Motherhood Moment: Enriching Education: 3 Ways to Teach Kids About Money + Free Printable!

Original Post URL: https://www.quickenloans.com/learn/real-estate-terms

Financial habits form young—research shows children as young as seven years old already have opinions and habits around money. Setting kids up for financial success while they’re young is so important, and it doesn’t have to be hard! Here are three fun and easy ways to teach kids about money.

1. Gift Them a Piggybank

When your kids find a lucky penny on the ground, give them a place to keep it! Piggybanks can be a great way to help kids learn about saving. The more change they collect, the heavier their piggybank gets, and the closer your kids can get to finally buying that special toy they’ve been eyeing.

You can even hide some loose change around the house and have your kids go on a scavenger hunt. When they find the money, have them tell you how much it’s worth. If they’re old enough to count, let them try and count up their total!

2. Teach Them How to Make Money

You know money doesn’t grow on trees, but do your kids? Teaching kids where money comes from and how to make it helps them learn the value of a dollar. There are a few ways you can teach kids how to make money:

Pay them for chores rather than giving an allowance. When children receive allowance money without earning it, they may start to think money is free. Paying them five dollars for every chore they complete can show children that money must be earned.
Start a lemonade stand. This idea is a classic for a reason. Not only is creating a lemonade stand fun, but it’s also a great way to start teaching your kids about jobs and work. So grab some cardboard your kids can color and create signs with, and let the learning begin!
Play money games like Monopoly or Pay Day. Both of these games involve receiving money and paying for expenses throughout the game. Board games are a great way to make learning money concepts fun and easy!

3. Introduce Important Financial Concepts

You may think your child is too young to understand concepts like credit cards, investing, or real estate. Kids are smarter than you think, though! Introducing kids to these wealth-building concepts can build their financial vocabulary and set them up for success. Research shows children with higher vocabularies are:

More likely to own homes, attend college, and invest in 401(k) savings when older
Less likely to have anxiety
Better at regulating behavior

Introducing these concepts doesn’t have to be hard. Check out some apps that help children understand credit, or break down complex topics into simple definitions with flashcards. Don’t have time to make your own? Motherhood Moment has teamed up with Quicken Loans to bring you these free flashcards that make learning real estate vocabulary fun and easy! Green, yellow, and red color-coded cards help children learn beginning, intermediate, and advanced terms.