Tips For Teaching Your Kids About Money {Giveaway – $75 value!}

financial

December is all about the holiday spirit, it is also a month of high spending for families with gift-giving, family get-togethers and parties. This can come at a price, and most Canadians work hard to manage their finances among the holiday cheer. RateSupermarket.ca is here to help with free, up to date information on the latest Canadian personal finance offers, guides, tips and articles to ensure you get more from your holiday purchases.

This holiday season, RateSupermarket.ca also wants to help parents teach their little ones about spending, saving and personal finance at a time where spending is at an all-time high and kids see mom opening her pocketbook more often. Here are a few tips and tricks to educate your little ones on financial literacy.

  1. Start early.
    It’s never too early to talk to your children about financial responsibility. Start as soon as they’re able to count and make money the topic of regular family discussions. Enjoy a fun family night with Monopoly or The Game of Life to teach the importance of making smart money decisions. Monopoly can help children learn the importance of budgeting and setting aside an emergency fund. The Game of Life demonstrates how focusing on education can increase earning potential. A cash register and toy store can teach them that buying goods/presents comes at a cost.These lessons are especially important during the holiday season where they are due to receive cash gifts or gift cards – you can educate them on the importance of spending wisely.
  2. Want VS. need.
    We’ve all heard kids proclaim they NEED a toy or new gaming console. Don’t give them everything they ask for and don’t feel guilty about it. It’s important that children understand the difference between needs and wants, and that they may have to wait to buy something they desire. This will help encourage them to make sensible spending decisions.
  3. Teach your child to save regularly and plan purchases.
    Set up a process for saving money, whether in a piggy bank for young children or a bank account if they’re older. Regularly monitor to see how much they’ve saved and introduce goals for saving and planning larger purchases. You can find out which bank account on the market is best for your child’s needs here.
  4. Money means choice.
    Money is a finite resource, and therefore it is crucial for children to learn how to make wise choices about spending. If your kids are young, during story time read them a book that teaches the basics of budgeting and saving. Remember to chat through lessons-learned at the end.If you have a young adult, test out the Rewards Calculator on ca. It’s a quick, four-step tool that identifies which available credit card provides the best rewards for your needs (cash back, travel, gas or specialty rewards) based on your current, everyday spending habits.
  5. Lead by example.
    As a parent, you have a great deal of influence on your little ones, especially when it comes to financial habits. Children have a tendency to copy their parents’ behaviour, so be open about your spending habits and savings goals, and try to limit the amount of shopping trips you take as a leisure activity. They might start to think money is unlimited and spending is fun.

giveaway

THE GIVEAWAY

Win it: To help you teach your little one about spending, saving and personal finance, RateSupermarket.ca is excited to offer a fun-filled prize pack with educational games & books valued at $75 including the following:

Keep your child busy scanning, calculating and weighing food. A pretend conveyor belt and scale allow kids to take care of pretend food. A scanner with beeping sounds and light let your child know the item was scanned properly. A working calculator with auto shut-off totals the bill and play money and a credit card take care of the total.

  • Children’s Books – $10-15
    • Ages 2 to 7 – Lemonade in Winter
      “Lemonade in Winter” by Emily Jenkins and G. Brian Karas focuses on two siblings who make the interesting choice to open a lemonade stand in the middle of winter. The book features a catchy refrain about lemonade while telling a story about how sometimes great ideas don’t turn out like you hope. “Lemonade in Winter” teaches the very basics of entrepreneurship and a small amount of basic math.
    • Ages 3 to 7 – Bunny Money
      Bunny Money” by Rosemary Wells centers around a pair of bunny siblings. In this story, Ruby has saved $100 to buy her grandmother a birthday present, but various unexpected events befall Ruby and Max, causing some of that money to disappear. Will they have enough to buy the gifts for grandmother?
  • Money Savvy Kids: The Best Ways to Teach Your Children about Money for a Strong Financial Future – $15
    • Money Savvy Kids is an indispensible, fun-to-read book by Gordon Pape and his daughter, Deborah Kerbel, which will help you get your children on the right track to understanding all about money. It contains sound, practical information from Canada’s most trusted financial writer plus many delightful and humorous personal stories that will leave you laughing while you learn.
  • Piggy Bank – $14.99*
    • Encourage your little one to start saving their allowance or monetary gifts with a cute piggy bank.
Note: The register or piggy bank might be slightly different than shown in the photo above.

Enter to win this amazing prize pack via Rafflecopter below. Good Luck!

a Rafflecopter giveaway

 

Disclosure:  I received compensation to facilitate this post.  All views and opinions stated on this post are 100% my own.

