In this episode of the Dollars and Sense Show host Carol Topp discusses teaching your elementary age kids about money.
Our motivation to be teaching kids about money:
Someone is watching!
Avoid boomerang kids
We are raising adults, not children
Other people’s bad examples are all around us, including the US government.
Avoid excessive debt. College debt now exceeds credit card debt.
How to Teach
Deut 6:6-7enThese commandments that I give you today are to be upon your hearts. Impress them on your children. Talk about them when you sit at home and when you walk along the road, when you lie down and when you get up.
Get someone else: Sunday school, Scouts, Homeschool co-op
Focused teaching: Family nights, Games, Book work
What to Teach: Elementary kids
- Divisions of Money:Give, Save, Spend. Bank with three compartments
- Money is limited. They must make choices.
- Delayed Gratification.
- Plan ahead. Create a shopping list. Plan a dinner. Start an allowance. Have them save for a goal.
- Respect things. Furniture, other people’s items, pick up their clothes, don’t lose your calculator
Family Times Virtue Pack (songs, meal time cards, bedtime stories, etc) from www.Crown.org
ABC’s of Handling Money God’s Way www.Crown.org
Money Matters: Family Night Tool Chest by Jim Weidmann
Junior’s Adventures and more from Dave Ramsey
Books by John Rosemond
Tune in for the next Dollars and Sense show on January 30, 2014 when Carol will discuss teaching your pre-teens about managing money.