Every opportunity I get, I try to teach my children some money lessons.
In my household, most requests for toys, video games or trips to a fast-food restaurant are met with two words: college fund.
You may not realize it, but your children do watch, listen and internalize what you say and do about money. For example, my 8-year-old son was ordering from the kid’s menu and couldn’t decide between a hamburger and a cheeseburger when we were having brunch one day after church. When I asked him why he was taking so long to decide, he said, “Mommy, the cheeseburger cost 20 cents more than the hamburger, and we need that money for my college fund.” I was so proud, I let him have the cheeseburger.
“I think this time, we can splurge, and your college fund will be OK, honey,” I said.
Now if you don’t know how to start teaching your children about money, let me help, since April has been designated Financial Literacy Month. For the Color of Money Book Club, I’ve selected a number of products and books to help you teach the young children in your life about money.
I’ll start with piggy banks. The first one I suggest is sold by Moonjar (moonjar.com or 888-323-0001). This is a simple piggy bank, divided into three boxes, that shows children how to share, save and spend their money. The bank costs $6.95 and comes with a cute little passbook for the child to track his or her transactions. If you want something more durable, you can get a tin bank for $24.95. Also from Moonjar is “Conversations To Go: The Game That Questions Money” ($12.95). In a box that looks like the containers that hold Chinese food, you get 100 small cardboard strips with discussion-provoking questions like “Does money buy happiness?” or “What is delayed gratification?”
Intuit Inc. has developed Quicken Kids & Money, a subscription-based website – quickenkidsandmoney .com – for children ages 5 to 8. An introductory offer, good through the end of April, is priced at $69.99. Regular price for a one-year membership is $99.99.
I initially balked at the regular price. But after trying it, I was hooked. Computer-savvy kids will love this site, which has several different sections, including one for parents, and a KidsZone.
Intuit has the right idea. Financial literacy has to begin at home.
In addition, Intuit is donating one-year subscriptions to Quicken Kids & Money. For a chance to win, send an e-mail to colorofmoney@washpost.com. Please include your name, telephone number and address. Only one product or subscription per household.
Contact Michelle Singletary at singletarym@washpost.com or c/o The Washington Post, 1150 15th St. NW, Washington, DC 20071.
