Teaching Children about Money

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Teaching Children about Money

I am interested in finding a curriculum to use in teaching my son about sensible handling of money (I am thinking of something like a "consumer math" course). He is only 10 years old, but he is already talking about his first job and what he wants to do with his earnings.

I am pleased to know that at his young age, he has already adopted the attitude that he doesn't "have to have" the newest gadgets that many children his age are drooling over. He has learned that the high rate of new and developing technologies can render today's "new and improved" toys "has beens" by tomorrow, and the prices usually drop accordingly.

Any suggestions on how to cover this material in a way that is simply explained would be appreciated.
Debora and Tim in Georgia

Teaching Children About Money: Financial Peace for Kids

Dave Ramsey is our favorite financial resource by far. His book, Total Money Makeover, has changed how we prioritize and handle our money. We now owe no money to anyone at all, except for our mortgage company and also have four months' worth of living expenses in a savings account. Talk about a relief!

His website is daveramsey.com. He has a Financial Peace Jr. Kit that is specifically geared toward teaching children about money. It costs $19.95 and can be found at daveramsey.com

Here is the product description from the website:

Your job as a parent is not just to keep your child happy. You're raising a future grown-up who needs to be able to deal with grown-up matters. Teach your children how to handle money while they are young, and they won't make costly mistakes later in life. It's never too late to start!

Financial Peace Junior is the power of Financial Peace tailored for children ages 3-12. It is a fabulous way to teach children the value of earning money.

Teaching Children About Money: What's Included in Financial Peace Junior

Commission Worksheet (dry-erase board)
Savings Worksheet (dry-erase board)
Envelope System (save, spend, give)
Clip-N-Carry Coin Case
Cool Calculator
Save, Spend, & Give Magnets
Instruction Manual
Instructional Audio CD

I wish you and your son best of luck!
Jen B. in Albuquerque, NM

Teaching Children About Money: Visit Crown.org

The best resources I have found are at crown.org. Go to shopping resources and select the children's category. They have books (courses), games, and toys for various ages. There is even a category for teens, college students, and a bunch of resources for adults too!

Teaching Children About Money: Recommended Reading

For my kids, I invested in a great book entitled Debt-Proof Your Kids by Mary Hunt. Basically, at an appropriate age (she did it at 12 years, but I am implementing it at 10 years old), you allocate some of the money that you would already spend for them and hand it to them at the beginning of the month. Teaching them about tithe, savings and spending. Every year after that, you increase the amount, but you also increase what they are responsible for. It was worth the money to buy, and I recommend it to any parent.

Teaching Children About Money: Insider's Report: Cooperative Extension Offerings

I would like to recommend for not only money management courses and materials but for many things related to home management, gardening, wildlife, agriculture, trees/forest management, child care, parenting, foods, sewing and textiles your local cooperative extension office. We have materials and/or courses on most of these subject areas and most will be free or for nominal fees to cover materials. We are funded by the USDA, and depending on the state, the office may also be funded by state and county funds. All state offices can be accessed through our website at extension.unh.edu and there is a menu on the left that is "other cooperative extension websites." You can choose your state or any other state for information. Many things can be downloaded from the websites.
A UNH Cooperative Extension Employee

Teaching Children About Money: Hands On Learning

Wells Fargo offers a wonderful, interactive website at HandsOnBanking.org that teaches everything from budgeting and savings to how to balance a checkbook and what a credit card is. There are four levels, starting with 4th and 5th graders. There is also a teacher resource tab that allows you to print out materials and worksheets to use with your child.
Sarah in Cascade, WI

Teaching Children About Money: Help Junior Achieve Financial Literacy

There are wonderful financial literacy courses offered to youth throughout the country. One of the most established and effective programs is Junior Achievement (JA). JA is a nonprofit organization that provides financial literacy curriculum and fundamentals of free enterprise to classrooms, all grades K-12. To get a JA program in your child's classroom, contact your local JA office or your school teacher or administration. For more information, visit ja.org.
Tabitha in East Lansing, MI

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