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Angela V

Founder and Writer at One Smiley Monkey blog
Hi, my name is Angela and I am a Canadian mom living in Vancouver with my wonderful husband and two happy little boys. I am the founder and primary contributor behind One Smiley Monkey. Welcome to my blog!
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60 responses to “Tips For Teaching Your Kids About Money {Giveaway – $75 value!}”

  1. lynn clayton — December 11, 2014 @ 2:59 pm (#
    1
    )

    I homeschool and I found the best thing is the grocery store he has learned how to count and how much things cost and how to weigh veggies and fruits on the scale. he has also learned how to find deals like mom those tomatoes are on sale there cheaper lets get those ones

    Reply

  2. Juliee+Fitze — December 11, 2014 @ 3:24 pm (#
    2
    )

    I believe that they should spend half of their birthday money and save the other half.

    Reply

  3. Jeannie — December 11, 2014 @ 4:56 pm (#
    3
    )

    We have a piggy bank for my son that has 3 sections: save, spend, donate. When he sees a toy he likes, we ask if he would like to use money from his bank. we remind him that once the money is spent, it’s gone. It really gets him thinking if he wants the toy or not

    Reply

  4. Barb W — December 11, 2014 @ 5:09 pm (#
    4
    )

    I think small chores for an allowance allows for some understanding.

    Reply

  5. Marla — December 11, 2014 @ 5:12 pm (#
    5
    )

    I just remind them how important money is :). These ate great tips

    Reply

  6. Elena — December 11, 2014 @ 5:17 pm (#
    6
    )

    My kids earn small amounts of money for doing chores around the house. We talk about saving up for things they want, or they can spend it at the dollar store.

    Reply

  7. mags c — December 11, 2014 @ 6:31 pm (#
    7
    )

    Keep them busy and ask them to help while you do chores. Teach them basic life skills as you are doing it for him or her. Encourage questions.

    Reply

  8. SamanthaD — December 11, 2014 @ 8:26 pm (#
    8
    )

    We have the four piggies and they receive an allowance from the grandparents. When they receive a monetary gift for birthdays and Christmas, the money goes directly into their RESP. We talk to them about financial responsibility and the idea of ‘need’ and ‘want’.

    Reply

  9. Tannis W — December 12, 2014 @ 12:05 am (#
    9
    )

    Simply cash preferred card from American Express is the card that was recommended for me.

    Reply

  10. kathy+downey — December 12, 2014 @ 6:09 am (#
    10
    )

    The card that was for me was simple cash card from american express

    Reply

  11. Emily+Linton — December 12, 2014 @ 9:18 am (#
    11
    )

    I got the American Express Gold Rewards Card.

    Reply

  12. anna key — December 12, 2014 @ 1:05 pm (#
    12
    )

    The card that was recommended for me was the American Express Gold Rewards Card (Charge Card)

    Reply

  13. Stephanie+LaPlante — December 12, 2014 @ 1:39 pm (#
    13
    )

    SimplyCash Card from American Express

    Reply

  14. Nicole B — December 12, 2014 @ 2:57 pm (#
    14
    )

    SimplyCash Card from American Express

    Reply

  15. lori+b — December 12, 2014 @ 4:45 pm (#
    15
    )

    save half of gift money

    Reply

  16. amber Y — December 12, 2014 @ 5:32 pm (#
    16
    )

    It reccomended the American Express Gold Rewards Card (Charge Card) for me, but I don’t think most places around here take AMEX.

    Reply

  17. Silvia D — December 12, 2014 @ 5:49 pm (#
    17
    )

    The Canadian Market was recommended

    Reply

  18. George+Meek — December 12, 2014 @ 6:19 pm (#
    18
    )

    What a wonderful prize…Great teaching tools…

    Reply

  19. Julie G. — December 12, 2014 @ 8:29 pm (#
    19
    )

    They suggested the MBNA Smart Cash MasterCard® Credit Card

    Reply

  20. Rene — December 12, 2014 @ 9:14 pm (#
    20
    )

    It recommended Scotia bank gold amex. Teaching my kids about money is huge but I have been wondering where to start. Thanks!

    Reply

  21. Jennifer+P. — December 13, 2014 @ 12:09 am (#
    21
    )

    It suggested the SimplyCash™ Preferred Card from American Express® for me.

    Reply

  22. Marina+M. — December 13, 2014 @ 4:49 am (#
    22
    )

    More Rewards MasterCard credit card

    Reply

  23. Anna+W — December 13, 2014 @ 9:51 am (#
    23
    )

    The MBNA Smart Cash MasterCard Credit Card was recommended for me.

    Reply

  24. Lisa+H — December 13, 2014 @ 10:59 am (#
    24
    )

    It recommended an American Express Gold Card.

    Reply

  25. Alison K — December 13, 2014 @ 6:22 pm (#
    25
    )

    Visited RateSupermarket.ca and the calculator recommended the Scotiabank®* Gold American Express® Card for me

    Reply

  26. michelle — December 13, 2014 @ 7:55 pm (#
    26
    )

    Scotiabank®* Gold American Express® Card

    Reply

  27. SweetPanda — December 14, 2014 @ 7:25 pm (#
    27
    )

    It recommended American Express Gold Rewards Card for me

    Reply

  28. Maegan delorme — December 15, 2014 @ 7:42 am (#
    28
    )

    It recommended the SimplyCash™ Preferred Card from American Express®.

