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You are here: Home / Motherhood / Tips For Teaching Kids About Money: Our Facebook Live with ATB Financial

Tips For Teaching Kids About Money: Our Facebook Live with ATB Financial

October 4, 2018 By Kari 2 Comments

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Teaching Kids About Money

What’s the best way to teach kids about money? It’s something we’re starting to think about around our house, including developing a basic routine with our three-year-old son Wyatt. So, when the opportunity came up to be part of ATB Financial’s Kids + Money Facebook Live, I was excited! We discussed allowances, investments to make, how to teach your kids to delay spending gratification, and so much more. Like you, I’m sure, I have some fun ideas around teaching kids about money (find those further down in this post), but I still needed expert answers to some of the bigger questions. If you missed it, watch the Facebook Live here. You can also read the recap ATB released: Five Takeaways From The Half-Hour Talk.

Here are my three favourite tips from Mary Kondro, an ATB Branch Manager in Fort Saskatchewan.

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At what age should kids get a bank account?

“If they can’t count to 100, they’re not really going to understand what a dollar is.”

Get your little one to bring his or her piggy bank into the bank to make the deposit. Mary recommends a minimum age of 10 to get a debit card and 18 for a credit card.

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When your kids want to be able to shop online – how do you handle virtual spending?

“Make sure they see the dip that they’ve actually spent that money. If you’re buying something for them online, they’ll actually have to give you back the money to pay for it.”

teaching kids about money-4

How do I teach kids to evaluate worth and delay spending gratification?

“Use the 50/30/20 rule.”

Fifty per cent of earnings (or birthday money) has to go into a “need” like a new bike or gas for their car when they get older. Thirty per cent would go into “want” (like a toy or a treat), and twenty per cent would go directly into a savings account.

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Our Ideas For Teaching Kids About Money

  • Give your kids something tangible. Go to the bank and take out bills and coins. In today’s cashless society, it’s even more important for them to have a visual. It helps little ones understand what’s going in and what’s coming out.
  • Use chore charts to show them the value of earning and working toward something they want. You can even start with candy currency if you’re not ready to give them an allowance. This approach still instills values.
  • Get a really cool piggy bank! This one has four slots for spend, save, invest, and donate. This one is so cool, and the wings on this one are amazing!
  • Take your children into the bank with you. Let’s say they’re saving for an upcoming family trip to Disneyland. Make the trip to the bank so they can deposit their allowance into the trip account. It’s something fun you do together, building excitement and positivity around saving for something special.
  • Set up a marketplace in your house with toys, books and games. Price everything out and have your kids go shopping with their allowance. Give them the option to spend or save for something bigger (like something cool they want to do, maybe a trip to the science centre or the waterpark).

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How To Save on Kids’ Stuff

  • Research your work benefits: Often times, benefits programs will have childcare subsidies or fitness benefits, paid in a lump sum or monthly, which you can apply toward rec centre memberships for the whole family. Get out your work benefits booklet, get reading and take advantage of tons of ways to save so your family can have fun for free!
  • Check your city or town facilities: Where we live in Edmonton, childcare is FREE with a monthly or annual membership to the public rec centre. So, your kid is looked after (for up to 2.5 hours and you have to be the building) while you work out or sit at the coffee shop and work. Many privately-owned gyms offer free or subsidized childcare too. Do some research!
  • Local Activities: There are TONS of free activities offered for families through your city or town. Again, do some research and fill up your calendar with fun family times that don’t cost you a cent.
  • Clothes: Stock up during big sales. This isn’t to say you should be buying an excessive amount of clothes for your kid, but you can stock up for the next year at a discounted price. For example, this Boxing Day, buy the winter stuff the next size up for your little one next year. You’ll save a ton on those staple items like winter coats, boots, mitts, etc.!
  • Online Community Swap: Find a Facebook group for the neighbourhood you live in, where parents swap kid clothes and toys so you don’t have to buy brand new. If there isn’t a Facebook group like this in your neighbourhood, start one!

How do you teach your kids about money? Add your tips and ideas in the comment section below!

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Three Apps That Teach Kids About Money

*These apps were recommended to me during our Kids + Money chat on our Instagram Story. If you have any other apps you love that you want to add in, leave your ideas in the comment section down below.

