Want to teach your kids about money?
That’s the billion dollar question. Of course you do!
We all want to raise financially literate kids. It’s one of the best ways we can give them a solid foundation for the future.
The podcast Million Bazillion on Pinna is a handy resource for getting started.
Below, we’re going to share a little bit about what topics are covered on Million Bazillion as well as 8 of our top tips for teaching your kids about money.
Let’s get started.
How Million Bazillion Can Help You Talk To Your Kids About Money
Million Bazillion is a podcast all about money — and made just for kids. Their motto is “We help dollars make more sense.” Hosted by Jed Kim, and created by Marketplace in collaboration with Brains On!, this series aims to answer the most awkward, uncomfortable, and surprising questions kids have about money. There are six episodes and each one is an opportunity for kids and parents to listen together and learn about various topics related to earning, spending, and saving money.
8 Tips For Teaching Your Kids Financial Literacy
1. Weave money talk into your everyday life.
Want to teach your kids financial literacy? The first step is to have conversations about money early and often. It’s common to want to shield our kids from tough topics, but discussing the family budget with them is one way to bring the concept of money management to life in an easily digestible way.
2. Lead by example.
Kids learn by following the example of adults they look up to. It’s not enough to tell them how to manage money, we’ve got to show them. We’ve got to walk the walk. Making smart money choices now can set your kids up for financial success in the future.
3. Give them opportunities to earn money.
Your child may not be old enough to go out and get a job, but that doesn’t mean they can’t learn the value of working for what they want. Giving kids the opportunity to do chores for cash builds a strong work ethic, teaches responsibility, and offers hands-on money management lessons that will stick with them for life.
4. Teach them the concept of give/save/spend.
Teach the concept of give/save/spend early and you'll set your kids up for success. By helping them learn the importance of giving to those less fortunate and saving for big goals, it will shape their financial future in a positive way.
5. Clear jars offer a visual way to save.
Piggy banks are good in theory, but clear jars offer a visual way to save. You can set up three jars — to teach the concept of give/save/spend — and have your kids keep a running tally of the amounts in each. This teaches money management in a very tangible way.
6. Let them make money mistakes at a young age.
It’s said that failure offers more lessons than success. So, it makes sense that if kids are given the opportunity to make money mistakes when they’re still in your care, it might save them from making bigger (and potentially devastating!) financial decisions when they’re older and the consequences are more dire.
7. Set up an online bank account.
There are a variety of checking and savings account options made specifically for kids. Many banks offer online tools like parental controls, the ability to set a savings goal, investment opportunities, and colorful charts so kids can easily track their spending. We live in a digital age and it’s important for kids to know how to use technology to manage their finances.
8. Find ways to incorporate media resources into your “curriculum”.
While you’re probably not following a specific curriculum to teach your kids about money (though kudos if you are!) you still need the right resources available to you in order to be successful. That’s where technology (hint: Pinna rocks!) comes in — the worldwide web offers accurate and easily accessible information with a few taps or clicks. Of course, it’s the internet, so verify anything you plan on sharing with your kids.
Pinna’s audio library is extensive and offers something for everyone. When you’re ready to start having conversations with your kids about money, don’t forget to check out Million Bazillion.
We’re all ears!