the words except invest. I had my first teaching moment and explained to him what invest meant. I then let my boys explore the materials in this kit.They loved that the kit not only included a piggy bank for their money, but also stickers, a coloring book, and a workbook. The kit also has parent handbook a learning poster, and a CD with songs about money and images on it. My boys really loved the piggy bank, which comes in many colors, as it had four different chambers to put their money. My boys know that money can buy things and they love collecting change and tooth fairy money. Right now they are learning about prices of items and how they have to save their change to buy toys and candy. I know that money is used for more than toys and candy so I need to teach my boys how to be smart with their money.



  I wanted to use this Money Savvy kit to teach my kids about money. So I read the parent handbook so I could be ready to use the materials to teach my kids. There are eight chapters in the handbook, so I decided to do one lesson a week with my boys. My boys get home early from school on Wednesdays, so I made that our money learning day. I really liked that the lessons had a bunch of discussion questions for me to ask my boys. The questions helped my boys understand more about money. The kid workbook also had eight chapters that had questions and activities for my boys to do after the questions from my book. Most chapters only had six questions so my boys did not get overwhelmed. The eight lessons include:
                                                History of Money
                                        Where Does Money Come From?
                                        Kids Can Earn Money Too
                                                    Saving Money
                                                    Spending Money
                                                    Donating Money
                                                    Investing Money
                                                         and
                                          Family Money Press Conference

  This kit is great for kids ages 6-11 so my boys who are 7 and 9 were able to learn from it. My boys decided to share the piggy bank as they wanted to put their money together to be able to save faster. I talked with my boys about how to use the different chambers of the bank. We talked about the four different topics listed on the bank too. With my help, they decided to use the Spend chamber for things like ice cream and candy, the Save a Lego set, the Donate for church, and the Invest for vacation fun. They divided up their current change between the chambers on the piggy bank and got excited to see it fill up. I then discussed what to do with future money that they receive, like tooth fairy money. I told them about how dad and I take 10% of our money and give it to the church and how we try to save 10% each month. I also told my boys about how after mom and dad pay the bills, which amounts to more than half our money that we then have 10% to spend on fun things like going out for pizza. This kit not only helped me to teach my boys about money, but it also help my husband and I with making new choices with our money.


Find out more about this amazing money teaching kit at the below link and how you can get one to help your children be money smart.
                    http://www.msgen.com/assembled/athome1.html#.Vt7txPkrLIV


"These opinions are my own and I received the above mentioned product to facilitate this post."

17 comments:

  1. What a great concept! Money management is such an important skill. My grandfather taught me so much in that regard and now I'm teaching my stepson.

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  2. Can I get one of those here in the Philippines? It is awesome. I'm actually having a piece written about something like this. It's always good to teach kids about saving.

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  3. What a cute little bank. I could use one in grownup size.

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  4. My parents taught me well. Great idea for kids and cute pig :)

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  5. Great idea for the kids at home! ill recommend it to my aunts.

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  6. What a cool piggy bank! I want it for my kids! Will check that out.

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  7. This is the first time I've encountered piggy banks with sections and I think it's absolutely brilliant! I love that it teaches kids the value of saving as well as donating and spending.

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  8. I love this Money Savvy Kids Home Kit! It's a fantastic way to teach kids about money, savings, spending, etc. I will definitely get this for my niece and nephew! :)

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  9. i love that the pig has different spots for different goals. this is such a great way to explain what to do with money to children

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  10. I like the strong visual on dividing the savings. This is such a great tool for kids.

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  11. This so cool. My little nephew is the perfect age for this! His birthday is coming up.

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  12. Hey Beautiful Article you have shared that gives us a really warmth feelin to make our kids start knowing the importance of maney as well as money saving.
    These visual are really inspiring. I love the 'pigyy bank'!!

    Thanks
    Ellie

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  13. Such a helpful ideas, I need to try this for my kids and they learn how to save money

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  14. oh love the look of this and some amazing tips to use on my own children

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  15. I need this help myself as I am terrible at spending and it really worries me a lot.

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  16. I think this would be just as helpful for adults! Maybe if I can't physically get to my money I won't spend it as much ;)

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  17. Oh gr8 post..!! Loving passing by your articles.
    Thanks keep it up!!

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