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How to Teach a Child to Count Money

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Teach a Child to Count Money

Counting money is one of the most foundational skills children must learn. Counting and making change are critical skills that many entry-level jobs require. When you apply the following lessons on how to teach a child to count money, you challenge his or her mind to grow in other ways, too.

To give you a thorough array of options on teaching counting skills, I sought out advice from experienced educators and parents. Here are my findings.

How to Teach a Child to Count Money

Create a Play Store

Parents who have taught their children the basics of money said one of the best ways to do so was to set up a play store. Together with their child, they created a fake shop with household items or toys listed for sale. Use a sticky note to indicate the price of each item, then give your child change, and open the shop for business.

Depending on your child’s age, you can vary the degree of difficulty. For example, for a 3-year-old, you could say, “This costs one quarter,” and teach her to identify that coin. For older children, you can pay with a dollar bill and walk them through making change.  Don’t forget to also teach them how to count change back to the “customer.”

Teach Them to Count by Fives and Tens

Teach Kids to Count Money

Photo by Katie Harp on Unsplash

“Kids need to have a good understanding of place value and number sense before they count money,” says a third-grade teacher with I spoke via Facebook. “Start with one coin, and teach them how to count it and how many it takes to make a dollar.”

She goes on to describe a great money game involving two dice. Give the child as many pennies as the number he or she rolled. Have the child then exchange it for the highest value possible.

For example, if the child rolls a ten he or she can trade in pennies for a dime.

In addition to teach your child how to count money, when you teach them to count by fives and tens, you’re teaching them the beginning stages of multiplication.

Let Them See Real Transactions

Many people have had great success with giving their children real world experience.

Here are several examples:

Earn Money Through Chores

Help them understand that “work = pay,” and help them count their earnings. If there’s something they want to buy, help them estimate the cost.

Lead by Example

Allow your child to watch you pay for something in cash. This will help him see how money works and how it requires lots of it to pay for his needs and wants.

Study the History of Real Money Together

Hand your child the coins you received in change that day and quiz her on some coin facts. Not only can learning to count money teach your children better math skills, but you can also create an impromptu history lesson. For example, did you know that the nickel used to be called a “half dime” up until 1883? Half dimes were made of silver which became scarce during the Civil War. After that, they were made of copper and nickel, and they finally were made and referred to entirely of nickel in the 1880s. Click here for more U.S. coin facts.

Final Thoughts

The overall theme of how to teach a child to count money is YOUR involvement. Set aside time to sit at the table and talk about how many nickels are in a quarter or how many pennies are in a dollar. Talk about how much money you earned at your first job or something you saved up for, like a bicycle. That will help your child apply what he or she has learned.

How did you learn to count money? In school? At home?

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What Age Should Kids Learn About Money?

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Kids Learn about Money

What age should kids learn about money?  That’s a difficult question because kids learning about money isn’t the same as, say, potty training.  Kids continue to learn about money throughout their childhoods.  However, having said that, your kids can begin to learn about money in the early preschool years and continue on from there.

How Preschool Kids Learn about Money

At this age, kids are watching you closely so set a good example.  For instance, when you go to a grocery store, don’t reward your kids with a treat every time.  If you do, they start to expect that you will just buy things for them.

Instead, create buy, spend, and save jars.  If you want to pay them an allowance for chores, now is the time to start.  You can set up a chore chart, and pay them for their chores.  When you pay them, you can help them separate their money into the three jars.  Let them use their spend money for little things they want to buy.

This is also a good time to get them money-related toys like play cash registers so they can get used to the concept of the different values of our coins and bills, spending money to buy something, not having enough money, and making change.  Play store and grocery shopping with them frequently.

How Elementary Kids Learn about Money

Once your children learn the rudimentaries about money, it’s time to teach them more complex lessons.  The grocery store is a great place to teach these lessons.  You can teach about buying generics, price comparing different sizes of the same product, and the value of using coupons.

Kids this age will be earning more than they did as preschoolers, so you can also help them save for a large goal like an expensive Lego set they want to buy.  You should also teach them that once the money is spent, it’s gone.  Then, they need to work hard to earn more to save and spend all over again.

How Middle School Kids Learn about Money

At this age, kids are going to want to spend, spend, spend.  This is the time to teach them, if you haven’t already, that you won’t buy everything they want.  Just because your daughter wants new jeans when she already has enough doesn’t mean you’ll buy them.  She can save her money and buy them if she really wants them.

