Earning Interest on a Kid’s Savings Account

If your child’s piggy bank is overflowing or you want them to start earning interest on their savings, here’s a simple thing to do: open an interest bearing savings account with them.

Our local credit union, BECU, offers a youth savings account (“Early Savers Account“) with premium rate on their first $500 in deposits, and the standard posted rate thereafter. This means our eight year old is earning 6.17% on his savings (up to $500, then 0.17% after $500).

In addition to helping him save, the bank (and not just the bank of mom and dad) is paying him interest and it helps teach important money lessons. Continue reading

Experiment with Chore Charts

I’d love to say we’ve raised our kids to pitch in around the house without much asking or prompting, but honestly that’s not true. Our boys (ages 3 and nearly 8) can be very helpful, but they’re also totally happy when we do things for them. Get milk, clear plates, do laundry, make snacks, tidy rooms, put away their backpacks, find their shoes. You get the picture.

The other week I was standing in the kitchen doing all the things for all the people and felt overwhelmed. At that moment, I realized we needed to change things up.

We always envisioned raising self-sufficient, non-entitled, responsible kids… but sometimes we need a new strategy to help us reset, stay consistent, and follow through. Continue reading

Teaching Elementary Age Kids About Money

Teaching elementary age kids about money is a lot of fun! They are developing more advanced math and logical thinking skills and, as such, they can grasp more complex financial concepts. Elementary age kids are also starting to understand the social ramifications of money – which can lead to important conversations about money and peer pressure.

So, how do you teach elementary age children about money? Here are 14 easy ideas on how to teach your kids about money.

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Simple Money Lessons for Preschoolers

Wondering when you can start teaching your kids about money? Older toddlers and preschoolers are starting to learn numbers, counting, and basic math. As such, it’s a great time to introduce basics money concepts. What are simple money lessons you can teach to preschoolers? Here are ten easy ideas.

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Kids, It’s Not Really All About the Money

Our six-year-old, Little I, has become quite the budding entrepreneur with great ideas on how he can earn his own money. But lately, I see his motivation with earning money linked to a shiny new toy.

I earn money to buy toys… The more money I earn, the more toys I can buy!
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20 Simple Ways Kids Can Make Money

Encouraging kids to make and earn their own money is a fantastic lesson in finances, and it teaches them the value of hard work.

In our family, we generally don’t buy “things” for our kids unless it is needed, time-sensitive, or a special occasion. Rather, we help our kids earn and save their own money so they can make their own spending and saving decisions.

The result? We’ve had a lot of conversations with our older son about how he can make his own money. Some of the ideas are conventional. Others are really creative and entrepreneurial. What are they? Here is our list – 20 simple ideas for kids and teens to make their own money. Continue reading

The Tale of Two Cans of Olives – Everyday Money Lessons

Here’s a simple story about buying olives and comparison shopping. It is a wonderful reminder to use everyday experiences to teach kids about money – no matter how frustrating it may seem at the time! 

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