April 21, 2020
Teach Your Kids About Money During Financial Literacy Month
The importance of health. Gratitude for work. An appreciation for teachers (and the lunch lady). The COVID-19 pandemic has taught us so many important lessons. If you have school-age children, you’re probably teaching some important lessons of your own during the quarantine like reading, writing, and “new math”.
But there’s another important subject that children need to learn – managing money. Teaching kids early can help lead them to a brighter financial future. What parent doesn’t want that?
And what better time to teach your kids than now – during Financial Literacy Month – when you just so happen to be quarantined?
Here are some real, easy, and creative ways to instill learning and good financial habits in your children:
- Get out the board games. Who said having kids wasn’t fun and games? You can actually use everyday games to teach your kids about finances. For example, Monopoly provides lessons about budgeting, investing, and purchasing real estate. And The Game of Life gives kids opportunities to see where different financial paths can lead.
- Play store. Young kids love to play pretend store. You can bring real-life money lessons to your child’s store by assigning price tags to items and giving your children actual money. Set a budget and let your kids shop in the store for the things they need. Also, have them take a turn working at the store, so they can learn to make change.
- Create a savings jar. Don’t just teach your kids about saving, show them how. A savings jar or piggy bank will help them see firsthand how saving works. It will also help them learn how to count money. Ask your child to pick a saving goal and then encourage them to contribute to the jar to work toward that goal. With our Avidia Bank Max Adventure Savings account, we reward children for reaching savings milestones. Learn more here.
- Use financial literacy apps. Kids love playing electronic games. There are a number of apps that make learning about money fun. Apps like Savings Spree can teach kids about earning, spending, and saving money. Other popular apps for younger kids include Bankaroo and Renegade Buggies.
If you have teenage children, try to use this opportunity to teach them about the importance of savings. For example, you could explain how unexpected events and circumstances (like a pandemic) can impact your finances, and that having an emergency savings account can provide a safety net. Talk to your kids about setting aside portions of their allowance or pay for savings and encourage them to create a budget with apps like Mint that make it easy. If they are starting to use money to make some of their own purchases, the Avidia@School account is a great fit as a first checking account. Having their own checking account a good way for them to learn about how to manage their spending.
Teach your kids how to achieve a brighter financial future
Remember, you are your child’s most important teacher. Try to make financial literacy part of your curriculum – at home.