You should also teach them about the power of compound interest.  This helps them realize that if they delay spending today, compounding interest can help them have more money later.

How High School Kids Learn about Money

Now is the time when all your hard work teaching your kids about money comes to fruition.  Rather than buying or giving your child a car, have them save for at least half of the price of a car.

Also, teach your kids about credit cards, how to use them responsibly, and how to avoid accruing debt.

Be very clear how much you can afford to pay for their upcoming college.  Then, they can choose a college that is affordable, or choose one that costs more than you can afford.  However, help them understand how accruing student loan debt can make it harder to achieve their goals in adulthood.

Final Thoughts

Throughout your child’s life, you should be teaching them money lessons.  As they age, these financial lessons should become more specific.  If you’ve done your job well, by the time they leave home, they’ll be able to make smart money decisions.  However, if your child makes foolish money decisions, know that you’ve laid the ground work so they know how to improve their financial situation should they need to.

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8 Reasons Why Children Are Priceless

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Reasons Why Children Are Priceless

There seems to be a lot of discussion, constantly, about how expensive children are. While yes, you do have to be financially responsible about having a child, they do not need to be anywhere near as expensive as some ‘studies’ would have you believe. This is a topic I’ve already written about, so today we’re going to chat about the reasons why children are priceless.

I’m not trying to make it seem like having children is all sunshine and roses, because it’s not. It’s far, far from it actually, but having a child will change your life in ways you couldn’t imagine until it happens.

Reasons Why Children Are Priceless

They Inspire Deep Love

You may think you knew what love was before you had a child; trust me I did. I love my husband, my family and my friends but the love you have for your child is something you will have never experienced. The love you have for this tiny little human is indescribable. It changes and shapes every other relationship in your life.

The love you have for your child grows. Though I instinctively wanted to love and protect my child as soon as he was born, the love I have for him and my other two children, is so much different, and intense, than it was on the days they were born.

This idea is best epitomized by Elizabeth Stone’s statement, “Making the decision to have a child is momentous.  It is to decide forever to have your heart go walking around outside your body.”

They Spread Happiness

I am truly happy when I am with my children and they are in good moods. You simply cannot be in a bad mood when your happy toddler smiles up at you or when your tweens tell you silly jokes. Their emotions are raw, and you can’t help but feel it with them.

They Teach You Patience

You may be an impatient person, but once you have a child, that has to change.  If you show impatience and anger with your children, they will likely shut down or cry.  Instead, you must gently encourage them so that they can succeed.  (This can be extremely trying when you have to wait by the door for your toddler to slowly put on his shoes by himself because he’s refused your help or when he unbuckles his car seat for the fifth time in one car trip.)

Children will, by their very nature, teach you to be patient.

They Give You a Second Chance at Childhood Joy

Reasons Why Children Are Priceless

Photo by Thomas Park on Unsplash

By the time you’re in your twenties and thirties, you likely have lost much of your childhood joy.  You may no longer take joy in driving around the neighborhood looking at Christmas lights or the first snowfall of the season.  Once you have a child, all of that changes.

As you watch your young children grow excited for Christmas, you do, too.  When your child gleefully opens the presents under the Christmas tree, you will likely feel a spark of excitement again.  When you bundle your child up to go out in the first snowfall, you will suddenly delight in building a snowman and making snow angels.  Children give you a second chance at childhood joy.

They Are Brutally Honest

Kids are honest. Kids force you to be honest. Honest about yourself and about your life. When your child is born you are suddenly hyper aware of every detail in your life. From your financial life to the mess on your bedside table. Children inadvertently have a way of forcing us to be honest about our lives.

It was having a child that forced us to finally get serious about getting out of debt rather than living with it in limbo.

They Are Humbling

Becoming a parent is one of, if not the most, humbling experience in the world. No amount of research, parenting book reading or doctors appointments can ever prepare you for your child and the experiences  you will go through as a parent. I think being humbled is an important trait for people and if you’ve yet to experience it, having a kid will do it for sure.

They Make You Less Self-Centered

Before you have children, you may not realize you’re self-centered, but you are.  You likely have your own routine, your own rituals, that give you joy.  Yet, when you have a child, all of that discipline and focus on yourself and what makes you feel good is upended.  You get much less sleep in the baby stage, and your life and schedule suddenly revolve around the baby’s.

