Join us at Cone Park Library on April 26th 2:30-3:30 as we help kids celebrate Money Smart Week by learning a litle bit about saving money and making their own piggy banks.
Did you know that children as young as three years old can grasp financial concepts like saving and spending? According to a Forbes article, writen by Laura Shin, children age three and up should be learning important finance lessons.
"The sooner parents start taking advantage of everyday teachable money moments (for example, give a six-year-old $2 and let her choose which fruit to buy), the better off our kids will be. Parents are the number one influence on their children’s financial behaviors, so it’s up to us to raise a generation of mindful consumers, investors, savers, and givers,”
Forbes provides the top money lessons to be learned, as well as activities to illustrate each point.
- You may have to wait to buy something you want. This is a hard concept for people to learn of all ages. However, the ability to delay gratification can also predict how successful one will be as a grown-up. Kids at this age need to learn that if they really want something, they should wait and save to buy it.
- You need to make choices about how to spend your money. It’s important to explain to your child “Money is finite and it’s important to make wise choices, because once you spend the money you have, you don’t have more to spend."
- The sooner you save, the faster you're money can grow from interest. Teaching children to shift from the idea of saving for short-term goals to long-term goals.
Need more ideas to help your children learn about budgeting, saving, and spending wisely? You could check out these materials and more at your library.
Rock Money: A School House Rock DVD that teaches children the fundamentals of money and personal financial management through songs and music.
Dollars & $ense: A kid's guide to using-not losing-money by Elaine Scott