How to teach your kid to save money, even during a pandemic

We have been living in this “new” normal for what seems like an eternity, and for children who are used to breaking up their day with outside playtime and friend visits, the social distancing, mask-wearing, and closures have been a parenting challenge. Let’s put some energy back into our home activities and perk up our children’s imagination. 

If you want to teach your kids new financial principles or reinforce money concepts already established, here are a few ideas to pique their curiosity and add some more fun to the routine right at home:

Allowance

The concept of chore money is still debatable for many people; however, if you land on the side of paying chore money to your children, one of the ways to interject some renewed focus is using an app and ditch the refrigerator charts. Try the ones below or head on over to the apple or google play store to download other options.

• Chores & Allowance Bot 
• RoosterMoney

The good grade challenge

Start the good grade challenge to encourage your child or rekindle their best effort for school assignments. Put a dollar value on every letter grade and talk to your child about how straight A’s might fatten their wallets or get them the “thing” that they keep asking you to purchase. Help them create a strategy to gain the most from the challenge, like setting aside dedicated study time and having a family member quiz them before exams. The good grade challenge is a great time to start goal-setting!

School Fundraisers

Fundraisers by the school or community organizations are great opportunities to have money discussions. The drives for candy bars, candles, wrapping paper, etc., are chances to talk about goal-setting, hard work, discipline, value, charity, and many other financial literacy topics. Help chart their progress with a colorful donation tracker that you can make together on the kitchen table during craft time.

Money Hunt 

Money Hunt is fun no matter the age. Stash money, coins, and paper currency around the house, like between sofa cushions, under the bed, in shoes, under the doormat, etc., and create a treasure map for the children. This game will provide tons of fun and take as long as you like. Tie the money discovery to a learning opportunity where the children will have to look up a financial definition or money fact. Be creative! 

Match this

For the smallest kiddos, tape a picture of a coin to the refrigerator or some easily accessible space and have them identify it. Once they get it correct, give them that coin and allow them to put it in their bank. It is only up from here. Consider moving on to paper currency identification by naming the person on the bill and again, giving them the value to put in their bank. You can also use this game to teach money math. Watch their faces light up as they get the identifications correct and get rewarded!

Quarantine Celebration Jar

For the older children, try the Quarantine celebration jar. It is simply a mason jar with a label. Use it to help older kids set a monetary goal, and because the mason jar is clear glass, it boosts excitement all by itself. Once the value needed has been established, help them develop ways to meet their objective. They might save for a celebratory pizza party or a place to visit once they can meet up with friends again. Show them how to look for a job, read a payroll check, establish an online business, hone in on their unique skillset, and network – but make it fun!

There are so many teachable moments where financial literacy lessons occur; we just have to be available. Also, feel free to use “play” money to express these same ideas.

If you are looking for creative opportunities for your child(ren) to engage with financial education, visit our course listings at Kash Kids.