Teaching Kids about Money
Here’s a humorous & ingenious post designed to help your kids appreciate and enjoy math without the formulas and heavy textbooks. Stick to the very end…for there’s always a great punch line to a good humorist.
April was Mathematics Awareness Month and tax season, together. Could it have gotten any better? I’m sure accountants and financial planners were skipping en-route to the office everyday last month, but what about families? What did this awkward month of awareness and tax returns hold for moms? Surprisingly, there are more opportunities than you thought to teach your kids about money. Let’s look at a few.
Money Math
I’m sure you are aware of the importance of your student doing well in school and finishing their homework. However, have you ever stopped to wonder where all those math equations are going? In other words, is your child actively using his/her developing math skills beyond the classroom? Probably not, I know I never did. Ergo, money math. For the last few problems in your student’s daily addition/subtraction homework, use monopoly money or coins. It is an established principle that kids, especially boys, tend to learn best when physically involved in what they are learning. For the more advanced learners, help your student count change as a clerk at the grocery store would but without a calculator. Use small denominations in the beginning and bigger bills as you progress. Counting change is, in fact, a valuable skill to have especially since many kids will eventually enter the workforce at a job where they have to handle transactions and cash (i.e. retail, grocery, hospitality, etc.).
Take money math one step further. Teach them about budgeting and saving with a few math problems every week. Simple format: If you have $5 and want to buy a video game that costs $50, how much money do you need to be able to buy that game? Answer: I need to save $45. Begin using these math equations when it’s time for your student to earn an allowance. That way, when you are on the verge of disowning your child in the grocery store for the never ending tantrum about that candy bar she couldn’t live without, you have a solution. “Little Suzie, maybe you could buy it yourself?” Enjoy the confused look that follows. Lastly, don’t forget that the best teaching opportunity comes before the trip to the grocery store. Planning ahead will make all the difference for your child in knowing how much they need to save before being entertained and wooed by the buy-it-now culture here in America.
Taxes
If all else fails, you can always take a big bite of their ice cream cone and call it… “Taxes!” Never too early to start teaching. We hope you’ve enjoyed our post about Mathematics Awareness Month and tax season. For more tips on saving money and teaching your kids, visit dailymoneytip.com.
Don’t you love the accompanying images? Ice cream taxes…Brilliant! Now, I love corny & dorky math jokes, and I’m SO bummed I didn’t think of that one myself. When my girls and I read it, they were all arguing who’s going to teach their cousins that math lesson first. Fortunately, there are three cousins for each girl to teach (here in the States) where taxes are a reality especially during this past month of April!
Category: Family
