Hands up if you’re a parent who didn’t learn about finance in school. Basic math? Useful. Science? Interesting. But how often do you need to identify a scalene triangle or recite the entire periodic table?
Basic concepts like budgeting and establishing an emergency fund are crucial to everyday life – that’s why it’s so important to teach financial literacy early on. Luckily, there are simple ways you can teach your own kids, even if you didn’t learn the rules in school yourself.
But you don’t have to do all the heavy lifting on your own. Mydoh – a money-management app designed for tweens and teens aged 10 to 16 – can help facilitate educational conversations about finances while giving kids real-world experience with money.
The app helps kids and teens learn the value of earning money through Mydoh Tasks. It also comes with a Smart Cash Card, which gives kids the independence to spend their cash securely. Plus, Mydoh lets you keep an eye on your kids’ spending, making it easy to provide encouragement and feedback.
Here are six tips to help parents raise money-smart kids (with the help of Mydoh). Who knows? You might even learn a thing or two in the process.
Start With The Basics At A Young Age
Experts say you should introduce the concept of money to your kids between the ages of 3 and 6. Here’s an idea for playtime: have your kids use play money and pretend you’re buying from or selling to them in a grocery store.
If your child is a little older and ready to have a real-life account of their own, Mydoh Play features fun facts and trivia games designed to teach kids everything from loans to savings.
Create Opportunities To Earn Money
Parents can set up daily and weekly scheduled chores to do around the house, like helping carry in groceries, vacuuming or washing the car. You can even track your child’s progress and see any incomplete chores through Mydoh Tasks.
With Mydoh, parents can choose from a menu of pre-selected tasks or create their own (because not every kid needs to clean out their pet gecko’s terrarium), and you can specify how often it needs to be done.
Teach Kids How To Save
Let your kids know they don’t need to spend their money right away. They’re prone to making impulsive e or toy can be more than tempting.
Provide Them With Tools For Good Spending Habits
Help your young ones make their own savings plans – talk through how much they want to earn and when they want to save it by.
If they have their eye on a new backpack or tech toy, break down the cost together and discuss how they can work towards that goal.
Help Kids Create A Simple Budget
Show your kid how you personally create a family budget, then help set one of their own, explaining how to prioritize wants and needs.
You can do this digitally or by using a whiteboard with different coloured markers depending on what type of learner your child is.
Show Them Other Ways To Earn Money
Get in touch with neighbours or your local community centre to help them find gigs babysitting during summer vacation or shovelling sidewalks and driveways in the winter. Not only will they expand their income, but they’ll also learn the value of giving back.