Financial Education for Kids – Teaching Kids About Money

“I Want That…!”

When my children were small, it was usually a fight to go to the grocery store and not buy all the candy and toys.

Even when they were teenagers I would find things being scanned that I know my hands did not put into the shopping cart!

Talk about young people who needed some financial education!

After obtaining more “money” for our monopoly game, one evening after dinner we (parents) pulled out the game from it’s shelf.

Having a plan, for a little financial education, we showed the kids copies of the paychecks for the month.

“What do you think about this idea?

The next time a pay check comes in we’ll divide it equally among everyone in the family.”

Each child seemed to think this was a great!

Imagine!

Wow, what a lot of money that would be.

A lot more than the present allowance!

This was the great part about teaching kids about money.

We handed out the monopoly money that would equal the amount each member of our family would receive.

That was a lot of money for each child.

This is the kind of financial education they were going to love.

Then came the interesting part of the financial education plan.

As we sat in a circle on the living room floor, we started laying out the bills for the month in the cent of the circle.

One at a time.

The children were asked to help pay for the bills from the money they had received.

At first that seemed all right, since it was only part of the bill they each had to pay.

Then as each new bill was laid on top of the previous bill, each child could see the money dwindle out of his/her hot little hands!

Oh, how sad it seemed.

Until finally ~ nobody had any money left!

This was the sad part about teaching kids about money.

The looks on their faces were pretty amazing.

Now that’s a hard way to learn about your personal family’s financial education plan.

Oh, no!   Now what could we do?

Could we all help by cutting back on the things we want and start focusing on the things we need?

After that, when we went grocery shopping, it was pleasant and calm.

Thanks to monopoly money and the help it provided with respect for the parents and the family financial education for our kids.

The rich follow a different set of rules for making and keeping money. In fact, the rich live in a world most of us know nothing about. They pay less in taxes and set up their lives in such a way that money constantly

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