Recently, Aaron talked on the importance of being a financial example to your kids (7 things I learned from my parents). Along those same lines I came upon the website, Money Savvy Generation, and found this great piggy bank for helping kids manage their money. (piggy bank link)
It helps kids realize that there is division of the money he or she makes into saving, spending, donating, and investing. Like many of us adults do we often just lump all of our paycheck into our checking account and all the demands just pull at these $’s. With that we often forget to set aside money for saving, donating, and investing. For me my parents and grandparents were a huge influence on me and shaped a lot of the decisions I make on a daily basis to get me where I’m at today. In a way this reminds me of the old Cosby Show episode where Theo gets bad grades and thinks he doesn’t need to do well in school, because he’s going to get a regular job like a bus driver. Cliff pulls out the monopoly money and goes to work on showing him how fast money slips out of your hands and the importance of a good education.
Here are a few books that will help teach your kids about managing their money.
- Financial Peace Jr.: Teaching Kids About Money! : “Cool Tools” for Training Tomorrow’s Millionaires! [Audio CD]
- Kids, Parents & Money: Teaching Personal Finance from Piggy Bank to Prom
- Millionaire Babies or Bankrupt Brats: Love and Logic Solutions to Teaching Kids About Money
You’ll be amazed at how much your example has an impact on your kids, and will set your family’s financial course for generations to come.