Here’s a video from Calgary father Jim Sicotte that shows the system he uses to teach his 2 kids about money management and financial responsibility. His system is simple and effective in teaching his kids to budget using a series of jars to put their money. x% of their weekly allowance gets split among the jars based on a pre-defined budget. As long as the kids keep the system they have a lot of freedom in where they spend their money.
This is a great lesson for kids to learn some financial responsibility. I speak with a lot of adults every week that could learn a lesson in budgeting from these kids.
I’ve also run into parents (mostly older) that do not discuss money matters with their children at all. I think this is a huge mistake – parents should actively teach their kids about money matters, making money, going into debt etc. Your kids are not being taught financial classes in school or daycare – where do you expect children to learn financial responsibility if you, the parents, don’t teach it?
Some other financial learning resources for kids
Please leave any comments, tips and suggestions that you use to teach your kids financial lessons. Post them in the comments section below or on the Facebook page. Hopefully we can help some parents and children out with this.