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Published by Mary | Filed under Investments, Money Management
In these rocky economic times, parents are finding it increasingly important to teach their kids the value of money. Whether it’s giving them a weekly allowance for helping out with chores around the house or teaching them the value in saving their little earnings, money is serious business and discussing this early on can help avoid the horrible financial ruts so many find themselves in as they get older.
If you read one of our older posts about inspirational child entrepreneurs you’ll certainly see why encouraging them to be financially responsible from a young age can even help them make excellent business decisions later on.
With that, I would like to list out some fun and educational gift ideas to help teach your kids about money.
Money Board Games
I won’t put the obvious ones like Monopoly and the Game of Life. But here are two other board games you might like to consider.
This game, geared for children 7 and up is an inexpensive (about $12), quality game designed to help educate kids about money. Your kids are guaranteed to love it since the play money actually resembles real money! Moneywise kids includes two games: Moneywise bill maker (which teaches how to count money and how to make change) and Moneywise bill breaker (which is meant to help kids budget and manage their money by having to buy food, clothing, housing, even medical care!).
Cashflow for Kids
Designed by the co-authors of Rich Dad Poor Dad, this intelligent game aims “to help you raise your child’s financial IQ”. In the game, kids ages 5 and up can learn how to manage their money, create a balance sheet and even learn about assets and liabilities- all in a fun, easy and educational way.
Toys & Books
Toys and can also be a great way to enhance your child’s fiscal savvy. Here are some top reviewed products to steer you in the right direction.
Teaching Cash Register
This realistic and educational game has gotten excellent reviews and who doesn’t love the sound of a cash register go Ca-shing! (Well you may get fed up but they never will.)The teaching cash register is fun to play with and teaches kids about basic math and money management. Beginners can practice coin identification, addition and subtraction. Games increase in difficulty as players advance their math skill levels. This product sells for approximately $50.00.
Money Saving Pig
A simple yet wise idea, the money saving pig is an upgraded alternative to the classic piggy bank. The Money Savvy Pig piggy bank has four chambers SAVE, SPEND, DONATE, and INVEST. It comes in different colours and costs about $16.99. There is some talk that the creators of this product have introduced a “cash cow” for young adults.
The Millionaire Kid$ Club books
Price: $12.95 each or $31.08 for all three volumes
The Millionaire Kids Club series are written by Susan Beacham and Lynnette Khalfani-Cox- two personal-finance experts. Aimed at children ages 3 to 12, the books tell the story of four friends, each with a different money personality.: Spend, Save, Donate and Invest. A great way to instill good money sense in your children and prepare them for a bright financial future.