Adult traditional teaching methods can sometimes be a little boring for kids, so if you want to grab your kid’s attention when talking about money and budgeting, you may want to consider making it a fun activity rather than just a plain presentation.
Here are 8 fun activities around financial literacy that you can use to make the most of your kid’s money lessons.
1. The jar of job opportunities
Create a jar full of sticks indicating on every stick the chore and the price. Kids can pick a chore they want to do and move the stick to their jar when they do it. Once a week, usually on the weekend, take all the sticks out of their individual jars and pay them for their work. Pay Day!
2. The art gallery
Turn your living room into an art gallery, pay for one of their art pieces to go on the wall. Make it clear that it has to be something special, that they put some work and time into so they really earn the money they make. This will give them an early experience with a financial transaction: trading something, they have created for a dollar or a few coins.
Have them read a financial literacy book and discuss together what they have learned about money and how they can apply it to their daily life.
Teach kids about advertising and how not every item they see in a commercial or online is actually as good as it sounds.
5. Lemonade stand
Help them make a lemonade stand and practice selling to each other with fake money before they take it out to the neighbourhood.
6. Save, spend and donate jars
Help kids decorate 3 jars where they can divide their allowance into 3 categories: save, spend and donate, make it become a normal process in their little minds.
7. The dream job
Have them pick a dream job and explain why. Then they can search online and compare the salaries of everyone’s dream job, they will soon understand that the job that pays the best is the one that you have to work hard to get.