Moonjar Moneybox: Educating Kids About Money | Kids Wish Network

Moonjar Moneybox: Educating Kids About Money | Kids Wish Network

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Someone You Should Know: Tatum Kerr, Mary Karges and Eulalie Scandiuzzi From Moonjar

Don't know how to talk to your children about money? Moonjar helps kids learn about saving, spending, sharing and more

By Alayne Sulkin

Left to right: Tatum Kerr, Mary Karges, Eulalie Scandiuzzi

Moonjar was established in 2001 with the mission to inspire the incorporation of strong financial values, and bring financial savvy to children and families in their everyday life. Eulalie Scandiuzzi is the founder/owner. As Moonjar’s Chief Creative Officer, she creates the products. Mary Karges, partner, is responsible for sales and marketing. She casts the wide net to all of the different business sectors. Tatum Kerr is Moonjar’s bookkeeper and partner, most noted as the first to smile in the office.

What was the motivation behind starting Moonjar?

We are all worried about money and don’t know how to talk to our children about it. The idea launched sometime after a visit in 2001 to FareStart Seattle, where we listened to those clients speak about their reasons for falling into deep financial holes. [Moonjar founder] Eulalie’s wish was to provide all people with the same vocabulary around money as she and her siblings received from their mother. She wanted to basically debunk the idea that we are all born wired with information on how to handle money. We really wanted to help visual and kinetic learners understand the value of the dollar — saving it, choosing to spend it or with whom to share it and why.

What is the name Moonjar meant to reflect?

Moon: “To shoot for the moon”; to go after dreams and goals. Jar: Following the ancient custom where wishes or dreams are written down and placed in a special jar for future celebration. Shoot for the moon and celebrate it while you go!
At what age should parents begin considering the conversation about money with children, and how can they be most effective?
As soon as they start asking for things! We wanted to be able to create a “yes conversation,” and help our children see that they could be part of the yes — that together we can create a solution and problem-solve together. But if we’re pushed, we’ll suggest a 4- to 5-year-old.
As soon as they can count to 10.
Here are some of the top 10 tips we have come up with over the years [find more tips online at parentmap.com/sysk]:

• Keep lessons short with a specific goal — kids have short attention spans.

• Reward kids early — don’t make the first goal reachable in six months, make it three days.

• Set a date to share some of their savings — that can often be as rewarding as spending it themselves.

• Sit down and budget your own finances as a family — kids see how much there is to work with, where it all goes and how much things cost.

What are your goals for Moonjar?

We are currently looking for partners/investors who want to hold the leading edge in financial literacy education reform in elementary schools across the nation by providing both public and private elementary schools with Moonjar’s role play/activity-based tools and lesson plans.

Please share a couple of stories of families who have been effectively using Moonjar. 

We have a family who visits us often to tell us about the saving, spending and sharing that the two girls are setting goals around. We were so excited last fall when they came and told us Moonjar had inspired the 12-year-old to write and self-publish a book. She told us that she realized it was about making a plan, and although it did not go exactly as she thought, she was able to save enough money to self-publish and dedicate enough time to write a story she is proud of. 

What do kids like about the share, spend, save aspects of Moonjar? 

Our favorite moments are when we get to talk to kids about the share box. There is a special light in their eyes when they talk sharing. We love to hear kids figure out what matters to them. We had two brothers in the office trying to decide if they had to donate to the same places. We loved to watch the parent give the kids space to make that choice. The conversation started with the question “How is your Moonjar different from your brother’s?” Ultimately, they decided to give the money from each share box to different projects in their school. Kids also love the idea that they can buy the Lego, American Girl doll, Xbox game they’ve longed for because their goal becomes a reality.
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February 29, 2016

School Starts and Boom, the Holidays are Here!

 

It feels like time speeds up in the Fall.  I know each hour has the same number of minutes that it had in July but October, November and December minutes seem to be made of faster seconds.  The budgeting of those seconds feels just as important as the balancing of the checkbook.

