Financial Literacy Month
With April being Financial Literacy Month, I wanted to share a few things we’re doing to teach our preschooler about money. These techniques are not new or groundbreaking, though already seem to be having a small impact after only a few months. I could go on about the benefits of financial literacy in general. It needs to be taught more in schools. And if schools aren’t going to make it a priority, then it’s up to us parents to ensure our kids grow up to be smart with money.
Our children will likely grow up much better off than me or my wife when we were younger. With all the positives that come with their situation, there are some negatives as well such as a lack of appreciation and entitlement. I want to give my kids a great life, but don’t want to spoil them. That’s why we’re trying to get an early start to teach financial literacy in our house. The following are a few examples of how we’re teaching our three year old about money.
Spending, Saving, and Giving
A few months ago we started paying our three year old a commission of five dollars per week to complete four chores every day. The chores include making his bed, feeding the cats, picking up his toys in the living room, and cleaning his room. Every day that he doesn’t complete a chore he is supposed to lose one dollar. Continue reading “How We’re Teaching Our Preschooler About Money”