Today’s post is aimed at parent’s of kids that are 6ish to 9ish years old. Kids in this age bracket can understand the value of money. First things first – they should know what each coin and paper bill is. This is something you can teach from Kindergarten on…most schools teach it and we as parents can reinforce that.
Saving real money is something you can start at this age. Help your child open a savings account, and encourage him or her to make regular deposits. As the balance grows, you can discuss the concept of interest and how the bank pays people back for saving their money. Many banks have children’s accounts that offer no-fee and no-minimum-balance accounts.¹
I also taught my daughter the principal of Share | Spend | Save. Ever since she has been five years old we have used different methods to split up allowances and monetary gifts. Around 6 years old we started donating the 10% ‘Share’ to church in kid-sized envelopes. There are also many other ways to ‘Share’ that friends have used with their kids. Here are my favorites:
- Buy shelf stable food and drive it to a local food pantry
- Purchase dog and cat food and toys (the dollar store has bunches) and put bags together for the local animal shelter
- Buy coloring books and small crayon packs and donate them to pediatricians offices
¹Attkisson, Anna. “Teaching Kids About Money: An Age-by-Age Guide" Parents. Meredith Women's Network | © Copyright 2015