Hunter Jayla May 1, 2020 Money Worksheets
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.
Once my son started working a real job and had taxable income, I made him a deal that if he started an IRA with $500 and $50/month, I would match for the first year. After a couple education sessions, he jumped on it! It's a great way to jump-start their retirement savings AND further teach the greatest wonder of the personal finance world: compound interest.
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!
In general, most K-12 schools do not offer education in personal finance, budgeting, balancing checkbooks, or any other aspect of how to become a good financial steward. It is up to us as parents to instill good habits, so that when our adult kids come to visit, we can enjoy their company and not feel like the "Bank of Dad."
Most kids get a weekly allowance without any accountability and are free to spend as they wish. I submit that kids should earn money for doing some simple chores (yes, even at 5 years old). You can further entice your kids to earn even more than their weekly chores by doing additional jobs that fall outside their normal responsibilities. Once they see their earnings adding up, you'll be surprised how hard they can work! As the money starts to accumulate, now is the time to further the learning process by defining how kids should manage their money.
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:
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