I feel it is important to start teaching kids about saving and spending when they are young. I saw a recent post on Money Saving Mom about the storybook, A Chair for My Mother, by Vera B. Williams. Vera Williams has written several storybooks and I found three that are about saving money for things you want to buy.

A Chair for Mother is about a young girl, her mother and grandmother who lost their home to a fire. They received many things they needed from others but wanted to buy a chair. Her mother brought home a large jar and each day they put extra money they had into the jar until they were able to buy a comfy chair for their new home.

A Chair for Always and Music Music for Everyone are also stories about the importance of saving for things that you want to buy.

A Chair for my Mother was on a list I saw on line of 50 books your child should read before starting kindergarten.

You can check your local library to see if they have the books. I found the books at the Fargo Public Library. I also requested a couple of them from Paperback swap since I had credits available to use.

For the month of October I am participating in a 31 day event where bloggers post each day on different topics. I chose the topic of teaching kids about money and finances.

BreadVault.com is a website and free mobile app to help parents and their children learn to manage their money. It allows children to track and manage money for future purchases, stocks and charitable contributions.

With the program you can set spending and saving goals and track your progress. The app also has a feature to find the cheapest price for thousands of items, so a child that is saving for something can track how far they have to go to being able to purchase the item.

This is one of the many ways to teach your children about money with it seeming like they are being taught.

Click here for my previous posts.

One great way to save money on books and other items is to visit your public library.

Besides books, check out your library for DVDs about financial topics. Our local library has a number of DVDs in the children’s section on a variety of topics such as budgeting, credit/debit cards, banking and more. They are about 20 to 30 minutes in length.


For the month of October I am participating in a 31 day event where bloggers post each day on different topics. I chose the topic of teaching kids about money and finances.

There are various resources to teach kids about money. I have compiled information into a Page-a-Day Calendar with websites and other information to teach kids about money and finances.

If you order the calendar online you can choose the date for the calendar to start. The calendars are $15.99 plus shipping.

Click here for my previous posts.

For the month of October I am participating in a 31 day event where bloggers post each day on different topics. I chose the topic of teaching kids about money and finances.

It is important to start teaching children about money as early as you can. Some people say as young as 3 years old. One thing to remember is that with other things children watch and learn from what you do. There are easy ways to teach kids about finances without having to spend a lot of extra time and effort.

When you are at the bank, explain what you are doing when making deposits, getting cash, etc. Explain that you need money in the bank to write checks and use your debit card. Many times kids (and some adults) think that as long as you have check blanks or your “handy” debit card you can keep spending.

Also, that you will owe interest on any balance on your credit card that you do not pay off at the end of the month.

In the book, “Money Doesn’t Grow on Trees” by Neale Godfrey, she tells of a friend who took his young sons across the country to see their grandparents. After each stop to eat one of the younger boys was always straggling behind the others. Finally, when they were almost home, the father asked why he was always late. The boy replied that he was picking up the money his father kept forgetting at the restaurants. He had been picking up the tips each time. But to a young child, without explanation, it may seem to them that his father was forgetting his money behind.

So with a few small steps and reminders you can help your children to manage money better.

Click here for my previous posts.

For the month of October I am participating in a
31 day event where bloggers post each day on different topics. I chose the topic of teaching kids about money and finances.

One of the books I have found to help you teach your kids about money is Money Doesn’t Grow On Trees, A Parent’s Guide to Raising Financially Responsible Children by Neale S. Godfrey. She has also written another book for teenagers called Money Still Doesn’t Grow on Trees.

It is one of the resources I have found that has information and ideas on how to teach your children about money and finances. It has general information and then breaks the information down into different age groups.

Click here for my previous posts.

The MoneySmart family system was written by Steve & Annette Economides who are known as America’s Cheapest Family.

The book covers the steps they used to teach their kids about money and finances. One of the things they use is the 5/50/500 rule of life. Each chapter ends with ideas to use the 5/50/500 rule in relation to the topic of the chapter.

