Piggy banks can teach kids about money
Published 9:00 pm Saturday, April 7, 2007
Every opportunity I get, I try to teach my children some money lessons.
In my household most requests for toys, video games or trips to a fast-food restaurant are met with two words: College fund.
You may not realize it, but your children do watch, listen and internalize what you say and do about money. For example, my 8-year-old son was ordering from the kid’s menu and couldn’t decide between a hamburger and a cheeseburger when we were having brunch one day after church. When I asked him why he was taking so long to decide, he said, “Mommy, the cheeseburger cost 20 cents more than the hamburger and we need that money for my college fund.”
I put my right hand across my heart. I was so proud. I let him have the cheeseburger.
“I think this time we can splurge and your college fund will be OK, honey,” I said.
Now if you don’t know how to start teaching your children about money, let me help since April has been designated Financial Literacy Month. So for the Color of Money Book Club, I’ve selected a number of products and books to help you teach the young children in your life about money.
I’ll start with piggy banks. The first one I suggest is sold by Moonjar (www.moonjar.com or 888-323-0001). Created by Eulalie Scandiuzzi, a Seattle native, this is a simple piggy bank, divided into three boxes, that shows children how to share, save and spend their money.
The bank cost $6.95 and comes with a cute little passbook for the child to track his or her transactions. If you want something more durable, you can get a tin bank for $24.95. Also from Moonjar is “Conversations To Go: The Game that Questions Money” ($12.95). In a box that looks like the containers that hold Chinese food, you get 100 small cardboard strips designed to provoke conversations with your kids. Shake the box and pull out questions as “Does money buy happiness?” or “What is delayed gratification?”
An absolutely adorable ceramic Money Mama Piggy Bank ($29.95) is available at Prosperity4kids.com (or call 866-PIGGY4U). This piggy bank – mama piggy and three piglets – has four slots in which children are encouraged to divide their money four ways: 10 percent for charity, 10 percent for investing, 10 percent toward savings and 70 percent for everyday expenses.
A companion book ($19.95) has an allowance chart in which she recommends you figure out how much you spend each month on the things your child wants, then make them do chores to earn that money.
New from Susan Beacham, an entrepreneur who has made it her business to promote financial literacy, is “Money Savvy Kids@Home.”
This $29.99 package, designed for children ages 6 to 11, includes the following:
Finally, Intuit Inc. has developed Quicken Kids &Money, a subscription-based Web site – www.quickenkidsandmoney.com – for children ages 5 to 8. An introductory offer, good through the end of April, is priced at $69.99. Regular price for a one-year membership is $99.99.
I initially balked at the regular price. But after trying the Web site I was hooked. Computer savvy kids will love this site, which has several different sections, including one for parents, and a KidsZone. Also, as part of your subscription, you’ll be sent four money pouches (for up to four children) that are labeled: sharing, quick cash, medium-term savings and long-term savings.
Intuit has the right idea. Financial literacy has to begin at home.
Parents are the best source for kids to learn about money, said Denise LaBuda, business leader for consumer education initiatives at Intuit.
“We are a culture that really doesn’t talk about money but if we do demonstrate it, it’s mostly on the spending side,” she said.
LaBuda believes schools should play a part in teaching financial literacy, but because our educational system is often value neutral, it is up to parents to make sure their children don’t grow up and leave home without the right money skills and values.
As LaBuda put it: “It’s hard to unravel the bad money habits once they become adults.”
If you are interested in discussing this month’s selections or how to teach your child about money, join me online at www.washingtonpost.com at 9 a.m. PDT, April 23.
As part of the monthly book club, I randomly select readers to receive a copy of books donated by the publishers. The giveaway this month will be all the products featured in this column donated by the various companies. In addition, Intuit is donating one-year subscriptions to Quicken Kids &Money. For a chance to win, send an e-mail to colorofmoney @washpost.com. Please include your name, telephone number and address. Only one product or subscription per household.
Washington Post Writers Group