My home life has shifted dramatically in the past year. We have only one child at home, we are the only family in town for an elderly parent and we have moved from our home of 25 years into a smaller place. Each piece of that new story takes a lot of precious time. That time just swirls around me unless I make a real effort to SAVE, SPEND and SHARE each moment!

My years at Moonjar have seamlessly allowed me to include those actions, Save Spend and Share as the fabric of who I am and right now that is helping me with time. The SAVE part is the hardest for me (and I think traditionally for most women). I am working on saving time and depositing it into a book I want to read. I too often turn to the book when I am too tired to get more than a page in.  The SPEND part of this time budget is filled with planning it seems. How do we visit the college kids or get them home or visit my family or take a breath together just as our small family. I am trying to keep a log of what I am doing and what I am trying to do with this Spend time.  SHARE is my favorite part of time budgeting because to me, Share means give my time to others. I feel like a few of those swirling seconds are returned to me and slowed down a bit when my Share box is full.

Moonjar is about opening conversations around money with our children and families but if we can’t budget our time, those conversations are too rushed and turn into lost opportunity.  So in this crazy busy faster than usual season, be kind to yourself and see if “Moonjaring” your time gives a little instant to breathe.

‘Why Do I Laugh and other poems’ at Moonjar

Here at Moonjar we are blessed with magical moments.  A very special family came to visit and shared a book written by their young entrepreneur called ‘Why Do I Laugh and other poems’ by Grae Paige.  The book is filled with inspirational poems written from the heart.

The family has used Moonjar for years.  The children have them and they also give them to all their family members and friends as gifts.  

We at Moonjar love hearing stories like this! 

The author Ms. Grae Paige, used her savvy sense about money learned from using Moonjar to self-publish her book.  She is now hoping to recoup some of the cost thru selling it on line and other outlets.  It is available on line at lulu.com, on Amazon and at Moonjar.

We are very proud of Grae Paige! Thank you to her and her family for sharing with us.

S.T.E.M. Camp includes Moonjar

This summer we were extremely happy to see our Moonjar Lesson Plan and Moneyboxes as part of CAMP SEED, a S.T.E.M. camp in it's second year in the Yakima Valley in Eastern Washington.


                                                                          

The camp is made up of middle school kids and taught primarily by college kids. That alone is a recipe for success! Those college kids bring out the best and see the potential in the young teens.
The content of the camp was also wonderful. The program was put together by asking area hospitals and agriculture companies if they could offer some hands on experience to these kids. So they had amazing opportunity in the science and engineering portion of camp to dissect a cow's eye,  irrigate a field, test each other for color blindness. And in the Tech and Math portion the kids learned about money management and how to really Save Spend and Share in order to thrive in community. They went to the Junior Achievement village where they are each given a job and a paycheck and then told their responsibilities. It is amazing to hear how many of them gain new respect for their families!!!
                                                                                

The crown jewel on the camp was the Market Day! Each group had created and executed a business plan. They had marketers who made signs and did some tweeting and facebooking; they had the accountants who kept track or all the money in and the money out and they all served roles as the sales people.  It was wonderful! And in the end each child went home with about $35.00...not bad!!
Please enjoy a few more pics!!

 

From a Google Alert I saw today-Good Stuff!

