Financial Family
Fun: Tips for Helping Children Develop Healthy
Financial Habits
From Carolyn
Stone Enenstein, Founder and CEO of BizainyTM
Make money management fun for
your preschoolers through teens with fun activities to kick-start financial
habits. At Bizainy, we encourage
children to explore how to spend, save, invest and donate as the foundation to
healthy money management.
1.
SET A GOOD
EXAMPLE - Find time to pay the bills, balance accounts and
make household purchases when the kids are nearby, to help them realize that
money management tasks are a necessary part of everyone’s
lives.
2.
GO TO THE
MOVIES - Enjoy a day at the movies (or live sporting or
entertainment event) and highlight the price for the same snacks and beverages
purchased from the concession stand versus alternative options. Empower kids with the knowledge that
they can manage their spending by choosing where and when to make
purchases.
3.
OPEN A BANK
ACCOUNT - Help your child open and manage a bank
account. Inquire in advance about a
special vault tour and children’s giveaways/bank kits to applaud your child for
taking an important financial step. (be sure to select an account with an
age-appropriate balance minimum and interest
rate)
4.
HIT THE
STORE - Take your kids to the store with a shopping list
and help them shop within a specific budget. Favorite trips include grocery store
(they can scan their items), back-to-school shopping and holiday
gift-giving. Help your children
appreciate the difference between wants and needs, brand names versus private
label, and that how we spend our money
is a personal choice!
5.
TV
TIME - Enjoy the
many entertaining TV programs that highlight the cost of goods, savvy shopping,
how to run a business and more.
6.
TAKE A TRIP TO THE TOY/CORNER
STORE – Take a percentage of your child’s earnings to the
store so they can reward themselves for their hard work. In our world of credit, let your kids
complete their entire transaction with their own coins and bills.
7.
WORK FOR
IT – Create self-reliant kids and teens by letting
them work to earn that toy or gadget they really want. Have your children present why they
should get the item and what jobs they will complete to help pay for it. Consider matching their earnings to
reinforce their work effort. They
will likely appreciate the item more if they worked for it, too.
8.
PLAY STOCK EXCHANGE ONLINE
GAMES - Simulated stock exchange games provide
a risk-free way to understand the risks and rewards of the stock market.
9.
PURCHASE ONE
SHARE - Purchasing and following even a single share of a stock provides a
personalized and exciting investing
experience.
10.
BUILD
APPRECIATION - Instill appreciation for your good fortunes by
supporting those in need. Help your
children donate gently used items or hold a charity bake sale or lemonade stand
to raise funds for a cause that is meaningful to them.
Bizainy ‘s mission is to create engaging
educational toys and experiences to help kids and teens gain business and
financial life skills for everyday success. Bizainy’s latest products are “Lemonade
Stand,” “Charity Bake Sale” and “Babysitting” Activity Kits, which can be
purchased at www.bizainy.com and www.amazon.com.
Copyright
© Bizainy, LLC, 2014. Do not reprint or distribute without
permission from Bizainy, LLC.
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