by Erica Sandberg, Consumer Economics Expert and Author of Expecting Money: The Essential Financial Plan for New and Growing Families
Tax Day is almost here! Ready to take a break from filling out your tax forms? With a few simple tips, you can turn April into an opportunity to help your kids add up a little bit of learning… and a whole lot of fun!
Even the youngest children can benefit from practicing basic money concepts. It helps them better understand the world, build their math skills, and gain confidence. Best of all, it can be an engaging activity that you share together.
As a personal finance expert, I’m thrilled to have this opportunity to help parents teach kids about money in a way that they can really love and relate to!
Ready to get started? Check out my five top Dollars and Sense tips below…
Take a trip to the ATM
Have your kids practice math and counting skills plus teach them about earning and saving money with the new Teaching ATM.
This interactive toy ATM will help your kids understand that in order to pull cash from the ATM, you have to have a bank account and save money. Then, with a bank card and a secret code, you can make withdrawals from the “machine.”
Introduce Uncle Sam
Taxes? What are those? Where does the money go? Use a store receipt to show your kids the line for sales tax and explain that the government uses the tax money they collect to do things like repair the roads and support fire and police stations.
Set up a restaurant or shop
Play grocery store or coffee shop and use this cash register to make change for customers.
Let your child pay the bill
Give your kids a chance to play grown-up by giving them cash or letting them hold your credit card the next time you get coffee. Have them pay the barista while you explain how much it costs and how to leave a tip!
Save for something special
A goldfish. A special toy. Let your child choose something they have been wishing for and together set a goal to save for this special item.
Each week put aside a bit of money in a savings jar or piggy bank and keep track of how close you are to reaching your savings goal. When the goal is met, empty the bank and you and your child get to go shopping!
With these simple tips, your child will be money savvy and set up for success!