Little Miss Techie has been more curious about money. She’s always enjoyed counting the money in her wallet but recently she’s been asking questions about how banks work to keep track of our money. During our summer vacation she was curious to know how an ATM in California will know how much money we’ve deposited into our account when our bank is in Washington, D.C.
My husband and I have always believed that teaching children about financial literacy is important and her question about the inner workings of banks demonstrates a developing understanding. Teaching children about money and the basics of spending and saving is a practical skill that I hope to instill in our kids for life.
T. Rowe Price’s recent Parents, Kids, and Money survey indicates that parents feel they could be doing more to teach their children about money and the basics of spending and saving. Talking with children about saving and spending wisely is more important than ever but difficult if you don’t know where to start.
One great online tool is The Great Piggy Bank Adventure®. Formed in collaboration with Disney, this online game teaches children ages 8-14 about the basic principles about saving and managing money in a fun and engaging way. Young kids will love the talking piggy bank!
There are various levels of the game, each of which reinforces important financial lessons like setting goals, saving money, diversifying your assets, and how to avoid the dangers of inflation to achieve your goals. The game also requires kids to make tough choices that could affect their financial plans while exploring different investment strategies to help their assets grow. They also get to choose and accomplish their personal dream goals where the sky is the limit in this online game! There are also mini games that require less time but are just as educational in teaching about finances.
T. Rowe Price also has a wealth of resources on their Family Center designed to provide parents with talking points to start the conversation about financial literacy. Watch videos, download a free The Great Piggy Bank Adventure themed activity book, and read stories by real parents who share childhood memories about jobs, money, and financial lessons they learned.
Giveaway: Win a Great Piggy Bank Adventure® Flip cam to “save” your family memories.
To enter: Leave a comment sharing any advice that you’d give other parents about talking to kids about family finances. Include your email or Twitter handle so I can contact you when you win and I’ll draw a winner from eligible comments on September 22.
I received a gift card for my time in writing this review and hosting the giveaway. The Great Piggy Bank Adventure-branded Flip camera has been provided courtesy of T. Rowe Price. T. Rowe Price is not involved in or responsible for the outcome of this giveaway. T. Rowe Price and Leticia- Tech Savvy Mama/Savvy Mama Media are not responsible for items lost, delayed, or damaged en route to the giveaway winner.
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Original post by Tech Savvy Mama
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These are great resources! And, perfect timing for us, too. This summer we really focused on talking to Lucas about money and he started using his own money to buy things he wanted at the store. I think it was eye-opening to him that his $2 or $3 didn’t go very far! Since we’re new to this, I don’t have any advice but look forward to reading what other parents have to say.
My advice is to give your kids an allowance so they learn how to handle money on their own. Whenever they receive money for their birthdays or holidays, I always encourage them to sent a percentage aside to teach them about the value of saving for the future.
-Heidi
writeme at heidimail dot com
this year we started our son on an allowence that he will collect on twice a year, his worst job is taking out the trash, he gets so much per bag, well this year he wanted to cash his payment out,it was time, and he went to the amusement park (we paid) but once in the park whatever xtras he wanted he would have to purchase with his own cash, he learned real quick that money doesnt last long! he now takes half of his money for his self and half goes into his bank account, woo hoo for him
tracisme at gmail dot com
Depending on the age of the kids, parents should walk through the every financial lesson they are planning to teach their kids. Kids brains need to time to mature, in particular, kid’s foresight is still in a developing state. Parent’s should ask their kids, “what do you think happens next, or what do we do next?” Steering kids to a proper answer or answers will help them remember the lesson the next time they encounter a similar situation.
omegadoom1 (at) gmail (dot) com
What a great resource. I will share this with the parents in my classroom as a resource when I feel the kids are ready.
As far as my own kids go…they are still kind of young, but we do talk with them about how we earn our money and ways that they can earn money as well. They love dollars and when they have some, we give them the option of using their dollars at the dollar store, or saving them until they have enough for something bigger. What’s weird is that they understand the concept since they do the same thing at Chuck-E-Cheese’s with their tickets. They saved a bunch recently and were able to get a bigger prize. (Keep in mind my kids are only 4 & 6)
My advice is to take kids with you when grocery shopping to discuss coupons, sales ads, and getting the best price. Thanks.
partymix25(at)hotmail(dot)com
I’m not sure if my advice would be helpful however our little one is responsible for his own spending money and must learn to budget it. Plus, learning how to use coupons has really been a good lesson too.
@susanlanai
S has her own special piggy bank where she’s saving for Disneyworld. She frequently asks for things and we put it in perspective for her by explaining how much money it will take. It almost makes her excited about saving money.
My advice would be to show them the value of $1. Most kids have no idea how hard a parent has to work to earn that money, and when they ask for something..they expect to get it. My kids know that if they want something they have to save up for it, just like we do as adults. They get an allowance from their grandma that consist of $1 bill and $1 coin.. the bill they are able to use and the coin is to be put in the piggy bank. They love that they have so much saved of coins already and my son says he cant wait till hes 18 to spend it, lol. (hes 8 right now) So I think, as long as you can teach a young child to save money and spend wisely..they will be great at finances when they are older.
@xxkimhcxx
xxkimhcxx@gmail.com
My advice is to teach kids about credit. What credit cards are and how credit should be used. My son used to think that using a credit card was “free”. It took a while for him to understand that it is not free money at all…in fact you have to pay more for items if you don’t pay the balance immediately. I also think it is super important to educate teens and college age kids about credit cards. They think they will graduate and get an awesome job to pay off all of their debt. It obviously doesn’t always work out that way!
Thanks for the chance, @justicecw
justicecw@hotmail.com
My advice is to include kids in your shopping from Day 1. Show them how you get the best bargains. Have them help you clip coupons. Bring them to the dealership when you’re looking for a new car. Give them options on what they want to buy, explaining the difference & trade offs in cost & quality. All children should have a bank account; money received at birthdays & holidays should be split into what they can spend vs what they should save.