I’m sure I’m not unique in this experience. Many homeschooling parents don’t teach financial literacy because they use their checkbook as their budget. If there is money, it can be spent.

We didn’t want that for our kids so we began to research ways to add financial literacy from a very young age in our home. Here I’d like to share a few different things we did to really help our children, starting at age 3, to begin to understand finances.

We learned a great deal from Robert Kiyosaki’s books Rich Dad Poor Dad.  We purchased Rich Kid, Smart Kid and listened to it with our children. Then we talked about some of the things all of us learned, and how it fit into other parts of our teaching of financial literacy Next, we introduced the concept of “doodad” money. That is money that is specifically set aside to do special things. This can include vacations and dinners out or toys and movies. Anything that is not necessary is a doodad. Now our kids don’t ask “Can we go for Ice Cream.” They say “How much Doodad money do we have?” This creates a sense of ownership and makes us less of an ATM.
We also are honest about certain portions of our budget. If we have $200 to spend on groceries that week and a child wants something unusual we look to see if there is money on the grocery list. If not, they can use their own money to purchase it or see if there is something else they wanted on the list that can be removed. and sequels.
Finally, with allowance our children know that 10% is tithe, 20% is savings and the balance can be spent however they want. They are encouraged to save up for things they want and we never extend them loans. We want them to live within their means now so it becomes a habit in the future.

Financial Literacy can seem like a big, scary word but it is really modeling responsible spending to your kids and making sure they follow your example.
 

Read our related article on Money Skills.

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