Tips for Helping Children Develop Healthy Financial Habits
In honor of National Financial Literacy Month, here are some everyday activities that can help your kids (toddler through teen) develop healthy financial habits.
1. SET A GOOD EXAMPLE- Find time to pay the bills, balance accounts and make household purchases when the kids are nearby, to help them realize that money management tasks are a necessary part of everyone's lives.
2. GO TO THE MOVIES- Enjoy a day at the movies (or sporting or live event) and highlight the price for the same snacks and beverages purchased from the concession stand versus alternative options. Empower kids with the knowledge that they can manage their spending by choosing where and when to make purchases.
3. SIGN THE RESTAURANT TAB- When out enjoying a family meal, let your children take ownership of the bill. They can review the tab to ensure the charged items are correct, review the sales tax and calculate the TIP. Start a conversation about sales tax and the importance of hard work.
4. PLAN AN OUTING- For your next family outing or vacation, have your kids research hotels, flights, attraction ticket prices and more. Hopefully, they will become cost-conscious, identify savings opportunities, and appreciate your travels all the more.
5. OPEN A BANK ACCOUNT- Help your child open and manage a bank account. Inquire in advance about special children's giveaways/bank kits to applaud your child for taking an important financial step. (Be sure to select an account with an age-appropriate balance minimum and interest rate.)
6. GO SHOPPING- Take your kids to the store with a shopping list and help them shop within a specific budget. Favorite trips include grocery store, back-to-school shopping and holiday gift-giving. Help your children appreciate the difference between wants and needs, brand names versus private label, and that how we spend our money is a personal choice!
7. TV TIME- Enjoy the many entertaining TV programs that highlight the cost of goods, savvy shopping, how to run a business and more.
8. TAKE A TRIP TO THE STORE- Take a percentage of your child's earnings to the store so they can reward themselves for their hard work. In our world of credit, let your kids complete their entire transaction with their own coins and bills.
9. WORK FOR IT- Create self-reliant kids and teens by letting them work to earn that toy or gadget they really want. Kids can present why they should get the item and jobs they will complete to help pay for it. Consider matching their earnings to reinforce their work effort. They will likely appreciate the item more if they work for it, too.
10. PLAY STOCK EXCHANGE ONLINE GAMES- Simulated stock exchange games provide a risk-free way to understand the risks and rewards of the stock market.
11. PURCHASE ONE SHARE- Purchasing and following even a single share of a stock provides a personalized and exciting investing experience.
12. BUILD APPRECIATION- Instill appreciation for your good fortunes by supporting those in need. Help your children donate gently used items or hold a charity bake sale or lemonade stand to raise funds for a cause that is meaningful to them.
Bizainy Activity Kits
Bizainy Activity Kits make time-honored activities like babysitting, holding a charity bake sale and lemonade stand easier than ever with hands-on fun essentials that provide a crucial foundation all kids need. Bizainy Activity Kits can be purchased at www.bizainy.com and www.amazon.com.
The Lemonade Stand Activity Kit is perfect. It is an amazing way to help your child learn business sense and use their math while tuning into something almost all little kids want, a Lemonade Stand. The Bizainy Activity Kits make awesome birthday presents.
Bizainy provides really cool educational toys so kids can gain financial literacy. I would have purchased the book in the kit on its own, and it has such great advice about how to actually budget your money, not just sell. Building these notions through fun is a great learning tool.
The Lemonade Stand kit is SO full of activities and ideas, and it kept my children happy and busy for literallyHOURS! I love toys that are not only fun, but educational as well!