Atlantic Blog

Teaching kids about money is an essential life skill, but it's not always the most exciting for younger ones. Don't let that stop you from introducing your little one to this vital subject - with some creativity and patience, even financial education can be as fun-filled as any game they like!

After all, sound budgeting habits are vital in helping children lead their best lives now – and into adulthood. Fortunately, many fun and engaging ways to educate your child about money exist.

1. Playing Games

Remember Monopoly, The Game of LIFE, and other classic board games from your childhood? Those fun experiences taught you about money management even before traditional lessons in school. Now, game makers offer "Junior" versions to get kids as young as four acquainted with budgeting and saving through an enjoyable medium - plus plenty more online options!

Any chance for little ones to learn the basics of money while having a blast should be taken advantage of, so pop open those boxes or go on that app – it's time to make financial literacy entertaining and educational!

2. Role Playing

As a parent of a young child, you'll likely spend a lot of time in their play kitchen or store. Use these moments to introduce the concept of money.

Create a menu with your child and assign prices. Then, give your child play money to use. They can practice counting coins and giving change as you order food. After a while, reverse the roles. Allow your child to be the customer and use their money to buy different items.

3. Visiting the Grocery Store

The grocery store is a great place to teach children about money – and why they can't add everything they want to the cart. Before you visit the store:

1. Create a list of items you plan to buy and set a budget.
2. Work with your child to find everything on the list.
3. Show them how to compare prices and find the best deals.
4. Have them list all costs of items that you place in the cart.
5. They can keep a running total to ensure you stay within your budget.

4. Operating a Lemonade Stand

Got a kid who loves sweet drinks and wants to learn about money? Setting up a lemonade stand is a fantastic and time-tested approach to teaching your children about finances! Not only will this let your child put their pricing and salesmanship skills to the test, but with a group of friends or siblings, they'll also be able to collaboratively provide change and fulfill drink orders, honing their communication and cooperation skills.

Counting money, giving change, and learning to track costs will all come naturally as they run their lemonade stand like a real business. And when finished, they'll benefit from adding the profits to their savings jar. What's not to love about that?

5. Creating a Savings Jar

Savings jars and piggy banks are popular among kids because younger children tend to be visual learners:

1. Find a jar or container that your child could use.
2. Allow them to decorate it. You want it to be something special to them.
3. Find a place to store it where they can see it often.

Every time they receive money from their allowance or as gifts, have them put a portion into their savings jar. As the pot fills up, discuss their progress, and begin to set savings goals with them.

6. Earning an Allowance

As a parent, you want your child to have everything they need and more. But constantly giving in to their wants and buying everything they ask for might be holding them back. What if you provided them with opportunities to earn money weekly or monthly instead? Not only will they have access to cash to buy what they want, but it'll also teach them the value of hard work and the importance of earning rewards.

Imagine how proud you'll feel when your little one learns how to budget and save for something they want. Plus, learning this skill at a young age will set them up for success in the future. So, give your child a chance to earn some extra cash. It's a win-win situation for both of you!

7. Opening an Account at a Credit Union

As your child gains confidence and knowledge with money, it's time to introduce them to the next step in financial literacy. Why not make the learning experience even more exciting by opening a new account with Atlantic? Your child will have the chance to experience banking and managing their money firsthand. Imagine how proud they'll feel to have their own official account, just like their parents!

With Atlantic, setting up a Youth Savings account is a snap, and your child can start learning the ins and outs of financial management with engaging games and videos. Ready to take the next step? Open your child's account today and let the learning begin!

Overall

Teaching financial wellness to your kids is essential and can shape their future success. The approach you decide to take is crucial to how receptive your kids will be to the learning process. It's vital to provide multiple engaging experiences that instill the importance of financial stability and encourage your kids to want to learn. From opening a savings account to setting up a lemonade stand with friends, there are a wealth of activities that can create an enjoyable learning environment for your kids.

The valuable skills they'll learn today will shape their financial habits for years, setting them up for a more secure and successful future. So why not start teaching them as early as possible, and give them the best tools for their journey into financial wellness today!

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The Atlantic blog strives to deliver informative, relevant, and sometimes fun financial information. If you enjoyed this article, please forward it to a friend.

This publication is distributed for educational purposes with the understanding that the authors are not engaged in providing legal or financial advice. The authors assume no legal responsibility for the completeness or accuracy of the published contents.