Sariah Vivienne April 30, 2020 Money Worksheets
As parents do, kids will do. Taken as an extrapolation from the popular saying, "Like Father, Like Son," there's some truth to what we do as parents, our kids will take into their adulthood. So instill good habits now for lifelong benefits.
Get your youngsters into some good habits starting as early as 5-years old. Look for a good Kid's Reward Program that will teach them the value of money and how to use some simple budgeting worksheets designed for kids. Keep expanding the program as they grow older and start to earn their own paycheck. Earnings (for jobs well done), Saving, Tithing/Charity, Spending, and Investing are all key components of instilling good financial habits for kids of any age. For now, let's start with some key tips to teach our kids the fundamentals:
Now for the fun part! Encourage your kids to spend their money wisely. Teach them how to shop for bargains and what value the toy or item might provide long term. When my kids were growing up, I strongly encouraged them to spend wisely on a hobby or a collection and learn as much as they can about the history behind the collection. My son at ages 5-9 years old, collected toy tractors and had every type, design, style, manufacturer, and specifications memorized. He knew more about tractors than most farmers! When he got older he repeated the passion with his train collection, later still, with WWII memorabilia.
Money Game, this game enables your kids to improve their math skills by counting money. Being able to count money is a critical skill for both child and adults. The game is done by providing them first with coins. Then you could ask them, "How much do I have if I got 2 coins worth 4 cents each?" You can vary the coins from cents to dollars, pesos or Euros. Surely, your kids will be challenged with this money game.
I'm not a proponent of young kids investing in the stock market. But as they get older you can encourage them to think about saving for their future and retirement. Show the older kids stock charts from the past 50-60 years and note the strong upward trend over long periods of time. With 50+ years before they retire, and by starting to save a little bit now, the Compound Interest will kick in big time!
Another kind of card game can practice your concentration skills. Shuffle a deck of cards and put them down with faced down. Each player has the chance to flip over a card on top. Put them on stack if they match in number or face card picture and if they don't, put them down again and try to recall where they are. Try to remember where the other players turn over the cards so that you can have a hint for your future turns. When all pairs have been found, the games ends and the player with most number of cards wins. This game enables the students to practice their recognition in numbers.
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