Reasons Why Children Are Priceless

Photo by Adrià Crehuet Cano on Unsplash

When your kids get older, your life still centers around your children and their education and their activities.  Sure, as kids get older and become more independent, you will be able to do more things for, and spend more time on, yourself.  However, you don’t get your life back as truly your own until your kids move out.  By then, you won’t want to go back to the self-centered years before you had kids.

They Give You Perspective

Having a child puts your life in a whole new perspective. Suddenly everything else in life is so much less important. You wonder what you did with your time before, and you wonder how you possibly lived your life without this person in it.

For the rest of your life, your children will shape and change your world, and that’s a beautiful thing.

Final Thoughts

Having a child is the hardest, yet most rewarding thing you can ever possibly do in your life.  Yes, they are expensive, but don’t believe that kids are as expensive to raise as the experts would have you believe.  Besides, what they give back in their love and the way they make you grow as a person are some of the reasons why children are priceless.

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Free Chore Chart Template for Kids

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Chore Chart Template for Kids

My kids started helping with chores when they were about 18 months to 2 years of age.  My oldest got his own little broom that would recite, “sweeping, sweeping” as he swept.  He loved that broom, and he loved helping out.  Most toddlers are eager to do what the people around them are doing.  If you have a toddler and want to start working with them on chores or you want a more organized chore routine for your older kids, consider using one of these free chore chart templates for kids.

Why Assign Kids Chores?

Some parents don’t want their kids to do chores.  They argue that kids should just be kids.  However, there are many valid reasons why you should assign your children chores:

They Learn Valuable Life Skills

When I went to college, I couldn’t believe how many kids didn’t even know how to do their own laundry.  My son started doing his own laundry at 12, and my daughter started at 11.  The larger variety of chores you have your kids do, the better they will be able to successfully live on their own.

They Learn to Contribute

There are many things that need to be done to run a household successfully.  If you don’t expect your kids to contribute, they can grow accustomed to the idea of others doing things for them, which can lead to a sense of entitlement.  The family is the first place kids learn what it means to be part of a group and to help run that group.  This, too, will be a valuable lesson for their adult lives.

Should You Pay Kids for Chores?

Chore Chart Template for Kids

Photo by Anna Earl on Unsplash

This can be another devisive issue.  Some families don’t pay their kids money for chores because they want them to realize that they are part of a family and family members help one another.

Others, like my family, pay their kids for chores because they want kids to firmly make the connection between work and income.  You work, and you earn money.  You don’t work, and you’re broke.

Still others don’t pay cash but instead let their kids earn privileges like watching a show, or playing a video game, or staying up late based on the chores they do.

The choice is up to you and what your family decides will work best.

Free Chore Chart Template for Kids

There is no need for you to create your own chore chart template for kids when there are so many out there!  Here are a few of our favorites:

Healthy, Happy, Impactful has a chore chart template that gives blank lines to list up to eight chores beside squares for days of the week.  Just check off each day that the chore is completed.  There is also a box at the bottom for notes.

Plan for Awesome has a chore chart template for toddlers.  This one is unique in that rather than words, there are pictures so your littlest helpers can understand.  You can also use the pictures and words for the preschool and early elementary set.

Make any one of these chore charts last longer by laminating them or placing them in a plastic sleeve so you can use them week after week.

Final Thoughts

There’s no time like the present to start having your kids help with chores.  These free chore templates can help motivate them and help them find pride in their accomplishments.

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Fun and Affordable Winter Crafts for Kids

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Winter Crafts for Kids

Spring, summer and fall are great times for families. In most areas, the temperatures are ideal for being outdoors. But even though humans don’t hibernate, winter keeps us indoors. The winter can be harsher for parents with kids who constantly complain about having nothing to do. This is when you’ll need some fun winter crafts for kids (and bored adults).

Fun Winter Crafts for Kids

You may be tempted to take the kids on an expensive winter vacation. Why not save your money and get creative? Here are some fun crafts you can do to keep your kids occupied during those dreary, winter days.

Create Your Own Greeting Cards

You don’t need fancy machines and expensive paper to make cute cards. The shelves of craft stores are lined with stickers and other accessories you can use. Ten blank cards in a pack will cost you $4 to $5, and you can choose from a variety of styles and colors as well. Once you have chosen the base, head to the sticker and ribbon aisles and gather some accessories. This card was made using a burlap premade card and some stickers. For kids who like to use needle and thread, visit the cross-stitch section and purchase a book of designs. Then stitch and attach them to the premade cards. You can make a lot of cards in a few weeks!