We've slowly started our children's financial education. I thought the easiest way to start would be opening a savings account. I suppose I was correct, but it was met with more resistance than I expected.
When we actually opened a savings account for them, I explained that we would deposit their money into their accounts. Then the bank would pay them interest. First, my son was horrified that they would lend "his" money out to other customers, and would he ever see it again? And then, could he have his original bills back?
That little anecdote made me realize that teaching them about money was going to be more challenging than I thought. See, I had lofty expectations of how we were going to give our children this fantastic financial education. But like any tool, you have to use money to really figure out how it works, what it can do (or not do) for you, and how to use it more efficiently. So our kids will need to have money to learn to manage it. And that's what I forgot: Where's the money going to come from?
An allowance history
Since our kids don't get much money as gifts, their source of money either has to come from us or they need to become entrepreneurs. At six and ten years of age, becoming a budding entrepreneur is not impossible, but it's certainly challenging.
As always with parenting, I stretch back to my parents' methods to evaluate their effectiveness -- now that I've had several decades to study the results. To evaluate, I want to know what worked, what didn't, and what I should have learned in the first place.
As a child, I had specific chores that I had to accomplish. I didn't get reimbursed for those, but I did frequently ask my dad for extra chores to earn money.
Those chores were above and beyond and basically involved farming tasks that paid, depending on the job, $5 per hour for one job, $20 each month for another, or a quarter per bucket of corn I found in the field after the combine had made its pass through. (I can already tell these jobs will make a great base for the "When I was your age" stories that I just can't seem to help myself from telling my children.)
And I also became a little entrepreneur, enlisting the help of my parents to learn how to raise and sell rabbits and chickens. I had to pay for my own expenses, do my own chores, and I kept all the profit.
Lastly, when I hit the teenage years, I was given a clothing allowance. I had to (er, was supposed to) buy all my own clothes and could theoretically save any leftover cash. But I never had any leftover cash and actually usually had to borrow from the next month's allowance to make the clothing allowance work.
Other than the clothing allowance, throughout most of my childhood, my parents paid for standard expenses; but if I wanted something different or extra, I paid for it myself. Likewise, I understood very early on that if I wanted to go to college, I would be footing the bill myself. I also knew that I would be able to drive the family car until my next sibling got her driver's license. After that, I would need to find my own wheels.
Evaluating history
I don't think I am a personal finance superstar, by any means. I've done some really stupid things, getting myself into some really difficult situations. But I have done some things right, so it makes me wonder if the techniques my parents used were helpful or not.
I liked tying the money I earned to the task that I did. I could clearly see how my effort affected my paycheck. I also liked being in charge of running my own little businesses. Seeing how expenses ate away my profit, in addition to being 100 percent responsible for caring for my animals, was invaluable.
One of the other lessons from my childhood came when I arrived home late after a basketball game. I thought, since it was dark outside, my father would have completed my chore for the night (the one where I earned $20 per month).
"No, I didn't," he replied.
"What?! But Dad, it's dark outside!" I whined and threw a tantrum.
He didn't lose his cool at all. "It's your job and your responsibility. And I am paying you to complete this job."
I think I cried the whole time I finished my job, but it's obviously something I've never forgotten.
The least effective method was my clothing allowance. Number one, I felt like I never learned to be a smart shopper and make my money last. But the problem is that I didn't have to be a smart shopper. If I didn't have enough money, I begged money from my parents -- and sometimes I got it. Maybe it wasn't enough money, or maybe it didn't really add any value beyond what I received from the other methods of money management I learned.
Sources of money for our kids
Because of my own experiences, I am not sold on just giving them an allowance without tying it to a specific chore. Some people -- a lot of people actually -- believe an allowance should be used to teach kids how to manage money without tying it to a specific chore.
And I get that. One disadvantage of tying money to chores is that the child could potentially only do chores they are paid for. Living in a household has its advantages, and there are some things that everyone should do without expecting reimbursement.
"Raising Financially Fit Kids" by Mary Hunt offers an interesting approach. When she and her husband were raising their sons, they made them "money managers." Once the boys reached a certain age, they were given a certain amount of money per month. This was money their parents would have given them anyway, but the boys were expected to manage it. Mary Hunt and her husband allowed their sons to make mistakes and, by the time they graduated from high school, they were managing several hundred dollars per month.
My short review does not do this book and concept justice, so read the book if this sounds interesting to you.
We're still tossing around ideas on how to give our children some money to manage. Which techniques worked for you or your children?
 

Save 10% on all orders!

 

   

This Spring, encourage your young entrepenuers with Moonjar!

www.moonjar.com

You'll be amazed with what you discover!

Save 10% on all orders now thru the end of month.

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APRIL IS FINANCIAL LITERACY MONTH

 

Spring time brings all sorts of fresh beginnings!

