As we all evolve to the new “norm”, some of us are balancing working from home, homeschooling our kiddos, and managing a household. Luckily, we have some fun activities to do with your children while educating them about money management. April is the perfect time to start – in addition to Credit Union Youth Month, April 22nd marks National Teach Children to Save Day!
Have your children make purchases
Purchasing something is perhaps the most direct way to understand how money works. Therefore, it’s a great opportunity for your children. Try including them the next time you make a purchase.
Since we have limited store access, we can virtually show the exchange of goods or services by including your children in your next online order for groceries. This is a great opportunity to show them how much each item costs and more impactful how your total due increases when each item is added.
Hopefully, this will help decrease the requests from your little ones for treats from the store when they understand the costs.
Open a savings account with them
There’s no better way to explain saving money to a child than to open an account in their name for this specific purpose. Open the account together online. This will reinforce the roles that financial institutions play in managing your money. After the account is open, hatch a plan together for making regular contributions to it.
While piggy banks are cute, savings accounts are the best option for stashing your cash and setting them up for financial success.
Learn how Chartway can help you teach your kids good financial habits. Chartway’s Student Rewards program allows kids to earn rewards for smart behavior at any age level. Start them off early and as they get older, new rewards will be unlocked! Click here to find out more.
Free Education Tools for Kids
Financial Education doesn’t have to stop here! Check out these free education tools and fun activities to do with the kids:
- Chartway Printable Activity Pages
- United States Mint: H.I.P. Pocket Change
- Play free educational games online and learn more about coins
- Federal Deposit Insurance Corporation
- The Learning Bank is the FDIC's site for students, teachers, and parents
- Practical Money Skills Games