https://boards.hellobee.com/ Pregnancy, Baby and Parenting blog, by Hellobee en Sun, 19 Apr 2026 01:29:02 +0000 https://boards.hellobee.com/topic/financial-literacy-for-kids#post-2723899 Thu, 13 Apr 2017 11:17:23 +0000 808love 2723899@https://boards.hellobee.com/ <p>@looch: Yes- he is already at the crux of a classic economic decision. Will supply hold out until investments pay off? Why save when you can seize the day!? Maybe we should be talking about generating streams of income to support the toy habit. LOL. Or maybe budgeting a percentage for toys and future expenses?! </p> https://boards.hellobee.com/topic/financial-literacy-for-kids#post-2723860 Thu, 13 Apr 2017 10:08:47 +0000 looch 2723860@https://boards.hellobee.com/ <p>@808love: Haha, I know right? When I was a kid, my dad used to take me to the bank to get the interest on my savings account printed in my savings passbook. It was a really clear way to show me that savings could earn interest. And back in the 80s, it was really possible to make some nice returns!</p> <p>I need to think about it some more, he would understand that if he earned $1, and if I would give him an additional 25 cents in a week to give me the dollar for safe keeping, that means he has $1.25, but he doesn't care! He gets more worried that the store runs out of whatever item it is that he wants. </p> https://boards.hellobee.com/topic/financial-literacy-for-kids#post-2723854 Thu, 13 Apr 2017 10:00:37 +0000 808love 2723854@https://boards.hellobee.com/ <p>@looch: It is hard to talk about interest with such low rates these days. Maybe you can deposit an inflated percentage/ matching to encourage the delayed gratification-reward habit. (Capital One kids account and CD rates are somewhat decent though. )Also I will make the difference between savings interest and mortgage interest is crystal clear when the time comes and LO is ready. Same word- completely opposite impact.</p> <p>[attach=1524/17/oocsd1.337x600.IMG_4338.PNG]</p> <p>[attach=1524/17/oocsd2.337x600.IMG_4337.PNG] </p> https://boards.hellobee.com/topic/financial-literacy-for-kids#post-2723852 Thu, 13 Apr 2017 09:52:23 +0000 looch 2723852@https://boards.hellobee.com/ <p>@Bluebonnet: We also have a great book, about wages and money, but it's in German. It's a great resource to begin the conversation, but it doesn't do a good job about explaining more complex subjects, like saving. My son doesn't quite get that if you save your money, you can earn interest, and then end up with more. He can't delay his immediate satisfaction in buying things immediately to be able to get something larger down the line. </p> https://boards.hellobee.com/topic/financial-literacy-for-kids#post-2723851 Thu, 13 Apr 2017 09:50:27 +0000 808love 2723851@https://boards.hellobee.com/ <p>This is from the old site I posted above.</p> <p>[attach=1524/17/oocs0j.409x529.IMG_4336.JPG] </p> https://boards.hellobee.com/topic/financial-literacy-for-kids#post-2723822 Thu, 13 Apr 2017 09:15:06 +0000 Bluebonnet 2723822@https://boards.hellobee.com/ <p>We have two Berenstain Bears books that deal with financial literacy that are great and age appropriate - Trouble with Money and Dollars and Sense. </p> https://boards.hellobee.com/topic/financial-literacy-for-kids#post-2723809 Thu, 13 Apr 2017 09:04:35 +0000 MrsLonghorn 2723809@https://boards.hellobee.com/ <p>We aren't doing anything yet, as DS is 2.5, but I will be using this as a trusted resource. <a href="http://www.moneyasyougrow.org/" rel="nofollow">http://www.moneyasyougrow.org/</a> It starts at age 3 and goes to 18+ </p> <p>I like to reference the poster you can download on that page with key things to know at each age. However, the site will re-direct you to the CFPB website after a few minutes, which isn't as 'pretty' but is more 'useful'. The CFPB website has lots of games and helpful conversation starters to help you implement the concepts.</p> <p>My job is heavily focused on financial capability and the CFPB is definitely a trusted, credible resource!</p> <p>ETA: this is the same site that @808love linked to. </p> https://boards.hellobee.com/topic/financial-literacy-for-kids#post-2723804 Thu, 13 Apr 2017 08:56:47 +0000 808love 2723804@https://boards.hellobee.com/ <p>@looch: LO is learning how to use money on what we value. I don't say things are too expensive. I say I don't want to buy that right now or I would rather use the money to buy xyz because ....<br /> Also LO is in kinder so I do career readiness mini chats like what you have to do for certain jobs, how much school it will take, how much they make (in kid scale). I also talk about how much things cost, price comparison, describe how I looking for a sale as I am shopping. Generally being aware to respond to and clarify misconceptions as I take her shopping. Explaining things along the way in an objective tone like one day at Disneyland is a week's worth of groceries puts things in perspective without adding emotional baggage. I want early learning about money to be interesting and fun to set her up well and not be stressful later in life. I explain the cost of this toy will give us electricity for a week. This is a pretty good age appropriate finance site: <a href="https://www.consumerfinance.gov/educational-resources/money-as-you-grow/early-childhood/" rel="nofollow">https://www.consumerfinance.gov/educational-resources/money-as-you-grow/early-childhood/</a><br /> Click on plus :bfp: signs for the ideas. Be sure to do look for appropriate age group as I linked to early childhood. It was a better and easier site (moneyasyougrow.org) before they revamped it but same idea.<br /> Also I make sure LO knows how much things cost when we buy her a toy or book if she is with me making the decision. Main thing for now is that she knows the difference between needs and wants. I also exposed her to the pie idea. It is a visual circle that I approximately fraction out with our expenses. As in your budget is the whole pie of money and each thing you buy, is part of the pie until it is gone. If one slice is bigger, it makes the other pieces smaller.<br /> LO also likes to watch Shark Tank and Property Brothers and HGTV with us whenever we are at a hotel with cable. :) </p> https://boards.hellobee.com/topic/financial-literacy-for-kids#post-2723803 Thu, 13 Apr 2017 08:55:10 +0000 lamariniere 2723803@https://boards.hellobee.com/ <p>We haven't done much yet, other than just talk about how people work to earn money, that things cost money and everything has a different value. The concrete activity that we do so far is that I usually let my son help pick out birthday presents for friends. I give him the budget and he has to stay within it. </p> https://boards.hellobee.com/topic/financial-literacy-for-kids#post-2723802 Thu, 13 Apr 2017 08:54:30 +0000 yoursilverlining 2723802@https://boards.hellobee.com/ <p>They have a running “program” they do in my LO’s pre-K class that I think is brilliant. It’s “teacher bucks” and the kids can earn teacher bucks ($1 pretend bill) by going out of their way to be a good friend, helping extra without being asked, etc. Then every Friday they can cash in their teacher bucks at the general store if they like. Items are either $5, $6 or $10 so they must earn money, count money and save money. Most kiddos earn $5 in a week so they will get a small prize or can save for a large $10 prize.</p> <p>I’d like to get a save/invest/spend piggy bank for LO, but haven’t yet. We do talk a lot about money and how much things cost and needing to save for things we want, but that’s pretty much the extent thus far. </p> https://boards.hellobee.com/topic/financial-literacy-for-kids#post-2723782 Thu, 13 Apr 2017 08:33:50 +0000 looch 2723782@https://boards.hellobee.com/ <p>What, if anything, are you doing to teach your children about financial literacy?</p> <p>I haven't really done much yet, other than talk about having to earn money, that it takes money to buy things and exposing my son to currency. </p>