As your kids get older, you can continue to introduce new financial topics and lessons. Here are some more ideas to help teach the concept of money and finances to kids ages 5 through 7.
Some parents see chores as something that their child should be doing as a member of the family and they shouldn’t be paid for pitching in around the house. However, there is a compromise you can make to help them differentiate between basic responsibilities and earning money. Have a list of optional jobs that go above and beyond their usual chores and assign each a dollar amount. If your child needs money for something, have them pick some extra jobs to complete and reward them for their additional work.
LET THEM MAKE MISTAKES
Letting your children makes mistakes at this stage in their life may be one of the most important lessons they learn. Making and learning from a mistake, especially when it comes to their money, makes it less likely it will happen again in the future. For example, if they choose to spend their money on candy instead of a toy, they may be upset once the candy is gone. This feeling may help them make a different decision in the future.
Once your kids get older and can start playing board games, there are several options that revolve around earning and spending. This includes Monopoly, Game of Life, Moneywise Kids, Pay Day, and more.
It’s always easier to hit financial milestones if you have something that you are working towards. Even young kids can come up with goals to help them learn more about finances. For example, they can create a savings plan to purchase a new toy; pick a charity to which they want to donate, or come up with ways to earn money.
OPEN AN ACCOUNT
If you haven’t already, this is a great time in your child’s life to open a savings account. Not only will this provide a safe place for them to keep their money, but they can do transactions themselves and learn more about this process.
During the month of April, if you open a Dollar Dog Account, CD under a Dollar Dog, or Teen Checking, your child will receive $5 to open their account. Plus, they’ll be entered to win a special prize pack where they can pick from: a Family Pass to Hogle Zoo, Family Pass to Loveland Aquarium, Family Pass to Thanksgiving Point, or a National Parks Pass. Click here to schedule an appointment at your nearest branch or contact us at 801-260-7600 to open an account for your child today.