How to Teach Kids About Money Management

As an Academic Advisor in a community college, we have the task of presenting all students that we come in contact with – with information on financial literacy. We distribute information in a myriad of ways such as pamphlets, online workshops, reading lists, emails, blog posts, etc.

One of the most recent ways we’ve been communicating to students is through our face to face workshop in which I facilitate. In this face to face workshop, we hope to create positive change within our students by providing them with easy to understand information on how to better manage their money.

What I have come to learn in working with such a diverse group of students is that many of the students never sat down with their parents, grandparents, or another financially savvy adult as a child to learn basic money management.

After coming to the realization of this, I made sure that I began talking with my children even more about money management. I want them to take control of the money that they receive and feel comfortable earning, saving, spending, donating, and investing their money.

Teaching My Nine Year Old

To assist in teaching my nine year old more skills in money management, we recently let go of his big red bucket and replaced it with a Money Savvy Pig bank by Money Savvy Generation. Money Savvy Pig banks are for children ages 4-11.

My son is very goal oriented and has his own vision board for the goals that he wants to accomplish. Some of his goals are to work (yes, even at nine) and make 10’s and 20’s. 🙂 He enjoys playing football and wants to take a trip to New York City.

By him having this bank, he can be more proactive with his goals and decide how he wants to divide his earnings.

Money Savvy Pig Banks

This blue piggy bank is a lot more unique and teachable than our pink “old school” basic piggy banks with the one slot to drop your money in. Instead this patented bank is unique and offers four slots for basic money choices including the ones listed above (saving, spending, donating, and investing).

Not only this, but each chamber has its own opening at the bottom to ensure that you are emptied from the correct chamber. For example, if my son wants to spend money on a new video game, he can simply empty the chamber for spending and leave the rest of the chambers filled. How amazing is that?

While I chose a blue piggy bank for my son, the Money Savvy Pig is available in four other vibrant colors including pink, green, purple, and opaque platinum.

Each bank also includes goal setting stickers and a guide on how to get started, as well as eye stickers for the animal banks. My son really enjoyed the stickers; he actually gave the piggy a third eye; my hope is that it allows for more financial wisdom. 😉

He also chose the stickers he wanted to place on his bank according to his own personal goals. It was interesting listening to him as he placed the stickers on each compartment.

If you are interested in learning more about the Money Savvy Generation for your children or teens, it’s nice to know that that they don’t just cater to ages 4-11.

No way!

Information and products are available for children, teens, college students, teachers, and adults. There is even an iPhone app available if you prefer, as well as other media resources. #MoneySavvyPig

Final Thoughts

My dad started my brother and I out with two bear banks to save up for our first bicycles. We were very young, perhaps about five and four. I had a pink bear and my brother had a blue bear. Once the bank was filled, we knew we were on our way to new bikes.

At the age of 16, my dad sat me down and showed he how to pay monthly bills, how to create a budget, and how to properly use checks and debit cards. And, eventually, we discussed savings and investing. However, my dad is no longer here and now I have my own children.

It’s my responsibility as a mother to teach them at a young age about financial responsibility and how to control their money so that they are not entering adulthood being financially ill-prepared.

You may also enjoy Investment Strategies for Middle Income Families.