 

 

April is the month dedicated to talking to kids and families about money. Take time this month to talk with your kids about the goals they would like to set. Goals are great tools for saving as well as for Sharing! Help them to understand how far a dollar can go when it is used to help victims of a mud slide or an earthquake. there is so much we take for granted.

 

As part of our Financial Literacy Month we are heading out to the National  Migrant Education Conference.  Over the past 10 years one of our favorite relationships has been with the Heritage University Enactus team who has used Moonjar to reach the migrant population in the eastern Washington region.  They have helped us to track kids and families who until they sat down and created goals and realized they could achieve those goals, aspired to little more than a 9th grade education.  Today we know  several kids from the Yakima Valley who have become the first college educated people in their families! We are so proud to be part of this. 

So, we are going to San Antonio to reach out to others with  Moonjars and to share the success of those kids in Eastern WA.

 

As FDR once said, "We cannot always build the future for our youth but we can build our youth for the future."

 

 



Moonjar Love from Blogging Mamas Network!

Teaching Children About Money Responsibility with Moonjar Moneyboxes [+ a giveaway!]

February 25, 2014 by Lindsey G. 29 Comments

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This post is brought to you by a collaboration with Moonjar Moneyboxes.  I received product in exchange for sharing my honest thoughts.  All opinions expressed are my own.
Let’s talk about money… with preschoolers.  That’s what I’ve been doing in my house for the past few days and let me tell you, they understand so much more than you think they do!

My oldest daughter, Sophia, will be 4 in May and has been putting coins in her piggy bank since she was old enough to grasp one!  I always felt like teaching my girls to save was an important lesson for them, even as toddlers!  Any time they get money, we encourage them to immediately put it in their at-home bank.  But now that Miss Sophia is starting to grasp the concept of money = buying things, she asks if she can use her dollar for other things rather than putting it in her bank… like ice cream!

Oh my, I really didn’t know that I would be having the real money conversations with my daughter at the young age of 3, but it’s happening and this week I chose to use our new Moonjar Moneybox to facilitate those lessons!

 The Moonjar Moneybox comes in a couple of different varieties and styles, some cardboard some tin.  The Classic Box, pictured above, is separated into 3 different tins, all held together by the yellow Moonjar band.  The 3 colors and compartments represent: Share, Save, and Spend.

The goal of our company is to help families start that money conversation and make it something that becomes a natural conversation rather than a difficult unusual topic.  After all money is one of the few things we each deal with daily! We teach children to stop look and listen when we come to a corner but it is not yet routine to teach them Save, Spend, and Share when it comes to money. We want to shake that up!!

Not only did setting up the Moonjar Moneybox allow me the opportunity to talk to Sophia about the act of spending and saving her money [we used save in terms of her going to college - which brought on a whole other conversation with a 3 year old!], but we also talked about sharing our money.  For a 3 year old, sharing anything is hard, but we often talk about those people who are less fortunate than us.  I make it a habit of having the girls donate their clothes and toys at times throughout the year.
Sharing money was a new concept for her, though.  She had lots of questions “Why don’t people have money? Why don’t they just go to the bank?” but when all was said and done, the little lady put more in the Share box than anywhere else.  It warmed this Mama’s heart.

The Passbook, that was sent along with the Classic Moonjar Moneybox, is a great way for older children to keep track of the money in their boxes.  Each “deposit” is recorded and then a mathematical equation is given so you can break down just how much of the deposit should be Saved, Spent, and Shared.  I just love the idea of the Passbook and will definitely be implementing it when the girls are a bit older.

We also received Conversations to Go: Money with our Moonjar Moneybox.  What a fabulous idea for dinner table conversation for adults and older children.  With questions like “If money weren’t an issue, what would you like to do in life?”, this game would be a great conversation starter!

As I mentioned before, Moonjar Moneyboxes come in a couple different types – ranging in price from $7.95 to $25.00 for the 3 compartment tin moneyboxes.  You can purchase straight from the Moonjar website.  Be sure to also connect with Moonjar on Facebook too!

