Nancy Itzel May 1, 2020 Money Worksheets
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!
Similarly, kids who are best at counting backward can learn how to subtract numbers easily. For example, if a student knows 50, 45, 40, 35, 30, 25, 20; now it is very easy for this student to subtract 5 from 50 or any other number. Hence, learning backward counting is a key math skill too.
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.
There are plenty of churches and organizations in any local community that would be glad to receive the blessing. Also check out Kiva.org, a website for providing loans to low-income individuals around the globe that don't have access to banking services.
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.
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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