Nancy Itzel May 1, 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.
Every youngster should be encouraged to designate a percentage for charity. Teaching them to 'give back' is a reward in disguise as they learn how to help other people, causes and organizations. Show them videos of some really poor parts of the world. They'll be glad to give! Ten percent is a typical amount and recommended by most church organizations.
Card games usually need math skills. Children will really enjoy playing cards without realizing that they are already practicing the concepts of fraction. First, you should mix up a deck of playing cards which are numbered only. Divide the group in two teams. Ask kids to choose one card each. There need to be a student who will act as a denominator and a numerator. Whichever student simplifies the fraction first contends against the player next in line. The game ends when only one student is left.
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.
Many online math games are designed purely for entertainment and won't do much in terms of teaching your child. While these games can be fun and engaging for third graders, you want to choose games that will practice the skills being taught in school. Look for games and puzzles that are part of an adaptive learning program. This means that the online games are well-thought out and match the same set of skills that are being taught in the third grade curriculum. The program is structured toward each individual student and fills in the gaps where the child is struggling.
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.
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