At what age did you start [or plan to start] discussing money with your children?

 

D is for Debt

Teaching our kids that debt is not so good can start in simple ways.

When the kids ask to borrow some cash until allowance day it is a good idea to charge interest if you let them borrow it at all.  We have a funny thing in our family where my kids were lucky enough to be in a commercial when they were younger - in fact the whole family EXCEPT ME was asked...that is another story.  Anyway, they were paid and the money was put into the credit union accounts they have in their names. Every so often a big ticket item comes up and they want to use their own money to buy it so after much discussion we will help them to take money out so they can purchase the item. The problem is that for the longest time they did seem to get that once the money is spent, it is gone. They expect to have the original amount available to them at all times.

That is a bit like debt to me.  We tend to teach that it is OK to have the credit account  if we pay it back completely when it is due but too often we do not pay it back and then we tend to feel like the balance should be zero because the moment has passed.  Debt does not just go away. It lingers and it grows.

For kids we need to clear. Borrowing money costs money. Like the picture shows, getting into debt can be a bit like diving into a swimming pool with no water!

Good Tips from Huff Post Financial Education

       

Karen Cordaway                                                                                                                  MoneySavingEnthusiast.com

            

 

Kids and Money: 4 Grocery Tips to Help Teach Your Child About Money

Posted: 02/19/2014 12:01 pm EST Updated: 02/19/2014 12:59 pm EST

           

Image Source via Getty Images

                                        

Don't let your child's long list of purchase requests hold you back from bringing them to the grocery store. Whether you're restocking the whole refrigerator or just making a quick trip, a little preparation and planning can keep everyone happy, well fed and on budget with these tips.
1. Shop on your own turf.
There are certain items we always buy, so it's easy to estimate how much they will cost. If you aren't sure, check grocery receipts from previous trips to get an idea. Make a grocery list and write down the estimated amount next to the item on the list. Add up all of the estimated amounts before you go. Let your child see what you are doing and be a part of the process. Be sure to to have your child include their favorites to the list at this time, too. Your family will already have an idea of how much you will spend before you even leave the house.
2. Why paying in cash is king.
Have you ever tried to read the instructions for using a cell phone without actually
having the phone right in front of you? This would be an arduous task. The same is true when you explain budgeting and spending money to your kid. That's why paying in cash while shopping it vital when you are first teaching them these money concepts.
You may hear this tip over and over from financial experts. There's a reason -- it works. This is especially important to kids. If they never see how the money physically leaves when you buy something, they may not fully grasp the concept. From a teaching standpoint, if you use a credit card while grocery shopping, the brain doesn't have any context to base the concept that you are trying to teach. Be sure to explain why you are making a spending plan prior to your trip. Explain the benefits of spending a certain amount. The shopping trip will then serve as the real-world experience to connect the abstract concept to the concrete action. They will be able to make better sense of their own cents.
3. Push buttons.
Depending on your child's age and maturity level, have them calculate your spending during the shopping trip. They can be your mini bookkeeper. Children love to push buttons (both literally and figuratively). Bring an inexpensive calculator with big buttons so your child can start by punching in your allotted amount and then subtract the amount of the items you place in the shopping cart as you go. You can also use your phone with adult supervision. If you fear that they will drop it or start playing Candy Crush on it, hold the phone while they push the numbers. No matter what device you choose, if you think your child is too young or may get frustrated, you can type in the amount and have them push the subtraction button to still participate and do their "job."
4. Allot money for surprises.
While showing the importance of having a budget to stay on track is the purpose of the experience, it may not seem so glamorous to junior or your little princess (or even to you). In the back of their minds, they still may be wondering, What's in it for me? Set an allotted amount for them to choose a parent approved treat during the trip. They can also see that having a certain amount to spend actually allows you to get items you want, not just what you need. They will see that budgeting has its rewards.
The Bottom Line
Teaching your kids about money doesn't have to be so formal. Getting them involved in planning a grocery list, estimating costs and making buying decisions gives them real-world experience to better manage money in the future.

