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How to train your kids to be good with money

It can be a challenge to teach your young ones how to manage money well but if you try, it’s not rocket science. Here are some amazing tips for you that can help you and your children learn about money management.
How to train your kids to be good with money
Kids are very smart these days, but how smart is their cred when it comes to making economic decisions? Put your parenting skills to the test by training them to be better handlers of money. They're the future, after all.
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Money is an important factor in life and it is always a good idea to teach your kids how they can handle it well and be good at it from a young age. It can be a challenge to teach your young ones how to manage money well but if you try, it’s not rocket science. Here are some amazing tips for you that can help you and your children learn about money management.

Go for online resources 

Nowadays everything is available online and so are the sources that can teach you and your children about money. There are various games that you can use to make it fun for your children to learn money management. For example, the Council for Economic Education has a Family-At-home Financial Fun Pack. It lets you download different games and activities as per the age of your children and help them learn things. 

You can also find search games on Next Gen Personal Finance and the National Endowment for Financial Education. They provide amazing online courses for you and your children. There are also several special websites that provide resources to parents and children.

Games 

Yes, you read it right. Even playing games with the kids can help them learn the importance of money. They help them develop critical thinking, enhance their decision-making and develop their mind. 

Games such as those below are a great choice. 

  • Game of life 
  • The stock exchange game 
  • Monopoly 
  • Monopoly junior 
  • Sab shop board game 
  • Buy it right
  • Pay day

Importance of books 

You can never go wrong with developing habits of reading books for children. There are suggestions on books for reading below that can help your children learn about money management. They are bifurcated as per the age of the children.

Children in grades 9 to 12

  • Learn to Earn: A Beginner’s Guide to the Basics of Investing and Business
  • Freakonomics: A Rogue Economist Explores the Hidden Side of Everything
  • Make Your Kid a Money Genius (even if you’re not)
  • The Wealthy Barber: The Common Sense Guide to Successful Financial Planning
  • The Tipping Point: How Little Things Can Make a Big Difference

Kids in grades 6 to 8

  • Johnny Tremain
  • The Six Most Important Decisions You’ll Ever Make

Children in grades 3 to 5

  • Rock, Brock and the Savings Shock
  • The Little Red Hen
  • Peppe the Lamplighter
  • A Chair for My Mother

Kids in kindergarten to grade 2

  • The Little Red Hen
  • The Giving Tree
  • Alexander, Who Used to Be Rich Last Sunday

There are many financial experts that have already published books on money management for kids. In short, the earlier you start teaching your kids about money management, the better result it will derive for them in the future. To start early, make it fun and learn with the kids.

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Author

Picture of Devanshee Dave

Devanshee Dave

With over 4 years of experience in financial writing and a master’s degree in mass communication & journalism, Devanshee is currently preparing for her CFA (Chartered Financial Analyst) exams. In her spare time, she likes to dance and learn about cosmology, astronomy and anything that can expand her knowledge from the big bang to the big crunch.

Editor

This page is purely informational. Beem does not provide financial, legal or accounting advice. This article has been prepared for informational purposes only. It is not intended to provide financial, legal or accounting advice and should not be relied on for the same. Please consult your own financial, legal and accounting advisors before engaging in any transactions.

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