5 Simple Tips to Teach Young Kids About Money

Teaching a 3 and 6-year-old about money may seem like a daunting task that they won’t remember, but even basic money lessons can begin young….

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Teaching a 3 and 6-year-old about money may seem like a daunting task that they won’t remember, but even basic money lessons can begin young.

My kids know that money doesn’t grow on trees and that we all have to work for what we have, but does that stop them from wanting everything they see? Nope. LOL

Here are 5 Simple Tips to Teach Young Kids About Money

1.) Coins and Bills Have Value

Our oldest is just now learning the value of change and money through homeschooling, but it’s also a good time to show it to our youngest as well. Allowing them to pay for things when they receive money as gifts or from doing chores is a great way to show them that money has value. If time allows, have your young child help count the coins necessary to pay for a cheap piece of candy, for example.

2.) Money Is Used to Buy Things

Starting out with pretend money is a fun way to teach kids that money is used to purchase things, but they also need to know that real money is used to buy things we need/want. One way I like to get the kids involved is giving the kids money to pay for their ice cream treat or a small purchase at a store as to not overwhelm them with a bunch of cash and coins.

3.) Working For Money

My kids know that both mommy and daddy have jobs, but mommy’s work involves being home and working at random times. One thing we’ve implemented is chores. If they complete tasks around the house, they will get paid for their effort. This may ruffle a few feathers in parenting because household chores is a family effort, but this is what we do around here so that they can get used to the idea of money management. They know if they want something more expensive, they will need to save until they have enough to purchase it.

In fact, we downloaded the Mazoola app for the kids since they’ve been wanting to purchase items online. I don’t let them have access to the card themselves yet, but I transfer their weekly chore money and they choose to save or spend on things they want. Usually it’s Robux or some toy that their favorite You-tubers have created.

What is Mazoola?

Mazoola is an app that allows parents or guardians to set up a family mobile wallet. Parents electronically transfer money from their checking account to their kids “wallet” through the app. When the kids download the Mazoola app, they have access to a virtual debit card on their phone that they can use at stores (or online). This debit card can be used wherever Apple Pay or Google Pay is accepted. Parents can also set spending limits and approve or block where the debit card can be used. Of course, since Mazoola provides access to a debit card, kids are limited to only making purchases within the amount of money that you make available in their account. No need to worry about wild spending sprees!

Just the facts
• The Mazoola app provides privacy and security as kids safely engage  in online commerce, with the ability for parents to approve how and
where kids shop.
• Parents/guardians can set up parental controls and review and  monitor saving and spending habits.
• You can also set up specific savings goals or assign chores to kids to  earn money.
• Mazoola allows you to teach your kids and teens social responsibility  by allowing them to donate to charities.
• Mazoola also provides educational tools and resources to help your  kids learn financial literacy and responsibility.
• Mazoola was named ‘Best in Tech’ in the 2021 National Parenting  Product Awards! As one of the longest running awards programs  in the country, the NAPPA are the “go-to” source for parents and  professionals seeking the best products for their children and families.
• Mazoola is currently offering families a one-year membership at no  cost with the ability to cancel anytime.
• Mazoola is available to download for free on the Apple App Store or Google Play.

4.) Showing There’s a Difference Between What We Need and What We Want

Kids often think that what they want is something they need, and most of the time they want it instantly. I have been bad about this because I did oftentimes buy them toys at the store and cater their wants, but it started being a cry/whine fest every time we went to the store and I came to a quick realization that I can’t be doing this every single time when they’re with me. I carefully explained to them that we don’t “need” more toys and then the older toys become obsolete because their “new” factor wore off. Most of the time now, they ask to check out the toy aisle so they know what they want and can save for it. It has been a much better experience, although, we still need to not spend unnecessarily. But, I am working on that as an adult.

5.) You Can Have Fun Without Spending Money

Some of our best days are had without spending any money at all, whether it be a day at the park, or the waterfront feeding the ducks, they enjoy it and best of all, it doesn’t cost a dime. There are so many things you can do to have fun as a family that doesn’t involve money, take a quick search around your town and see all the fun things you can do.

 

Try Mazoola

You can get the Mazoola App FREE for one year and get $10 by signing up through this link momsmeet.link/mazoolaapp
*Eligible set-up includes one of the following actions:

1) Create a profile

2) Fund an account

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