A focus on kids

July 23, 2013 § Leave a comment

Kids at the shore
I saw a comic book on money for kids and these were some of the topics covered in a simple coloring book. Kids want to be adults. They want ‘in’ on the world of grown-ups. Give them some yummy finance instruction in the practical everyday world that you understand. Let them in with these simple questions. Walk through these questions with your kids, or the kids you influence, and you can make it be as simple or as complex as the maturity of the child allows. But start the discussion.

What is money? – Money doesn’t ‘grow on trees.’ But is used for trade. It’s printed at the Bureau of Engraving and Printing in Washington, DC. Coins are produced by the US Mint. Other things to talk about could be before there were dollar bills and coins what used to be used for trade? What the advantages of using money?

How do we receive it? – Where does money come from? In their life or yours, how do you get money? Gifts, allowance even a job are all ways we get money. Sometimes we find it in the couch. If you want more money what might you do? What do grownups do when they want more money?

How do we spend it?- We spend money on needs and wants, on goods and services. But every time you spend it on one thing, your forgo money’s use on another thing. This is called opportunity cost. An example might be you bought a nice house so now the family eats out less. For your child an example might be if you buy that toy for yourself you won’t have the money for Nana’s present. You can see that even in simple terms, this could open up quite a discussion.

Money options- One can spend, save or invest. What do all those things mean? When you save money at a financial institution they then lend money to folks starting businesses in the community, or folks buying houses or cars. When you save money at a financial institution how can you get it back out? There are checks and debit cards. You can see your account online. How does someone apply for a loan? Depending on the child’s age and maturity level you could teach a lot of great info just following these questions.

Making a budget – Can I have all the things that I want to do with a limited amount of money. How do I do figure that out? What are the options inside of my budget? An example: You can wait and save. You could be frugal and get more for less. You could make more money.

So many things to talk about! And all from one kids coloring book. You can make this as easy to grasp, or as detailed and nuanced, as your imagination takes you. You can have field trips, ask friends who work in different fields chat with the kids. Just make sure you talk about it so your kids learn about money. (CR9359)

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