How do you teach a three year old about money? What about a newly adopted pre-teen? Stephanie Pyke from MoneyLit talks with Laura Coleman on The Adoption and Fertility Finance Show about how to teach children about human capital.
Stephanie separates jobs into “household jobs we do because we all live here” and “extra jobs”. In her house, the “extra jobs” are an opportunity for children to earn their own money. It’s so hard to get a pret-teen or teen to listen, even when you have fabulous knowledge to teach! Stephanie exposes her kids to books so that they can learn from her in a roundabout way, and she recommends a few great books for teens.
Laura and Stephanie talk about how to change the money habits of older children, and how to use short and long term goals to teach about delaying gratification.
Using a physical savings account is more impactful when children are between 3-5 years old, and by about 6-7, they should go out and get a savings account. Stephanie recommends using a mobile app to help them see their savings grow, and they talk about teaching kids about the physical money behind a debit card.
Stephanie’s been using the app Stockpile to teach her kids about investing in stocks. She’s designed her summer program for grades 3-8 to teach children about financial literacy and basic economic concepts. It’s taught locally in Chattanooga, TN, but you can follow her on Facebook for more resources on how to teach kids about money.
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Links Mentioned in the podcast:
MoneyLit on Instagram
See what Kelli has to say about the Preparing Financially for Adoption course.
“I believe one of the biggest struggles families can face is financial struggles and the last thing you want or need is to tie your roller coaster emotions that adoption can bring to poor financial decisions. Preparing financially for Adoption is a resource I wish we had available to us when we adopted! What a gift it would have been to have the structure and accountability to keep us on the same page and communicating before, during and after our adoption process.
The spreadsheets provided are gold for staying organized which can relieve a lot of stress. There are also guides for date nights and talking about the $ that I find valuable even now! Money is something that is easy to let one person handle or to choose to not talk about and it’s so vital to stay connected on this topic especially when you are making big life decisions for your family such as adopting.
Because Laura is a Money Coach and an adoptive mom you can trust she is giving you sound and valuable information.
There are so many things that are required to invest in to prepare for adoption, in my opinion this course should be one of them!”
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2 thoughts on “Tips On Teaching Kids About Money”
Great post on the schools needing to teach personal finance. Some schools in US do have it in the curriculum, but its much formal and does not solve the actual behavioral problem of managing (or mismanaging) money.
Thank you! It’s vital that we teach the next generation about how to manage their money. Remember, they’ll be taking care of us when we are in our old age. 🙂