Money. It's not a subject to be a fool about. On April Fool's Day, take a moment to teach your kids a little bit about money. Here are five activities you can do with your child to begin talking about money:
- Pull a few bills from your wallet and talk about the president featured on each bill. This is a great way to talk about history and government, too.
- Teach your child a life lesson about the cost of being "grown up." Search the internet and discuss the costs of large purchases such as a car, a boat, a camper or a house. For pre-teens, this is a chance to discuss what it may mean to make a car payment, pay for car insurance and other expenses such as a cell phone.
- Shop smart. Compare prices in the grocery store, or for other purchases you make on the internet. For example, you can ask your child to decide which jar of peanut butter is the best value based on the size. Not only is this a lesson in using money wisely, but a good exercise in math, too.
- Show your child the "art" of making change. Instead of relying on a cash register to indicate the amount of "change" to return to a customer when making a cash purchase such as a soda or snack at a convenience store, show your child how to count back the change. For example, if you purchased a drink for $1.49 and gave the clerk $2.00, count the change back: "a penny makes $1.50 and 2 quarters makes $2.00." This can be another great math lesson.
- Encourage your child to set aside a little money each week for savings. Use a piggy bank, or a small container. Some families find a series of 3 small containers helpful to "save, spend, donate," setting aside a given amount for each either weekly, monthly, or on a schedule that works for your family. Accumulate enough in the "save" container to consider opening a savings account at a bank.
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March 24, 2022 by Iowa State Bank