In this episode of the Dollars and Sense Show host Carol Topp discusses teaching your elementary age kids about money.

Show notes:

Our motivation to be teaching kids about money:

Someone is watching!

Avoid boomerang kids

We are raising adults, not children

Other people's bad examples are all around us, including the US government.

Avoid excessive debt. College debt now exceeds credit card debt.

How to Teach

Natural style

Deut 6:6-7enThese commandments that I give you today are to be upon your hearts. Impress them on your children. Talk about them when you sit at home and when you walk along the road, when you lie down and when you get up.

Get someone else: Sunday school, Scouts, Homeschool co-op

Focused teaching: Family nights, Games, Book work

What to Teach: Elementary kids

* Divisions of Money:Give, Save, Spend. Bank with three compartments

* Money is limited. They must make choices.

* Delayed Gratification.

* Plan ahead. Create a shopping list. Plan a dinner. Start an allowance. Have them save for a goal.

* Respect things. Furniture, other people's items, pick up their clothes, don't lose your calculator

 

Resources:

Family Times Virtue Pack (songs, meal time cards, bedtime stories, etc) from www.Crown.org

ABC's of Handling Money God's Way www.Crown.org

Money Matters: Family Night Tool Chest by Jim Weidmann

Junior's Adventures and more from Dave Ramsey

Books by John Rosemond

 

Tune in for the next Dollars and Sense show on January 30, 2014 when Carol will discuss teaching your pre-teens about managing money.