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Kids and Money
Getting Money
It seems that everything you want as a kid requires money. So where do you get the money from? Often your parents or guardians are the first port of call, but there are many other ways as well.
Weekly Allowance – For many of you this is the easiest and best way to get money. It is supplied by your parents on a regular basis, often in return for completing some regular chores around the house.
Earning Money – As you get older, you may want some additional income to supplement your allowance. There may be the possibility of doing additional odd jobs around the house, or start your own little business. Suggestions include becoming a swim teacher, babysitting, washing cars, pet sitting, window washing, mowing lawns or raking leaves.
Money as a Gift – Sometimes around Christmas or your birthday you may receive some cash from a friend or relative that you can choose to spend wisely or invest. |
Saving Money – A very good way to earn money is to invest your savings and earn interest on it, or learn to invest in other areas. See the section on Compounding Effect for more information on the power of saving. |
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Keeping Track of Your Money
It is important that you keep track of your money. Know how much you have and be careful where you keep it.
If you have a large amount, it is recommended that you put it into a high interest savings account. If it is a small amount make sure you put it in a container somewhere and hide it.
Keep a track of how much you have by using a notepad or excel spreadsheet, detailing all income and expenses so that you have a running tally at any one time.
Be careful if you lend money as you may either forget who you lent it to or they may not pay you back. Keep a record if you lend money to anyone and be aware that once you loan money to someone that you may never get it back.
Saving Money
While it is fun to spend money when you receive it, it is important to save some of it. There are many ways to save money including using a piggy bank, setting up a high interest bank account or just using a container.
Try saving up for something you really want and then you can purchase it and it will really mean something to you.
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The Kids' Money Book: Earning * Saving * Spending * Investing * Donating
It's dollars and sense! Kids are never too young to learn how to create a budget, use their talent to make big bucks, invest their earnings, and donate to charity. They can begin to take stock of their financial fitness with a Money Matters to Me quiz that separates the savers from the squanderers. Then it's time to start making smart decisions by finding a money mentor, learning from mistakes, and keeping a journal of purchases and longed-for items. There's advice on understanding the difference between needs and wants, getting the most from an allowance, becoming an entrepreneur, and sharing the wealth. Plus: personal thoughts from real kids
on how money affects their lives. |
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The Kids Guide to Money Cent$
Join the Money Cent$ gang -- three kids with very different money "personalities" as they get the inside scoop on money and discover their financial potential. Features quizzes, checklists, puzzles and more. |
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Money-Ed-Box
MONEY-ED-BOX : Through Money-Ed-Box™, your children will learn a better way to they handle their money.
It's fun, practical and it even involves mum and dad. Who is it aimed at? Children aged 5 plus who need to learn how to manaqe their money. By using Money-Ed-Box™ your children will quickly learn how to distinguish between needs and wants and very quickly learn that money needs to be managed properly in order to buy the things they want.
Who buys it? Mums, Dads, Aunties, Uncles and Grandparents. All who share the same vision in educating their little ones in the ways of money so as to pass on 'good' money habits and skills.
This knowledge is priceless and it will stay with them all throughout their adult life!
Just think about it... How different would your life be now if you were only taught more about money at an earlier age?
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| How many of the following words can you find in the puzzle below? |
ALLOWANCE
DEPOSIT
LEARN
PLAN
SPEND
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BANK
GOAL
MONEY
SAVINGS WANT |
BUY
HABIT
NEED
SAVE
WITHDRAW |
DECIDE
INTEREST PASSBOOK
SHARE |
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Teenagers and Money
As children grow into teenagers they begin to want more things than ever before. This is the ideal time to step up their learning process in regards to managing money. Teenagers are conscious of what they wear, what they own and what their friends are doing and will often want money for designer clothing, toys, games or money for entertainment.
There is only so much money you can provide to them for all their wants so now is a good time to involve them in the family finances. Of course each family will be in a different financial position and this will decide the allocation of money.
Sit down with your teenager and involve them in the setting of the family budget. Explain to them how the money is allocated for their clothes, school expenses and weekly allowance and what the budget is. Use an excel spreadsheet or organise a joint account with them so that they have to budget and spend money accordingly.
The teenager must keep a detailed record or receipts each month of how the money is spent and this is compared to the agreed budget.
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