Tools for Teaching Children about Finance

When it comes to teaching children financial literacy, the sooner the better! If you are unsure about where to start, check out some of the sources below for interactive and educational online tools.

CNN Money Magazine provides general tips as well as apps and websites for children.

“You’re never too young — or too old — to become more financially literate. Start with this lineup of strategies and tools for youngsters and adults.

Make it fun. “A game can be a spark plug to get kids thinking,” says Dan lannicola of the Financial Literacy Group consulting firm.One diversion: Tykoon, a free iPhone app that shows your child how payment for small chores can add up to the price of a big-ticket purchase.

Talk the talk. “To kids, money is a foreign language,” says Sabrina Lamb, author of Do I Look Like an ATM? Just as they learn languages best amid native speakers, they’ll get fiscally savvy immersed in talks about money.

One Lamb suggestion: Ask how they think your family could cut costs. Find more topics at moneyasyougrow.org.

Test your smarts. Think you’re an economic know-it-all? Find out for sure on the new Money Quiz section of the congressionally chartered MyMoney.gov website.

Answer a brief set of questions on subjects such as investing and borrowing; if you get anything wrong, you can follow links to online resources for further learning. “

There are many more tools available online. You Are Here is a site that teaches children about consumer concepts and how to detect and avoid scams. Reality Check allows children compare their financial expectations with how much it really takes to live an independent life. For teens moving off to College, Personal Finance 101 provides reading material to learn good credit habits and financial planning.

Furthermore, BelmontSavings.com is a great tool for when a teenager signs up for his or her first checking account, FinanceWorks is a tool that tracks and categorizes spending, allowing teens to budget and become financially responsible.

So fear not! There are plenty of resources available for every age group to learn about the importance of handling money, whether its a $5 allowance or summer job pay check.

Do you know of any more resources? Leave a comment below and share this post with your friends!