12 ways to teach kids about money


Grade School

  1. Put them to work: Transition from play money to real cash. School-age children are old enough to start saving for that iPod or buying their own candy at the store. Whether in exchange for specific chores or as an allowance, allow your children to earn their own money. It's a powerful first step toward eventual independence.
  2. Hello, Monopoly!: Give kids games that teach financial concepts and play with them. (Try playing for a set time instead of to the game's legendary bitter end.) In addition to the classic real estate trading game, there are others that teach realistic money skills. Check out Rich Dad Cashflow for Kids, a comprehensive fiscal education system created by Rich Dad, Poor Dad author Robert Kiyosaki.
  3. Make a deposit: Kids this age are old enough to have a bank account. Make a point of reviewing the bank statement with them each month, paying special attention to the concept of interest. Encourage kids to make regular deposits, keeping some of their cash for spending and donating, while saving the rest.
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