Financial Responsibility and Kids?
Every now and then a parent will ask me, “How do you teach kids about money?” There are many traditional ways to teach kids about financial responsibility and money management. Today a new idea, that involves technology, came across my desk.
Danielle Smith, a blogger from Pretty Extraordinary, wrote a post about something she’s doing with her kids. I found it helpful, and wanted to pass it on to you.
The idea is called Current.
It’s a debit card for kids that teaches them about spending, saving, and giving.
Before you call me crazy and stop reading, you need to know two things.
There are parental controls on this debit card.
Your kids cannot use the card for anything you don’t want them to.
I am not affiliated with this company.
I just thought it was a good way to teach kids about saving, giving and spending.
I know your kids won’t be going away to college for a long time, however, now is still a great time to teach your child(ren) about financial responsibility and money management.
As I mentioned last week in my webinar, Why Do I Yell and What Can I Do Instead? sometimes the best time to teach your child a life skill is to do it when they’re young.
Why, you might ask?
Younger kids love learning grown-up skills. They decide, “Since my parents are teaching me about money they must think I’m more grown-up!” That thought process immediately inspires listening, cooperation and responsibility.
Here’s an example. Your 6-7 yr. old comes to you and says, “Buy that for me!” you can begin teaching them about money by saying, “I have $4.00 that I am willing to contribute to that purchase, how will you earn the rest of the money?” Then, wait to see what they come up with.
This process teaches delayed gratification.
It teaches them that it’s possible to have what you want in life, when you work for it.
And it teaches them the value of a dollar.
The debit card goes even further. The card teaches kids the reality of financial responsibility and money management. Check it out, and let me know your thoughts in the comments.
FYI: Danielle Elliot Smith, the blogger, is affiliated with this company and is giving you a code for 3 months free to try it out. Since it’s summer, now might be a right time to try this?
I hope you’re enjoying your summer!
Now go hug your kids,