Did you know that kids receive an average of $25,000 in gifts and cash before they reach age 18? What happens to that money and why do so few kids save? The concept of delayed gratification can be hard especially in a consumer culture where the idea of creating savings is very abstract but it doesn’t have to be, even for the youngest kids.
|My bank book was like this…but horizontal, blue, and from Great Western!|
- Become knowledgeable about money so you can better educate your kids. Financial education for kids on CNN Money features a parent guide to kids and money including tips for young kids as well as high school and college ages.
- Reinforce the concept of savings by sharing websites like Northwestern Mutual Foundation’s TheMint.org/kids with your kids. Children can figure out what kind of spender they are through a 5 question quiz, learn tips for smart shopping to maximize their dollars, or use the When will you be a millionaire? game to figure out how long it will take them to save in order to reach that million dollar mark.
- Since charitable giving is one of the goals that kids can work towards on Kidworth, help children find a charity that is worthy of their hard earned money using Charity Navigator, an independent website that contains top 10 listsfor all kinds of charities including the top military, education, celebrity related, and ones everyone’s heard of.
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Original post by Tech Savvy Mama