So many everyday moments can be turned into opportunities to teach kids about money. Don't let these pass by again without using them as a way to show your children about spending and saving!
At the grocery store. On the way to the store, let the kids discuss what they want to have for dinner that night (or another night during the week). Give them a budget for the meal and see if they can find all the ingredients within that price range. They'll learn how compare prices to pick items that make the most of their money, swapping out ingredients that might be budget-busters for cheaper alternatives (with your guidance, of course).
Filling up the gas tank. Getting gas is at least a weekly affair for most families. This moment can teach kids about the importance of budgeting for recurring expenses. And do the math to see how paying cash instead of credit (often a 10-cent difference!) can add up over the course of the year.
Receiving cash gifts. This is an opportunity to teach kids about saving a percentage of the gift for the future. (A 4-bank system can help you show them how to divide the money.)
Planning for a weekend getaway. An important lesson to teach our kids is how to keep expenses down while managing a budget. The next time your family is planning a weekend getaway, start a conversation with your kids to plan how much money is available for the getaway and what family activities can be done within the budget. While on the trip, let your kids track the spending.
Attending a sporting event. Let your kids know how much they can spend before you even get to the stadium or arena. If they are old enough, hand them the cash. Talk about what the money can be used for – souvenirs, food, and drink – and how they need to decide for themselves exactly how they want to spend it. And if they blow it all on funnel cake and then decide they want a souvenir baseball, well, lesson learned!
Going through the mail. Checking what's in the mail can help the kids to distinguish bills from credit card offers and other junk mail. You can also share with them how to review a bill to make sure it's correct and note due dates, too.
Dealing with unexpected expenses. It happens to all of us. When unexpected expenses arise, they help us show kids how having an emergency fund in place is essential to avoid blowing your budget or going into debt. This teachable moment can also help demonstrate why they should save a percentage of their allowance, too.
Yoly Mason, a blogger living in Orlando, Florida, wants to live in a world where Latinas can enjoy an abundant life with a small budget and where being in debt is as out of style as the rotary phone.
