Teaching Kids the Basics
Turn it into a game. Most kids are up for anything thatâ€™s exciting, so make learning fun. Instead of regurgitating the same information about saving and spending, turn money management into a game. Try creating a coupon challenge. Whichever child clips the most usable coupons will win an ice cream cone or gets to choose events for the next family fun day â€“ you decide the prize.
Make them earn it. Giving your children a weekly allowance attached to household duties is a great way to teach them about money. Attach a dollar value to chores — sweeping for $3, washing the car for $10, etc. â€“ to help them understand the value of labor â€“ and a dollar.
Encourage them to find additional sources of revenue. When I was in seventh grade my mom (a junior high school social studies teacher) pushed me and two friends to sell ice cream at a local summer camp. She helped us find a cheap wholesaler and we put our money together for the initial investment, which wasnâ€™t much. Encourage your kids to be enterprising, start with lawn care or helping neighbors clean their houses.
Renita Burns is the editorial assistant at BlackEnterprise.com.