How to Introduce Financial Literacy to Children

posted on Monday, April 29, 2024 in Financial Tips

April is financial literacy month and there's no better time to start talking to your children about finances. Teach your kids to have a healthy money mindset and understand the importance of financial responsibility and saving money with these easy-to-do tips.

1. Role-play with children about buying and selling different things. Have them set up pretend stores with their toys.
    
2. Teach children to recognize their needs vs. their wants, and help explain to them the difference between the two. 
    
3. Ask children to save their money when they receive cash for birthday gifts, holidays, or chores.  Bring them into C1st so they can deposit it into their Dollar Dog savings account themselves, and earn prizes for making deposits.
    
4. Encourage children to make extra money by helping parents with chores, household tasks, etc.   Reward children with money for their piggy bank, or small prizes for doing these extra tasks and helping out.
    
5. Teach them to make a financial budget plan.   Are they saving for something special, like a new bike, game, or toy?  Help make a plan with them on how they can achieve their savings goal.