It’s never too early to start teaching kids the value of money. In fact, the sooner they learn about financial responsibility, the better off they’ll be in the long run. One way to help kids learn is by giving them gifts that teach them about money.
5 Great Gift Ideas to Teach Kids
Here are 5 great gift ideas that will help kids learn about budgeting, saving, and spending wisely!
A piggy bank is a classic way to teach kids about saving money. When they see their savings grow, they’ll learn the importance of setting aside money for a rainy day. There are all kinds of fun and interesting piggy banks on the market these days, so find one that your child will love! A piggy bank is the most basic gift you can give your kid for to teach them the value of money.
Board Games like Monopoly
Board games are another great way to teach kids about money. Monopoly is a classic board game that teaches kids how to budget, save, and spend their money wisely. Other board games, like The Game of Life, also teach kids about financial responsibility. Playing these games with your child is a fun way to help them learn important life skills! Monopoly is one of the most popular board games that can help teach your kids the value of money however it is not the only board game that can do this. There are many other board games with a focus on finances.
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Gift Them a Prepaid Card with a Small Amount of Money
If you want to help your kids learn about spending wisely, consider giving them a prepaid card with a small amount of money on it and see how they spend the money. This way, they can use the card to buy whatever they want, but when the money runs out, they’ll have to save up for more. The next month, they will be more careful about using the entire limit on the card. This is a great way to teach kids about budgeting and responsible spending.
Finance Help Apps
There are tons of helpful finance apps out there that can teach kids about money. Find one that your child will be interested in and download it onto their phone or tablet. They can use the app to learn about budgeting, saving, and spending wisely. Many of these apps even have games and other fun activities to help keep kids engaged.
Give Them Real Money for the Chores They Do
One of the best ways to teach kids about money is by giving them real money for the chores they do. When they see that their hard work is rewarded with cold, hard cash, they’ll learn the importance of doing their chores and earning money for the work they do. So instead of giving them allowances, give them commissions for the chores. This can be a great way to motivate your kids and help them develop a strong work ethic along with strong financial sensibility from a very young age.
Help Your Kids Learn the Value of Money in Addition to the Above Gifts?
Lead By Example
One of the best ways you can help your kids learn about money is by leading by example. Show them how you budget, save, and spend your money wisely. Explain to them why it’s important to be responsible with money. Let them see you make financial mistakes so they can learn from your mistakes. And most importantly, let them see you save money. When kids see that their parents are good with money, they’ll be more likely to learn about money themselves.
Talk To Them about Money
Another great way to help your kids learn about money is by talking to them about it. Explain what you’re doing when you’re budgeting, saving, and spending your money. Answer their questions honestly and openly. And encourage them to ask you questions about money. The more you talk to your kids about money, the more they’ll learn about it.
Take Them to the Bank
You can also take your kids to the bank and show them how to open a savings account. This is a great way to teach them about the importance of saving money. They’ll see that their money can grow over time if they save it wisely. And they’ll also learn about the different ways to use their money, like withdrawing cash, transferring funds, and writing checks.
Teaching your kids about money is important. But it doesn’t have to be difficult. These five gifts can help kids learn the value of money in a fun and engaging way. So why not give one or more of these gifts to your child this year? They’ll appreciate it!
Josh is the owner and lead writer at Daily Wisely. His career has taken him from finance to blogging, and now shares his insights with readers of Daily Wisely.
Josh's work and authoritative advice have appeared in major publications like Nasdaq, Forbes, The Sun, Yahoo! Finance, CBS News, Fortune, The Street, MSN Money, and Go Banking Rates. Josh has over 15 years of experience on Wall Street, and currently shares his financial expertise in investing, wealth management, markets, taxes, real estate, and personal finance on his other website, Top Dollar Investor.
Josh graduated from Cornell University with a degree from the Dyson School of Applied Economics & Management at the SC Johnson College of Business.