A guest post from Pennybox user and mother Angie Karnoupakis in the US.
One thing you can do to make this summer an extraordinary time – enhancing your summertime with out of the ordinary learning opportunities – teach your children about earning and managing money.
SUMMER! We anticipate it for months. We dream about it. We plan for these mystical and memorable days with warm sunshine, freed up schedules, and long days. With so many things we can do, it almost becomes overwhelming. As a parent, I see the joy in quiet unplanned days and love finding ways to dive deep into learning outside of the classroom. Recently I’ve also realized it is a great time to teach my kids how to manage money, giving them the skills and tools early in life that most do not receive until adulthood.
Many adults I know have suffered because they learned financial lessons too late in life. Most schools don’t have time to teach our kids how to manage money. And frankly, I don’t want schools to do this alone. Beyond just managing money this interaction gives us the chance to discuss and build important character traits and skills like thrift, generosity, prioritizing, planning, and your making money work for you. Summer is full of natural and fun ways to talk about these skills and how they relate to money!
Chores abound and longer days give you the chance to do them together (weeding. dog walking, laundry, woo hoo!). Special trips and activities give your kids a chance to learn to use or save their money. So how do we make these learning opportunities a regular part of our day to day? I know I’m challenged by consistency with a busy schedule and competing priorities. Swim practices, camps, beach time, visitors and visiting can all interrupt our greatest intentions.
So how do I get started?
1. If chores are new to your family, have a family meeting to get everyone on the same page.
2. Post a pricing sheet of chores and what they can earn.
3. Use Pennybox to help them track their progress on saving, spending and donating.
4. Surprise them with ‘overtime’ pay with new exciting jobs they can do to help you get things done, even while away on vacation.
Pennybox can help you manage the day to day of the goals and the money as your child…. It allows children to select jobs to do and then get rewarded for. You can suggest chores, but more importantly so can they! Pennybox gives kids the chance to just do what is asked of them, but also to see when things need to get done, negotiate a price and then complete it. Talk about building little entrepreneurs!
We don’t ask children to learn to read without giving them books. Similarly, we need to give kids tools for learning about money, and Pennybox gives you a rewarding and fun way to help your child build confidence and understanding of how they work for, save, spend and invest money now and for the rest of their lives.
Commit this summer in one way to expand your child’s horizons and help them start building their financial security.