There are five stages to the 5/50/500 money rule:
The $5 stage: ages 0 to 5
The $50 stage: ages 6 to 11
The $500 stage: ages 12 to 17
The $5,000 stage: ages 18 to 23
The $50,000 stage: ages 24 and beyond

Some of the other topics covered in the book are saving, spending, giving and sharing. Instead of giving their children allowances they each have a Point System, where they get paid for each point they earned.

The 4 categories of their Point System are:
1) Morning point – They earned a point they had to eat breakfast and get ready without complaining or procrastinating
2) School point – a point was earned for following the instructions they were given from their teachers and parents. It also included doing their homework.
3) Chore point – Each child had some daily age and ability appropriate chores.
4) Round-up point – Round-up time is at the end of the day where the kids and parents round-up all of the items they left out during the day. They earned a point by helping with the round-up.

As with other books, all of the ideas may not work for you but there may be ideas you can use in your family.

One of my goals for the next month is to post each day of July about a List of 10 dealing with a personal finance or money saving idea topic.

Use real world experiences to teach your kids about money, such as trips to the bank, store and dining out.

1) At the bank explain to your children how to make a deposit, set up a savings account and checking account and explain about interest rates.
2) At a store, explain that when using a check or debit card, you need to have the money in your bank account to cover the expenses.
3) At store or restaurant explain that taxes and tips are added to the cost of the item
4) For teenagers, determine how much you are planning on spending on clothes and other items and give them that amount of money once or twice a year. Let them make decisions and see how far the money will go.They will see that they will need to make decisions on what they can afford to buy.
5) Explain how credit cards work and that you are charged interest each month on the amount that is owed. On a recent TV show an 18 year old had $15,000 of credit card debt. She said she thought it was “free” money and could be paid back any time she wanted to.
6) Explain taxes that are withheld from paychecks. Some think they will have the amount of their salary to spend.
7) Tell them what activities they want to participate in cost and determine if you need to cut some out.
8) Make savings goals for things they want to buy.
9) Determine the differences between wants and needs. Encourage them to think about spending decisions and to avoid making impulse purchases.
10) Have them separate the money they receive into different categories for saving, spending and giving.

Click here for previous posts.

One of my goals for the next month is to post each day of July about a List of 10 dealing with a personal finance or money saving idea topic.

There are many resources to use to teach kids about money and saving. Following are ten that I would recommend.

1) Money Savvy Bank is a bank with 4 separate chambers for Save, Spend, Donate and Invest. The pigs come in a variety of colors or also shaped as a football.

2) Financial Peace Junior is a program to teach the importance of saving. It is recommended for ages 3-12.

3) Moonjar is another system consisting of three boxes that fit together. (Save, Spend and Share)

4) Here is a Pinterest board I put together with various resources.

5) It’s a Habit has resources such as books, workbooks, music CDs and a saving bank

6) The Money Mammals has books, CDs, DVDs and a savings bank.

7) Practical Money Skills has games such as Financial Football, Financial Soccer and others.

8) Kids and Money Calendar is a page-a-day calendar I made with resources and websites to teach kids about money.

9) The Practical Money Skills website also has an Avengers Comic Book that teaching about finances.

10) Prosperity 4 Kids has books, allowance charts and more to teach kids about saving.

Click here for previous posts.

I feel it is important to start teaching kids about saving and spending when they are young. I saw a recent post on Money Saving Mom about the storybook, A Chair for My Mother, by Vera B. Williams. Vera Williams has written several storybooks and I found three that are about saving money for things you want to buy.

A Chair for Mother is about a young girl, her mother and grandmother who lost their home to a fire. They received many things they needed from others but wanted to buy a chair. Her mother brought home a large jar and each day they put extra money they had into the jar until they were able to buy a comfy chair for their new home.

A Chair for Always and Music Music for Everyone are also stories about the importance of saving for things that you want to buy.

A Chair for my Mother was on a list I saw on line of 50 books your child should read before starting kindergarten.

You can check your local library to see if they have the books. I found the books at the Fargo Public Library. I also requested a couple of them from Paperback swap since I had credits available to use.

Nancy Kvamme