Smart money ideas for your kids

Written by Vidya Kumar

May 22, 2015

Executive Summary: There are many ways to get your kids start learning money. This depends upon their age and current level of familiarity with money concepts. You can deploy the interesting ideas in your day to day life, use books, videos and games to teach them about money. 

Download PDF

May has started, exams are over and now it’s fun time for kids. Parents plan for dance class, cricket coaching, craft class etc. but how about making them money smart? Every kid learns in different ways like some loves cartoon, some loves reading books, or some loves watching movie or playing games. So here are some interesting ideas and resources to help your kids learn about money. 

Interesting Ideas:
These ideas can be used as per the kid`s age.

  1. 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.
  2. 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. 
  3. 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
  4. 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. 
  5. Offer them to invest in SIP from pocket money. You can match their contribution.
  6. In Diwali kids can buy Designer Diyas from wholesale market and sale in the neighborhood at profit.
  7. Girls can offer nail art service during vacation and earn.
  8. Kids can put up a stall in the funfair of the society.
  9. They can teach senior citizens on social media or how to operate smart phones.
  10. 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.
  11. They can take some responsibility like baby sitting or house cleaning etc.
  12. Grown up Kids can visit nearby NGO and support a social cause. 
  13. From their savings, Kids can make goal based savings.


Cartoons: 
Particularly, small kids love to see cartoons. Related to money, we found these two cartoon series to be suitable.

  1. Cashville kidz episodes from 1 to 24 are good for small kids. 
  2. The secret millionaire`s club:  Has a Warren Buffett’s character too.

Movies: 
 There are so many movies on finance but kids will learn with fun from below movies. These movies are     available FREE on You Tube.

  1.       One Idiot is a very good movie to understand kids about SIP and Investment. 
  2.      Bachat  Nivesh Badhat movie to understand the value of investing. 
  3.      Franklin Templeton Academy`s short videos are available in different language and useful to              understand investment concepts. 
  4.       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 

Games:
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

Books:
Grown up kids can read. Here are few books that you can check.

  1. Rich Dad Poor Dad by Robert T. Kiyosaki 
  2. The Richest Man in Babylon by George Clason
  3. Raising Money Smart Kids by Kiplinger`s
  4. 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.
www.themint.org
www.moneyasyougrow.org
http://tvoparents.tvo.org/

Conclusion: 
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.

0 Comments

INSIGHTS + MONEY STORIES

INSIGHTS + MONEY STORIES

Our Newsletter features money stories and useful insights on personal finance that can help you make informed decisions and stay up-to-date with the latest trends in personal finance. Sign up today!!!

You have Successfully Subscribed!