There are many different approaches parents can take when it comes to teaching their kids about money. And like other important lessons in life, financial literacy is one thing that is best taught while they are young. While it may be challenging to find the best time to talk about money (and everything else that comes along with it like budgeting, saving, spending, investing, etc.) learning money lessons could be just like learning how to ride a bike or play an instrument. Teach them young and give them plenty of time and space to practice safely.
Summer vacation could be the best time for kids to learn a lot of important life lessons. Why not make one of those learning money management skills? Without directly diving into “money-talk,” there are plenty of fun ways to engage your children in picking up money lessons through different daily activities.
Babycenter lists Top 10 fun ways to teach your child the value of money which include going to yard sales, visiting the bank and shopping at a farmer’s market.
Also, allowing kids a peek into the grown-up world of financing may not be eye opening and not overwhelming when done correctly. According to this article by a bank in Iowa, Summer Money Lessons for Kids, part of teaching kids about money is being open and honest when discussing financial experiences.
What better way to keep the young ones interested than playing games? For younger children, WhatToExpect suggests these 7 Games That Teach Kids About Money, for older kids who might enjoy the fun and excitement of monopoly or similar board games, here’s a list by CheatSheet of 7 Board Games That Help Kids Understand Money.
There are tons of other activities that could keep the kids involved, like DIY projects and pretend play, you can check out this list from Education.com for fun and unique ideas, helpfully labeled with which grades benefit most from each activity.
Teaching money skills to younger kids takes a bit of bravery, but keep in mind that young minds are noticing everything, from what parents and other family members spend money on, to what they hear when people discuss finances and money choices. Model good behavior and use these and other tools to help your child soak in positive lessons about money this summer!