You would certainly treat your kids differently than what your parents did when you were a kid especially on teaching your kids with money management. Piggy banks don’t teach much any longer and paying in cash is no longer the sole payment mode. You have to make your kids understand that just because there is no visible depleting currency in their pockets, they have limitless funds to spend. But how can you explain credit scores or credit report to your kids? If you want to ensure they don’t fall into deep debts in the future, you have to teach them electronic banking as early as possible. Fortunately, there are a lot of money management sites you can use for this purpose; sites that if you had when you’re kid will have save you a lot of trouble managing your money when you just started out as an adult. But no use crying over spilled milk; the most you can do is to ensure your kids will not grow shock with their future money management.
So you have decided to teach your kids money management and this sure is not a small feat to begin with. Especially now in this time where electronic banking is the most convenient way to manage your money, you will have to equip your kids for their future financial management. Fortunately, the internet has just the perfect resources for you to use to teach your kids money management in a fun way. Here are the top most recommended sites you can check out to teach your kids money management:
Site #1: Zefty.com
This virtual bank is perfect to teach your kids just how banking works today. You can teach your kids place a deposit virtually – this can be their allowance. This can be used to help your kids start with their banking transactions. You don’t have to worry if they got so excited and spend it in an instant. You can supervise them as you are still holding the money. Your kids, in a way, will just view the transactions in their Zefty account. Other features like checks are available too. Checks are printable where kids can redeem cash to their parents. Just play around it until your kids understand the banking transactions.
Site #2: H.I.P Pocket Change @ usmint.gov/kids
Of course, the government is also helping you to teach your kids money management. The HIP does not only teach how to manage it but also teaching kids to value money by incorporating the history of money. The site is filled with visual graphics kids will appreciate. While other banking system does not show currency or real money, the HIP is utilizing the image of physical money to make kids understand its cultural and historical importance.
Site #3: Planet Orange @ orangekids.ca
This is a free interactive website perfect for your kids learning money management from grade 1 to grade 6. Through the site by ING Direct, kids will learn how to save, invest, spend and earn. This is a mission base program where your kids begin to create their character as an astronaut on a mission and of course, managing money. Your kids will be able to build investment portfolio so your kids will not only learn how to save and spend but also growing their money.
Site #4: richkidsmartkid.com
This is yet another free interactive website you can use with animated games teaching your kids the importance of money, how to save it and just how to avoid and deal with debt. There are also games the let your kids understand business profit. There are two main characters, Toki and Reno that will guide your kids through their online adventure of learning how money works. And that’s not all, you can be in it too as there is a section for Grown Up that will help you teach your kids, and maybe yourself, financial skills.
Site #5: Practicalmoneyskills.com
Now this one is for the whole family to use. The site has a lot of fun money games that will teach you and your kids how to budget money to be able to pay bills. The site teaches everyone how important it is to save money and just how to be able to save. It is also free.
The idea of these websites is to make managing money fun and easy to learn. Hopefully, these ideas will stick to their minds and use it when they grow up. The best gift you can give to your kids is to help them be financially stable by teaching them head on how to spend, save, invest and grow their money.