In today’s economy, understanding credit and money management is more important than ever. Children should learn at a young age how to save money and how to spend their money wisely. Teaching kids how to do simple things like balance a checkbook and save their extra money for big purchases or a rainy day is essential to building a solid foundation and proper understanding of money management. Parents and teachers should focus on the importance of accounting and good credit. Because of the stressed economic times, now is the perfect time to show students how proper money maintenance can be the difference between having excellent credit and being in debt. Simple things like saving up for large purchases and learning how to say no when you’re tempted to buy something on impulse are important lessons that can be learned.
Classroom Activities
- Money Flashcards – This interactive and simple site has kids count up coin money to see if they understand monetary values.
- Compound Interest Calculator – A simple calculator used to show kids how compound interest works.
- Buy It – A fun and easy game that teaches kids how to count money with easy, medium, and hard skill levels.
- Spender Quiz – Find out what kind of “spender” you are with this fun quiz.
- Budget Worksheets – Use these budgeting worksheets to show students how to manage their money.
- Rags to Riches Game – This simple game teaches teens how to run and operate a business, and considers the expenses involved.
Lesson Plans
- The Time Value of Money – This lesson plan explains how interest and investing works.
- Working Hard for Money – Designed for grades K-2, this lesson plan teaches the value of hard work.
- A Gift For Mama –Teach younger children about saving with this heartwarming yet educational story and lesson plan.
- Money Word Problems – These word problems are designed to get kids to understand monetary values.
- Value For Money – An intermediate grade lesson plan that teaches about the exchange rate and shopping terms.
- Financial Vocabulary – An interactive quiz/lesson plan that shows students how to understand financial vocabulary terms.
- Earning & Saving – For grades K-2, a lesson about earning and saving money.
Recommended Reading
- 15 Ways to Teach Kids About Money – A list of fifteen ways parents can teach their kids about money at an early age.
- Kids & Money – Important lessons for parents and children about money.
- Motivating Kids – Some great ways to get kids motivated about money management.
- Resources – A thorough list of website resources, books, and more for both kids and teenagers to learn more about money.
- Raising Financially Responsible Children – This online article helps show parents six steps to raising financially responsible children.
- Money Savvy Kids - Article about teaching kids to be money savvy at a young age all the way through to young adulthood.
Organizations
- Kids Money – This online site is dedicated to teaching kids about money and managing their money.
- Jumpstart – Organization for promoting personal financial literacy.
- US Treasury for Kids – The US Government offers several different sites full of fun monetary related facts, history of money and more.
- Money Management International – This organization has its own area of the site dedicated to money management for kids and teens.
- Mymoney.gov – Provides a wide array of information and services about saving for college, buying a home, maintaining credit, and much more.
- Smart About Money – An organization dedicated to teaching Americans about money and managing a budget.