Disclaimer: This is a sponsored post by PSECU, a credit union in Pennsylvania.
Money Habits: Games, Books, and Tips to Teach Kids about Money
Good money habits begin to develop when you’re young. That is why it’s important for parents to have an action plan on how to teach their children how to manage their money.
Learning about money can be fun and exciting for kids. There are lots of engaging stories they can read that both entertain and teach. When your child is old enough to play with a smartphone, you can download apps like Green$treets and Bankaroo to help them begin to track their savings and learn how to budget. You can come up with your own games or buy board games that revolve around money choices to help your children put their money knowledge to practice.
PSECU created the infographic below, which includes tips, smartphone apps, games and books for your child to read during every stage in life in order to prepare them to be financially savvy adults.
Consider opening a custodial account for your child. Custodial accounts can be opened for any child or young adult under 21 years of age. While your child will be the sole owner of the account, they will not be able to withdraw funds without the custodian’s approval. Custodians can be the parent, guardian, grandparent or relative of the child. When the child turns 21 years old the custodian must turn the account over to the young adult. Custodial accounts are great ways to help save for your child’s future while also teaching them how to manage their money online.
——->What are some fun ways you’ve found to teach your kids good money habits?<——–
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Have you seen the Credit Stacker app. I think that’s a great one for teenagers. Too many kids go to college with no clue about what credit means or how to use it. I know I signed up for a credit card just to get a free t-shirt and found myself in collections a couple of years later. Understanding the power of interest from both sides is critical.
No, I have not heard about this app. I will have to check it out. Thanks.