Create a Cute Wreath for Your Door Using Tulle

Tulle wreaths are fun and so easy to do. You have a lot of color choices and it’s often on sale at craft stores like Hobby Lobby. All you need is a wreath form, scissors, and any embellishments you want to add. Cut the tulle into strips and tie it around the wreath, keeping the knot on the inside. Once the wreath form is covered, trim and fluff the tulle until it looks full and even. Then add embellishments. Here’s an example of an easy Christmas wreath.

Speaking of Christmas …

You can find hundreds of ideas for making Christmas ornaments on Pinterest. A cheap way is to go to the local dollar store and pick up some clear, plastic ornaments you can fill, something to fill them with and if you like, some stickers.

This ornament is filled with some foam pellets and embellished with stickers. All of the materials were purchased at a dollar store.

Personalize It With an Initial

You can find initials of all sizes in craft stores. Paint them or embellish them for a cute wall or door hanging.

This “S” was made by simply gluing glass gems found at the local dollar store. You can also add flowers and a ribbon for hanging to a premade initial.

Easy Wall Hangings Using a Canvas

Craft stores also have many sizes of canvases. Not everyone can paint, but most of us can glue. You can create a cute wall hanging by taking scrapbook paper and gluing it onto the canvas. To make the project super easy, use an 8 ½ X 11 canvas. The paper will fit perfectly. Once you have glued the paper onto the canvas, embellish it with letters, stickers, or whatever suits your personality.

Final Thoughts

While the months of January and February can be gloomy and dark, you can make the months more enjoyable with fun winter crafts for kids.  In no time, spring will be here and you’ll be back outdoors enjoying the temperate weather and sunshine.

What are some of your favorite crafts for kids? Share your ideas in the comments below!

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Best Travel Crib for Twins

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Best Travel Crib for Twins

Traveling with babies and toddlers is always interesting.  First, you have to plan the actual trip.  How will baby do?  What can you do as a parent to make baby more comfortable and able to pass the time while you’re traveling?  But then there are other considerations, namely, all the gear that you have to pack so you can travel with baby.  Think playpens, strollers, portable changing tables, etc.  If you have twins, the planning is likely double.  However, if you choose one of the best travel cribs for twins, you may get a lot of your travel gear in one purchase.

Best Travel Crib for Twins

Now that more people are having twins, the market has exploded.  Lucky for us as buyers, that means there are many choices available.

Joovy Room²

Hands down, the best travel crib for twins is the Joovy Room².

This product comes with a thick pad for the bottom as well as a soft, fitted, waterproof sheet.  This playpen can accommodate children from newborns to those 35 inches tall, which means you’ll be able to use it for several years.  (The manufacturer asks that you discontinue use when the child can climb out.)

Pros

There are many pros with the Joovy Room².

Spacious

This portable playpen is bigger than standard pack n plays, which makes it ideal for twins.  In fact, it’s nearly 10 square feet in size and can easily accommodate two children.

Additional Features

The Joovy Room² has wide mesh on all sides, so you can more easily see your children.

It also comes with a storage bag that you can use when traveling with the Joovy.

Finally, it has two wheels on the bottom to allow you to easily move the Joovy Room².

Twin Nursery Center Bassinet Playpen Accessory

For newborns and infants, you can purchase the Joovy Twin Nursery Center Bassinet Playpen Accessory.

Best Travel Crib for Twins

This handy accessory turns your playpen into the perfect portable crib for twin babies.  It includes:

  • Bassinet,
  • Bassinet divider (so each baby has their own separate space to sleep in), and
  • Changing table (which sits on top of the bassinet area)

For convenience, the changing table flips to the side when not in use.

The bassinet holds up to 30 pounds, which means the twins can use it until they weigh 15 pounds each.

Cons

Although twin parents love the Joovy Room², it does have some drawbacks.

Heavy

Because it is large and comes with a high quality, thick mattress, some parents say that it’s heavy.  A few even say it’s too heavy to travel with.  However, that is a minority of parents.

Bunching Sheet

Other parents complain that after the sheet has been washed a few times, it has the tendency to bunch and not fit as snugly as when it was new.

Final Thoughts

If you’re looking for the best travel crib for twins, consider adding the Joovy Room² to your baby registry or buying it.  This product will continue to serve your family for several years.

