School’s out, but that doesn’t mean your kids have to put away their thinking caps for the summer. In fact, we think now is the ideal time to teach them all about distributing their summer allowance.
Start by encouraging them to divide their money into what they want to save, spend or donate. This could be easily accomplished and organized by purchasing a clear piggy bank with assigned slots such as this money-savvy pig. While you’re at it, direct them to Planet Orange, a site by ING Direct that combines video games and learning about money.
We also love the idea of the Money Matters Series of picture books by Nancy Loewen, which teaches kids about finance terms and ideas (things such as taxes, saving, banking, etc.,) in a clever and kid-friendly way. If you are ready to take the reigns yourself, check out CF’s guides for talking budgets with your kids, teaching your teen to pay for themselves, allowance dos and don’ts and take the family finance quiz.
With any luck (and hard work) by the end of the summer, they’ll be a regular Suze Orman!