Talk to Kids About Money
Kids like to spend money! But are they thinking it through? Responsible spending habits will help your child learn how to make the right choices. Kids want to save money for many things, but don’t know how. This is why it’s so important to talk to kids about money.
As a parent, we all want the best for our children. We want them to be happy and do well in life. Sam Renick, co-creator of Sammy Rabbit says: “Without a working knowledge of money, it is extraordinarily difficult to do well in life. Money is central to transacting life, day-in and day-out. Where we live, what we eat, the clothes we wear, the car we drive, health care, education, child-rearing, gift-giving, vacations, entertainment, heat, air-conditioning, insurance—you name it, money is involved.”
When kids reach school age, they begin to understand the difference between $1 and $100. They can grasp how much money they need to buy candy from the corner store, for example. This is when you need to start teaching them about money, the important concept of being content, being grateful, learning how to give and figuring out the value of work, time, money, and opportunity cost.
Pam Liyanage created MoneyPrep because, as a mother of 4, she knew it mattered and wanted kids all over the world to benefit from learning about the universal language of money! Creating a new generation of money-smart kids, MoneyPrep is an edu-tech company that was designed to teach kids money skills that they can conceptualize, practice, and retain.
In this episode, we talk to Pam about how we can teach our kids the various aspects of money – how it works, bank cards, budgeting, saving, giving, earning, and even investing.