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The Best (and Worst!) Baby Shower Gifts

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baby shower gifts

Baby showers. Some love them, some hate them. While I love buying things for little people, I dislike attending baby showers. Nothing against the expecting family, I really just hate everything about traditional baby shower games. I’m at the age where there is a stark increase in the amount of showers I get invited to, though.

Between the number of showers I’ve attended, and the ones I’ve been on the receiving end of, I feel like a bit of a baby shower expert, and I’m here to give you my opinion on the best, and wors,t baby shower gifts.

Best Baby Shower Gifts

There are some baby gifts that are more useful than others.  These are the ones that almost every new parent will appreciate.

Large, Expensive Gifts

First time parents will likely welcome large, expensive gifts that they have on their registry such as a stroller, crib, playpen, and rocking chair.  These gifts are usually too expensive for one person to buy on their own, so feel free to chip in with other people and give a group gift.

When we were expecting our first, my co-workers went together and bought our stroller/car seat combo.  I was so glad that we didn’t have to buy this ourselves because our money was tight then.

Baby Carrier

baby shower gifts

Photo by Kelly Sikkema on Unsplash

Some babies are only consoled when their parents hold them.  This can lead to both tired arms and frustration.  Getting anything done around the house is difficult when the baby fusses as soon as she’s put down.  A baby carrier can be a fabulous gift because it gives parents the opportunity to keep the baby close AND get things done around the house.

Restaurant Gift Certificate

No matter what kind of birth you have, the perfect natural drug free delivery or complicated c-section, no new mom, experienced or not, feels like cooking in those early days. Life is chaotic and having a gift certificate or two to fall back on is a huge help!

Clothes the Kid Can Grow Into

Too many people will show up with exclusively newborn clothes.  Sure, they’re cute, but they’re also impractical.  All three of my babies were nine to ten pounds at birth.  They never fit in newborn clothes, and they only stayed in size 0-3 month clothes for about the first four weeks.  Had I gotten many outfits in those sizes, they would have been wasted.

Having a few outfits/PJ’s in larger sizes the kid can grow into is always appreciated. Kids grow fast, so they’ll get into that cute outfit sooner than you think!  They’ll likely stay in the larger size outfits longer, too.

Burp Pads/Wipes

Newborns make an insane amount of mess. They vomit and spit up everywhere, all of which requires being cleaned up. No mom can have enough burp pads/wipes/bibs for kids since they will go through about 25,721 per day. They also get stained beyond recognition and eventually tossed, so don’t spend too much money on them.

Diapers

Kids need diapers in many sizes. Find out if the parents plan on using disposable or cloth before buying, though.  Even if they get a lot of diapers, it is a gift always well appreciated.

Worst Shower Gift Ideas

And then there are the gifts that well meaning friends and family give you that are, honestly, worthless.

Nursing Bras

Unless you’re in the change room with the new mom, there is no way you’ll get this right. If you think it’s a gift mom would like and want though, get a gift certificate instead.

Expensive or Impractical Baby Clothes

baby shower gifts

Photo by Luke Michael on Unsplash

Babies, especially newborns, are messy. They do not need fancy, expensive and fussy clothes! You are literally wasting money when you buy these clothes, no matter how cute. Same goes for newborn shoes. Unless the kid is walking (usually past 1 year), they don’t need shoes with proper soles. Even in the winter, small children don’t need them; most baby snowsuits will take care of foot coverage.

Likewise, avoid impractical baby clothes.  When I was expecting my first baby, a co-worker bought me a towel and a baby bathrobe.  Sure, the set was cute as can be, but how practical is struggling with a baby to put on a bathrobe only to dry the baby off and put on his clothes?  I returned that gift before I even had the baby.

Non-seasonal baby clothes

Find out when the kid (should) be born before buying seasonal clothes. If the child is born in December there’s a good chance they won’t still be in newborn size swimwear come July. Pay attention to sizes when buying such items.

A Word about Baby Registries

If the parents did create a registry, look it up. Chances are they spent time to figure out what would work and what they need for their family. Sometimes, showers aren’t the best time to be reinventing the wheel, so-to-speak. If they took the time to research a monitor they liked, for example, don’t bother buying a different one because you liked it more; there’s a good chance it will end up getting exchanged.