    Reply

  29. kristy+e — December 15, 2014 @ 6:38 pm (#
    29
    )

    walmart mastercard!

    Reply

  30. Angela Mitchell — December 15, 2014 @ 9:23 pm (#
    30
    )

    They suggested the Scotiabank®* Gold American Express® Card.

    Reply

  31. Jonnie — December 15, 2014 @ 10:20 pm (#
    31
    )

    I was recommended the Scotia Momentum Infinite Visa

    Reply

  32. Kayla+Gilbert — December 16, 2014 @ 11:23 am (#
    32
    )

    It recommended the Shell CashBack MasterCard®* from BMO®.

    Reply

  33. Laurie+P — December 17, 2014 @ 8:54 am (#
    33
    )

    The More Rewards MasterCard

    Reply

  34. GARRY+S — December 17, 2014 @ 3:33 pm (#
    34
    )

    simply cash american express

    Reply

  35. Denise+M — December 17, 2014 @ 8:20 pm (#
    35
    )

    The card recommended for me was the Scotia Momentum® VISA Infinite Card

    Reply

  36. Karine — December 18, 2014 @ 6:36 pm (#
    36
    )

    It would be the Walmart one 🙂

    Reply

  37. Jeanette+Jackson — December 18, 2014 @ 6:40 pm (#
    37
    )

    SimplyCash Preferred Card from American Express

    Reply

  38. Lisa Smith — December 18, 2014 @ 10:15 pm (#
    38
    )

    SimplyCash™ Card from American Express®

    Reply

  39. Brenda Lacourciere — December 20, 2014 @ 3:50 am (#
    39
    )

    American Express Gold card

    Reply

  40. Miriam+Wilton — December 20, 2014 @ 3:03 pm (#
    40
    )

    American Express Gold Rewards Card

    Reply

  41. maria — December 21, 2014 @ 7:31 pm (#
    41
    )

    I got the simply cash american express

    Reply

  42. julie_bolduc — December 22, 2014 @ 11:18 am (#
    42
    )

    I make the kids clean then I give money

    Reply

  43. Kelly — December 22, 2014 @ 10:53 pm (#
    43
    )

    I got the Scotiabank Gold American Express

    Reply

  44. Jenny — December 24, 2014 @ 10:21 am (#
    44
    )

    small chores for an allowance.

    Reply

  45. amber+beer — December 25, 2014 @ 8:09 pm (#
    45
    )

    MBNA Smart Cash MasterCard® Credit Card

    Reply

  46. ron — December 30, 2014 @ 11:38 am (#
    46
    )

    It recommended the Simply Cash preferred card from American Express…

    Reply

  47. Lucy — December 30, 2014 @ 11:49 am (#
    47
    )

    it recommended Scotiabank Gold American Express

    Reply

  48. Amy C — December 30, 2014 @ 9:33 pm (#
    48
    )

    I got the American Express Gold Rewards Card.

    Reply

  49. Jennifer L. — January 1, 2015 @ 3:09 pm (#
    49
    )

    It recommended the American Express Gold Rewards Card

    Reply

  50. Nic — January 1, 2015 @ 8:59 pm (#
    50
    )

    It recommended the PC financial card.

    Reply

  51. Debbie W — January 2, 2015 @ 12:34 am (#
    51
    )

    Scotia Momentum® VISA Infinite Card

    Reply

  52. Mel McMillan — January 2, 2015 @ 9:25 pm (#
    52
    )

    Lol funny cause I broke my daughter cash registers would love to get one to replace it 🙂

    Reply

  53. Gene — January 3, 2015 @ 10:07 am (#
    53
    )

    Amex Gold

    Reply

  54. Erika E — January 3, 2015 @ 1:06 pm (#
    54
    )

    The Scotia Momentum® VISA Infinite Card for me.

    Reply

  55. tammy ta — January 5, 2015 @ 10:05 am (#
    55
    )

    The Prferred card from American Express was recommended for me

    Reply

  56. KellyPC — January 5, 2015 @ 11:47 am (#
    56
    )

    It recommended the RBC Royal Bank Visa Infinite Avion but I’d prefer staying with my gold Amex.

    Reply

  57. SueSueper — January 5, 2015 @ 12:02 pm (#
    57
    )

    MBNA Smart Cash MasterCard® Credit Card was chosen for me

    Reply

  58. Sherry K — January 6, 2015 @ 2:15 pm (#
    58
    )

    RBC Royal Bank® Visa Infinite‡ Avion

    Reply

  59. angela m — January 7, 2015 @ 7:38 am (#
    59
    )

    American Express Gold Rewards Card

    Reply

  60. Kimberly B — January 7, 2015 @ 5:43 pm (#
    60
    )

    I was recommended the SimplyCash™ Preferred Card from American Express® card

    Reply

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