Raising $uccessful Kids
Teaching Kids About Money

How I Got Started
by Molly Smith

It's very simple. I read the workbook Design Your Child's Financial Future from start to finish one night. I couldn't put it down. From all of the articles that I have read in Money Magazine and in the paper about the financial crisis that this country is, I decided that the best way to protect my family, was to teach my children.

The next day I read the storybook The Money Mama & Three Little Pigs by Lori Mackey to my kids. They liked the pictures and asked some thoughtful questions. When I pulled out the piggy bank, their eyes lit up. They wanted to read the story again, so we did!

Next we gathered the piggy banks that the kids had been putting their money in up to this point. At the time, I thought they were perfect... they were plastic and had no way of getting the money out.  Now we were breaking them open to count our money and divide it into their new four compartment smarter piggy bank...10% for giving, 10% for saving, 10% for investing and 70% for spending wisely. 

As we separated the money we put the pennies together, the nickels, etc.. We grouped the money and I taught them how to exchange money. We counted and rolled money. We talked about what we had read about in the storybook. That was a big job for the day.

We ended up having to finish counting up all the money later and making a trip to the bank to exchange some money, deposit some money and get more coin wrappers the following Saturday. As the workbook had taught me, you don't do everything in one day!

Now that my kids were equipped with the Money Mama Piggy Bank loaded with some spending money (along with giving, investing and saving) I was ready to make the switch to, "You can buy that, but you need to use your own money."  I was pleasantly surprised at how quickly my children understood this new concept. They were no longer asking me "Can I have this" instead they were asking "Do I have enough money to buy this?"

As the workbook guided us through forming our goals and dreams we formulated a plan as a family. We clearly defined chores and determined the amount each chore was worth. The allowance chart was so simple to start and easy for the kids to understand. When they complete a chore, they earn "money" to post on the chart using cling-ons. The dry erase material lets you personal the chores or select from the pre-printed ones. I have created other methods that took me hours to put together and once I had it ready, my kids were on to something else.

I am so proud of my family and I am thrilled to see how proud my children are of themselves. The house is running smoother with the kids wanting to help out. Trips to the store are now enjoyable learning experiences rather than filled bartering, debating and whining. My own financial habits (that I didn't think were that bad) have even improved by teaching my children. Learning never ends!

That's how I got started!!

Molly Smith
Phone 508-659-0203
e-mail molly@raisingsuccessfulkids.com
www.raisingsuccessfulkids.com