One More Thought on Gifts

It’s not to say new moms think of everything, though. As a mom myself, there were things I received from experienced friends and family that I never would have thought of and was so appreciative of.  If you go this route, just make sure to include a gift receipt so they can return the item if it turns out not to be something they would want.

Final Thoughts

If you are invited to a baby shower, keep in mind some of the best baby shower gifts to give.  I still remember which of my friends and family gave me the gifts I most appreciate and found  most useful.  Now, when I attend a baby shower, I try to do the same for new moms.

What is your favorite gift to give for a baby shower?

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What Is the Financial Responsibility of a Step Parent?

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Step Parent Financial Responsibility

Many second marriages now come with the bonus of additional children—step children.  As a step parent, you’re expected to provide support and understanding for your “bonus children.”  But what other responsibilities do you have?  Namely, what are the financial responsibilities?

Financial Responsibility of a Step Parent?

Your financial responsibility is largely determined by your step child’s situation.  Did his other parent die?  Are his parents divorced, but the other spouse is paying child support?  Was he abandoned by his other parent and receives no visits or monetary help from that parent?  Do you have your own kids that you bring to this marriage?  If so, what is your financial situation with your ex?

All of these variables come into play when you decide what your financial responsibility is as a step parent.

Do You Want to Adopt?

One of the first questions before you tie the knot is to determine if you want to adopt your step children.  Of course, this isn’t an option for everyone, especially if the step children’s other parent plays a role in their lives.  However, if your step children have an absent parent or their parent has died, you may want to adopt them, especially if they are open to the idea.

There are many advantages to adopting step children.  Most importantly, you will then be able to have a legal say in their lives.  Likewise, if your new spouse becomes incapacitated, you are recognized by the law as your step children’s parent.

Talk to a Financial Planner

Step Parent Financial Responsibility

Photo by Amy Hirschi on Unsplash

After you’ve made that crucial decision, the next is to consider talking to a financial planner.  When merging a household, there are many financial decisions to make.

When it comes to taxes, will you file jointly with your new spouse?  If so, will you be able to claim the children on your tax return, or will their other parent?

When it comes to money management, will you merge finances or keep them separate?  If you decide to keep them separate, what will be your financial obligation to your step children?

Analyze Your Life Insurance Beneficiaries

Finally, analyze your life insurance beneficiaries.  You, your spouse, and your step children are now a family, and as such, you want to make sure that they will be able to function financially should the unexpected happen.

Unfortunately, some people forget to change their beneficiaries, so as soon as you’re married, make sure to change the beneficiaries to your new family.  Also evaluate whether you have enough life insurance after your new marriage.  You may find you need to secure more.

Final Thoughts

Each relationship is unique.  While there are no explicit rules about a step parent’s financial responsibility to her step children like there are with biological parents and children, you still want to make sure your new family is taken care of financially.  You can do this by considering whether to adopt, consulting with a financial planner, and updating your life insurance.

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Teach Your Child About Money – Free Savings Chart for Kids

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Free Savings Chart for Kids

One of the most wonderful gifts you can give your children is a healthy understanding of money. Not a craving for it or an assumption that it will lead to happiness. Instead, you have the privilege – the responsibility – to teach children about hard work, the power of saving, the dangers of debt, and the gift of giving. To help your children learn, we’ll also set you up with a free savings chart for kids.

How to Teach Your Child About Saving Money

Many people are in crisis mode, financially. It’s impossible to know what they learned or didn’t learn about money at home, but would America look different if more parents taught their children the principles I listed above? What if more parents led by example by communicating together about a budget, saying no more often to frivolous spending, and showing their children how to save up and pay cash instead of using credit cards?

It’s purely my speculation, but I’d go so far as to say we’d have less stress, less divorce, fewer addictions, more giving, and greater job satisfaction. Do you agree?

With the right steps, we can teach our children to live differently.

What About Student Loan Debt?

Free Savings Chart for Kids

Photo by Alexis Brown on Unsplash

You’re probably thinking, “What about student loans? I was just trying to further my education and now I’m overwhelmed by debt as a result.” Totally valid point. I remember approaching high school graduation and hearing everyone discuss their reasons for choosing one school over another. NOT ONCE did my friends and I stew over the debt load we’d receive from student loans. None of us saw what was coming.

In fact, according to StudentLoanHero.com, outstanding student loan debt reached more than $1.64 trillion in 2020.

How can we teach our children to save money in the face of such a burden of debt?