  1. Piggy Bot: This app allows your kids to manage their own chore chart. As parents, this is great because you’re not actually having to shell out cash at the end of the week. Instead, you transfer money directly into their virtual piggy bank. Available on iTunes.
  2. Savings Spree: Your little ones are contestants of a game show with a talking cartoon pig as the game show host! Kids play the game and decide how to invest, spend, or donate in different ways and are challenged with unexpected financial obstacles that come up (just like in the real world). Available on iTunes.
  3. Bankaroo: This is a virtual bank for kids. You can add funds and set an allowance. The app also offers cool badges kids can collect and you get notifications on every move they make. Available on iTunes and Google Play.

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Save this to your ways to save and parenting boards and follow me on Pinterest!

teaching kids about money-9

This post is sponsored by ATB Financial. As always, thoughts and opinions are mine.

Other Posts You’ll Like:

Five Fun + Simple Outdoor Activities For Toddlers

Being A Full-Time Work-From-Home-Parent; How I Do It

 

xx

Related

Filed Under: Motherhood, Parenting Chats

Comments

  1. Deb Skelton says

    October 11, 2018 at 3:49 pm

    Such awesome ideas! I’m sure many teachers and parents will appreciate this information. As teacher I found playing games with kids using real coins is also enhances their learning experience. I’m definitely sharing your post with my fellow educators. Thanks Kari and ATB Financial!

    Reply
  2. Cathy Huynh says

    October 11, 2018 at 5:03 pm

    I love this!! Great ways to get your kids engaged while keeping it fun and interesting!!

    Reply

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Lifestylist + Blogger: KariSkelton.com
Mom to Wyatt, Moses🐾 + Monroe🐾
Babe on the way! (06/22)
❤ @ryanjespersen
motherhood | style | recipes 👇

Kari Skelton | Motherhood
when you feel like you've hit your max bump but th when you feel like you've hit your max bump but there's still nine weeks to go. 😳

It's truly amazing what our bodies can do. 💛

#31weeks #sunsoutbumpsout #beachball
Life update. ❤ I’ll be keeping this piece of Life update. ❤

I’ll be keeping this piece of art forever. Wyatt painted this for me back in January, when I was isolated with Covid. I taped it up on the wall beside the bed during my stay in our guest room. If you zoom in, you’ll see me in the front with the big baby belly. (Wyatt calls me ‘big belly’ these days!)

Rainbows represent promise, hope, and new beginnings. 

It's been a rough past few weeks for our family, hence my absence online. Thank you so much for your messages of love, concern, and support. They mean so much to us. I know I share a lot with you on here, but I’m not going to get into details this time. Just know we're doing alright. Junebug is great (and kicking and rolling around non-stop!), Wyatt is awesome per usual, and Ryan and I are rock solid.

I had to take a break from work. My main focus has always been (and will
always be) protecting the peace, health, and well-being of our family unit. 

Social media can be a beautiful place where connection and inspiration happens. Unfortunately, it can also foster hurtful and harmful attacks. I’ve learned so much over these past few weeks, and have deeply reflected on my presence and future plans online. I’ll share more soon, but for now, I just wanted to check in, say a sincere thanks, and let you know we’re all good. ❤️
The moment I found out. September 22, 2021. I’ll The moment I found out. September 22, 2021. I’ll be honest - the first trimester wasn’t great. There were moments of joy (like this one) but it was filled with anxiety, scary moments, and a few hurdles. 

🤰I’m playing catchup on some pregnancy blog posts but I wanted to make sure this was up, especially for those who have been following our journey. 

👉 Head on over to KariSkelton.com for ‘Pregnancy Q&A: The First Trimester’ where I get into all of it. Link is in my bio.

❔️Please ask any questions. That’s the whole reason why I share about this. I believe sharing our experiences and personal stories helps all of us feel less alone and often validates what we’re going through. 

(If you can believe it, I took a video of the exact moment I found out but it disappeared from my files. Poof! Gone.💨 Of all the videos to lose…. 🙈 But very happy to have this photo).