C is for COST

Talking about the cost of something can get pretty involved! 

This morning I have already had to reschedule two meetings and figure out how to gather six people to create a project for my son's school. Although I did not take out my wallet while negotiating any of those moments, each involves cost.

The lemonade stands the kids create and the shoes the big kids sell on line involve the costs of the ingredients as well as the cost of the transportation to get all those pieces. Sometimes it is easy to see that the sugar cost $5.00 and the lemons cost $3.00 but sometimes the costs of time and commitment are less clear.

Helping kids understand that the money matters for sure but so does the time and investment of focused energy might help them to take even more pride in that lemonade stand ! 

Budget is not a 4 letter word

When the word budget comes up it can evoke fear or memories of long drawn out meetings in the corporate world.  Kids don't have that reference, for them it is a map!   A great way to introduce a budget is simply to tell them what it means:
A PLAN FOR SPENDING MONEY.

Sometimes the plan will work out just as it was laid out and other times the plan will have to change but taking a little time to create a plan and track it will help to create wonderful money habits.


Try keeping a budget this month.  You can even work it backwards to start- keep track of everything you saved, spent and shared for a month. Then next month start with that map to help you decide if you would like to save a little more and spend a little less or maybe you want to make a big donation to school so there will be less to spend.  There is no right or wrong answer but the practice of creating and following a budget will be sure to help you feel good about what you are doing with your money! Make sure you celebrate when you match your budget!!

Start the New Year with Allowance

A is for Allowance!

Allowance is a great way to help children develop positive money habits.
Children who are asked to make choices with their own money on a regular basis are more likely to ask questions about money, save money and understand the importance of giving back.

As a parent, the toughest piece is sometimes remembering to have "cash on hand" for "payday".  We were successful with a allowance in our house when we made the collection piece our children's responsibility.   When I was growing up my dad remembered to give us allowance each week but in our busy house I am lucky if I remember dinner so it worked for us to have them come to us on Sundays. 

Allowance is a tool to give kids a chance with money management! The amount the kids are given does not make nearly as much difference as the fact that they are given money on a regular basis and asked to manage it. Older children can be given real responsibility with allowance, like buying lunch at school once a week.

They say it takes 21 days (weeks in this case)  to make a habit stick......give it a try!

A great Blog Post from a Moonjar Mom!!!

Save, Share, Spend

Several months ago I heard about a super cool bank called the Moonjar. 

And after some reading about it we decided that these would be the perfect banks for the girls. 

There are three sections that make up a Moonjar. 

One for money to be saved, one for money to be spent and one for money to share. 

With the addition of these banks into our world we decided that each girl will be given three dollars a week. The passbook that comes with each Moonjar suggests deciding on a percentage to put in each section. However, with how young the girls are we decided not to establish a percentage per section just yet. Instead, they will simply get to decide how much money they will place in each section of their bank each week. 

The girls absolutely love that they have a place to keep their money. And they absolutely love that they have a section for money that they can spend, a section for money to save up for the things they are dreaming of (new My Little Ponies are the goal right now) and they love that they have a section for money to donate to people or groups in need. After they put their initial three dollars in they went around and collected all the coins they had been saving in various boxes and purses. It's safe to say that their jars are off to a really great start! In the words of Grace: "Mama, this is the best gift ever!" 

Fall into free shipping with Moonjar!

Leaves are changing, so can money habits.

Fall into a great money conversation, SAVE SPEND and SHARE

with Moonjar today!

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2013 Tillywig Brain Child Award

We are so excited to announce that Moonjar has won the 2013 Tillywig Brain Child Award for being an exciting product that energizes the mind while seamlessly blending fun and learning.  Please take a look at the Tillywig web site: http://www.tillywig.com

Vote to teach children about money!

