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Teaching Kids About Money - A Toolbox for Dad
Give a kid $1 bill they are happy… Give a kid 100 pennies… they think they are a millionaire. No matter how much they have or what they think they have, there is a principle of saving, giving and spending that needs to be taught a early age. I taught my oldest when she was 7. I taught her the practice of dividing any money she gets into 3 groups. Give, Save, Spend. I was pretty hard on her at first, saying 10% for giving, 20% for Saving and the rest for Spending. I eased up on that over time and I just want something to go into each jar. I do watch to make sure that more than 2 pennies goes into Give and Save…From time to time I would give one of my daughters a handful of change. My oldest now automatically separates the change in the groups of 3.
When you have the kids count the money after several months, you would have thought they hit the lottery. They count the money in each Jar, and are truly excited to know that they saved up money, not just to spend, but to give a way. Last time we counted, we gave the money in the “give jar” to our church… it wasn’t much, but again, the kids thought it was a lot.
So.. Jars… What jars?
Order some Mason Jars from Amazon... take a pair of scissors, and stab, or cut a whole in the lid, large enough for coins to fit through. Then decorate each jar for the three categories (we found this helpful website)… It works like a charm… give it a shot… I would love to hear your thoughts and opinions.
I grew up with no notion about tax, income tax at all. I struggle about tax conceptions when i started earning. It is appreciable to educate your kids about one's income tax slab. Here is a reference (India) on how income tax is calculated: http://www.incometaxslabs.co.in
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