Start the Conversations

A great way to educate your young tribe about the dos and don’ts of spending is to create an open line of communication. Encourage them to ask questions. Show them the process of paying for your groceries or a meal at a restaurant. Take them to the bank and show them how you make a savings deposit.

Also, a conversation is a great way to tackle topics like:

  • Work ethic
  • Getting a job
  • Planning for the future
  • Saving for a major purchase
  • Saving for college (tell them about the ways you are saving for their college while they’re young)
  • Integrity
  • Greed
  • Envy
  • Contentment
  • Generosity

You don’t have to run down this list every night at the dinner table, but the more conversations you do have about these topics, the more seeds your planting in your child’s mind. You’re teaching her how to think about money, not what to think.

Put Them to Work

Free Savings Chart for Kids

Photo by NeONBRAND on Unsplash

We’ve covered the important step of talking about money. Next, it’s time to apply what your child has learned. If he’s old enough to hold a broom or to straighten up his room, your child is old enough to get paid for chores.

It’s important that he knows the money isn’t just for spending. Saving is a difficult concept for young minds, at first, unless they have something for which they’re saving. For example, if your daughter sees a Belle doll in the toy aisle and begs for you to buy it, you have some choices. You can purchase the doll, you can discuss the cost and why it’s not in the budget, or you can write down the dollar amount on a paper, head home, and help her calculate how many chores it’d take to save for the doll.

To aid in that endeavor, here are some free tools you can use with your child.

Free Savings Chart for Kids – and Other Great Savings Tools

Printable Savings Chart for Kids – via CouponsAreGreat.net

Downloadable “Share, Save, Spend” Chart for Kids – via iMom.com

Printable Savings Thermometer Chart – via Frugal-Mama.com

52-Week Money Challenge for Kids

Printable Play Money for Kids

Final Thoughts

Combine a free savings chart for kids with some great conversations and hard work around the house.  You’ll be setting the stage for great financial decisions, which will hopefully follow your children into adulthood!

Got some tips for teaching children to save money? Share one below!

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What Is the Greenlight Card for Kids?

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If you have kids that are in middle school and high school, you likely feel the need (as I do) to teach them financial common sense.  The hope is that eventually they will be able to move out on their own and be financially responsible.  However, this lesson isn’t quickly learned, and it requires a lot of parental oversight to do it right.  One tool that can help you is the Greenlight Card for kids.

Greenlight Debit Card for Kids

What Is the Greenlight Card for Kids?

The Greenlight Card for kids is a debit card your children can use, but it comes with some amazing parental controls so you can help guide and influence your children in their money habits.

Please note that if your kids have smartphones, there is an app they can use which will show them their balance and chores and allow them to make requests.  However, the Greenlight Card for Kids can be used if kids don’t have smartphones, also.

Features of the Greenlight Card for Kids

This card makes allowances high tech.

Instantly Deposit Money

You can reward your children for chores well done by depositing money in their Greenlight Card.  Within the card app, children can set up different categories such as spend, save, and give.  They can also set up long-term goal categories such as saving for a car.

Parental Benefits

You can help your children manage their money with this helpful card.  You’ll be given real time spending alerts.

Teach your children about interest by giving them interest payments on their savings.  You decide how much you want to give them.

In addition, you can enable the feature that allows them to withdraw money from the ATM and set how much they’re allowed to withdraw.  Or, you can make withdrawing money off limits.

Features for Older Kids

Greenlight Debit Card for Kids

Photo by Stephen Phillips – Hostreviews.co.uk on Unsplash

If your teens have jobs, they can have their paycheck automatically deposited to the Greenlight Card for Kids.  The card can also be added to Apple Pay or Google Pay.

Safety Features

Each Greenlight Card is FDIC insured.  In addition, the card blocks your children from spending money for gambling or buying lottery tickets.  They also won’t be able to spend money at places like massage parlors and horse or dog races, and they cannot get cashback from a purchase.  You’ll get an alert if they try.

In addition, parents have the ability to turn the debit card on or off, should they need to.

How Much Does the Greenlight Card Cost?

The first month is free.  After that, you pay $4.99 for debit cards for up to five kids.  Should you need replacement cards, the first replacement cards are free.

Final Thoughts

The Greenlight Card for Kids offers a way to give your children financial independence while also providing parental oversight so you can help guide your children into financial growth.  This tool is an excellent way to exchange money between parents and kids while having features that let your children grow in responsibility as they grow up.

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