Help Moonjar spread the word about financial literacy and teaching children to Save, Spend and Share.
http://intuit.me/1amBJw2

Here is an article that supports what a Moonjar can teach children.

http://money.msn.com/family-money/many-money-habits-are-set-by-age-7-1

 

8/9/2013 2:15 PM ET

By Liz Weston, MSN Money

Many money habits are set by age 7

Surprising new research finds that when it comes to teaching about spending and saving, you really can’t start too soon.

A growing body of evidence tells us financial literacy education doesn't work, at least not as it's currently taught. Perhaps one reason is that we're not starting early enough. We should begin before the kids are in kindergarten.
You might think that's a stretch, given that many preschoolers are still grappling with the notion that a nickel isn't worth more than a dime, even though it's bigger. But British researchers now are telling us that our approach to money is basically set by age 7.
Behavior experts David Whitebread and Sue Bingham of the University of Cambridge reviewed previous studies to determine how children learn in general, and how they learn about money in particular. They concluded that money habits -- including the ability to plan ahead and to delay gratification -- are typically formed early in childhood.

Free money worksheets

"The window is zero to 7," said Guy Shone, research director for the British government's Money Advice Service, which published the study. "It's very hard to reverse those habits later in life."
What if we missed that window? Are our kids doomed to a life of debt, manipulation by advertisers and various scams they won't see coming?
Not at all. Change may be hard, but it's possible.
Still, the study reminds us that we need to start teaching good money habits as soon as our kids understand that money is used to buy things.
"Parents as a group typically don't feel particularly comfortable talking to kids about money," said Shone, the father of a 2-year-old. "At the same time, we know there's a huge effect we have. . . . We underestimate how powerful we are as parents."

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Parents who are trying to teach older kids should expect that their job may be harder, said financial literacy advocate Susan Beacham, since they're changing mindsets rather than shaping them.
Those with younger kids should take advantage of their opportunity to reach children "at an age when they . . . still think we are geniuses," Beacham said.
The simple act of grocery shopping with a list can help teach the importance of planning ahead and "shopping systematically" rather than "just grabbing things off the shelf," said Nancy Baynes, a spokeswoman for the Money Advice Center.
Even better is involving your kids with lots of hands-on experiences, which will teach them far more than lectures. Among the things we can do:
Require them to save. Young children save because they enjoy participating in adult-like behavior, the researchers found. Inculcating the savings habit when kids are small -- something financial literacy researcher Lewis Mandell calls "indoctrination"-- may be the best approach if you want your kids to be savers as adults. Requiring children to put aside a portion of every dollar they receive or earn can help develop the habit.
Let them make purchases -- and mistakes. The idea that money is a limited resource -- that it must be given up in a transaction and can only be spent once -- is one that young children struggle to understand. Parents can reinforce the concept of exchange by giving children a small amount of money to spend in a store -- and then not shelling out if the child is later disappointed in the purchase, or wants more.

Liz Weston

Let them earn. Kids need to know that we can't afford to buy everything we want and that what we can afford is determined by our incomes. Talking about various jobs and their salaries is one way to teach this idea, as is paying children to take on extra chores around the house so that they understand they're trading time and effort for money.
Make delayed gratification easier. Help your children set goals, such as saving up money to buy a toy or a game. A chart that tracks their progress can keep them interested and engaged in achieving the goal. Teach them strategies to make waiting easier. If children are tempted to spend money rather than save for their goal, you can distract them from the latest shiny object by helping them plan a fun alternative (going on a bike ride, making a craft from items already on hand) to help them resist giving in to the impulse.
Take them grocery shopping. Being involved in decision-making can help kids understand the trade-offs required in economic transactions, which can make it easier for them to delay gratification. A child might help a parent compile a shopping list, since lists help people prioritize what they need most in contrast to all the things they might want. Parents can discuss sale items, which sizes are most economical and how they make decisions in the store.
"Just talking to your kids about what you're doing, what you're thinking, your decision-making process, can be really powerful," Shone said. "You never know specifically what message is landing, but by doing that regularly and repeatedly . . . it becomes part of how the child sees the world."