These ideas can be used as per the kid`s age.
- Firstly, parents can become the role model for the kids. From parent`s behavior and habits kids learn so, your life itself can be a great lesson for them to become financially smart.
- During vacation kids can check used papers & collect the ones that are only used on one side. From these papers, they can make spiral bound note pads for next year studies.
- The weekly supplements in the newspapers have thick papers. Kids can make A4 sized envelopes for use with in the family. These can also be sold in the neighborhoods
- Online shopping normally comes with corrugated boxes. Kids can re-use these boxes with a cross flap in between, as a pen holder. The glossy newspaper ads can be used to decorate the outside of these boxes. Similarly, they can also make tissue box.
- Offer them to invest in SIP from pocket money. You can match their contribution.
- In Diwali kids can buy Designer Diyas from wholesale market and sale in the neighborhood at profit.
- Girls can offer nail art service during vacation and earn.
- Kids can put up a stall in the funfair of the society.
- They can teach senior citizens on social media or how to operate smart phones.
- Using Ready to eat packs, they can make say Dosa for the family. They can be paid for these efforts. This way, kids can learn cooking and earn. Family bonding can improve and family’s dining out budget can be saved too.
- They can take some responsibility like baby sitting or house cleaning etc.
- Grown up Kids can visit nearby NGO and support a social cause.
- From their savings, Kids can make goal based savings.
Particularly, small kids love to see cartoons. Related to money, we found these two cartoon series to be suitable.
- Cashville kidz episodes from 1 to 24 are good for small kids.
- The secret millionaire`s club: Has a Warren Buffett’s character too.
There are so many movies on finance but kids will learn with fun from below movies. These movies are available FREE on You Tube.
- One Idiot is a very good movie to understand kids about SIP and Investment.
- Bachat Nivesh Badhat movie to understand the value of investing.
- Franklin Templeton Academy`s short videos are available in different language and useful to understand investment concepts.
- Birla Sunlife has this nice song on Mutual Fund. You will certain enjoy this. Below is the link. https://www.youtube.com/watch?v=XURPfyDXoRg
Engaging Kids to play money related games with their group can be very exciting. Monopoly, Pay day, Chanakya Chakravyuh and many more games are available in the market. You can buy one of these games. For online game, you can check practical money skills
Grown up kids can read. Here are few books that you can check.
- Rich Dad Poor Dad by Robert T. Kiyosaki
- The Richest Man in Babylon by George Clason
- Raising Money Smart Kids by Kiplinger`s
- The Money Smart Family System by Steve & Annette Economides.
Websites for parents and kids:
Some of the popular personal finance websites are listed below. These can be useful as you start the journey of teaching your kids on money.
You may have learned personal finance late in your life. With social media, smart phones and in the era of ‘internet of things’, Kids are certainly learning about Money much faster then what is expected. Ensure that you facilitate this learning for your kids, get them to good habits early on and direct to useful resources.