Sunday, July 31, 2011
Many of us are cleaning up our financial messes from our first years as adults. From the time of my first job babysitting at 13 the only thing I knew about money was how to spend it. I had no interest and no concept of budgeting, wise investing, or how much debt could tie me down for years and years. So because of my own experiences I knew that it was important to teach my kids all about money and debt in a fun, practical way.
Over the years we've read books, tried curriculum, used the save/give/spend jars, had allowances and just about everything else you can think of. But the best tool we've come across by far is a board game that the whole family plays together called Cashflow for Kids. The kids get a true concept of payday, bill paying, investing, passive income, debt reduction, and real life... all in a fun game that everyone from the littlest to the adults have fun playing. We were playing it again last night and even our 7 year old was realizing how the chains of debt were keeping him from paying his bills and was coming up with out-of-the-box ways to try and get rid of it. I love that!
So if you worry about your kids financial future there's no time like the present to teach them a healthy concept of money. Combine family time and financial security together and take a look at this great tool for parents.