Nancy Itzel May 1, 2020 Money Worksheets
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."
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!
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.
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.
To get smarter in math, kids need good mental math skills. Students who are competent at this skill, can add and subtract numbers easily. For example, to add 4 to 15, they need not to go up by 1's but they can go up by 4's to add in one step. This broadens their imagination power about number sense.
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