#pregnancystories #motherhoodrising #motherhoodunites #Canadianblogger #Canadianmom
Contest Closed. Congrats to our winner @michelle_q Contest Closed. Congrats to our winner @michelle_quay! Thanks to all of you for entering! ❤

➡️ Giveaway! To celebrate @fresonbros first birthday tomorrow (Saturday, March 5), we’re giving away a $250 Freson Bros. GC! 🥳

You’re invited to pop down to the party between 11-5 to celebrate with us! 🎉There’s birthday torte, a whole bunch of perks, specialty tastings, and additional in-store giveaways, including a beautiful Camp Chef XT Wood Pellet Grill! 🙆‍♀️

To enter our $250 GC Giveaway:

👉 Make sure you follow me @kariskelton and @fresonbros.

👉 Like this post.

👉 tag some friends who would love this!

✨️ Bonus entry: Head to KariSkelton.com and leave a comment on my ‘Freson Bros. Turns One’ blog post (make sure to add your IG handle in that comment so we know who you are). 

*This giveaway is open to Canadian residents only and is in no way endorsed or supported by Instagram. The winner must be able to pick up the $250 gift card prize at Freson Bros. Edmonton 5139 Mullen Rd. Contest closes Friday, March 4 at 11:59 pm MST. The winner will be announced on this post before 9 a.m MST Saturday, March 5. 

🚨*PLEASE watch out for impersonation accounts that unfortunately sometimes pop up during giveaways. I will only reach out to you via DM from my account (@kariskelton) to confirm your win and then we’ll coordinate details via email only.
Load More… Follow on Instagram

kariskelton

Lifestylist + Blogger: KariSkelton.com
Mom to Wyatt, Moses🐾 + Monroe🐾
Babe on the way! (06/22)
❤ @ryanjespersen
motherhood | style | recipes 👇

Kari Skelton | Motherhood
when you feel like you've hit your max bump but th when you feel like you've hit your max bump but there's still nine weeks to go. 😳

It's truly amazing what our bodies can do. 💛

#31weeks #sunsoutbumpsout #beachball
Life update. ❤ I’ll be keeping this piece of Life update. ❤

I’ll be keeping this piece of art forever. Wyatt painted this for me back in January, when I was isolated with Covid. I taped it up on the wall beside the bed during my stay in our guest room. If you zoom in, you’ll see me in the front with the big baby belly. (Wyatt calls me ‘big belly’ these days!)

Rainbows represent promise, hope, and new beginnings. 

It's been a rough past few weeks for our family, hence my absence online. Thank you so much for your messages of love, concern, and support. They mean so much to us. I know I share a lot with you on here, but I’m not going to get into details this time. Just know we're doing alright. Junebug is great (and kicking and rolling around non-stop!), Wyatt is awesome per usual, and Ryan and I are rock solid.

I had to take a break from work. My main focus has always been (and will
always be) protecting the peace, health, and well-being of our family unit. 

Social media can be a beautiful place where connection and inspiration happens. Unfortunately, it can also foster hurtful and harmful attacks. I’ve learned so much over these past few weeks, and have deeply reflected on my presence and future plans online. I’ll share more soon, but for now, I just wanted to check in, say a sincere thanks, and let you know we’re all good. ❤️
The moment I found out. September 22, 2021. I’ll The moment I found out. September 22, 2021. I’ll be honest - the first trimester wasn’t great. There were moments of joy (like this one) but it was filled with anxiety, scary moments, and a few hurdles. 

🤰I’m playing catchup on some pregnancy blog posts but I wanted to make sure this was up, especially for those who have been following our journey. 

👉 Head on over to KariSkelton.com for ‘Pregnancy Q&A: The First Trimester’ where I get into all of it. Link is in my bio.

❔️Please ask any questions. That’s the whole reason why I share about this. I believe sharing our experiences and personal stories helps all of us feel less alone and often validates what we’re going through. 

(If you can believe it, I took a video of the exact moment I found out but it disappeared from my files. Poof! Gone.💨 Of all the videos to lose…. 🙈 But very happy to have this photo).

#pregnancystories #motherhoodrising #motherhoodunites #Canadianblogger #Canadianmom
Contest Closed. Congrats to our winner @michelle_q Contest Closed. Congrats to our winner @michelle_quay! Thanks to all of you for entering! ❤

➡️ Giveaway! To celebrate @fresonbros first birthday tomorrow (Saturday, March 5), we’re giving away a $250 Freson Bros. GC! 🥳

You’re invited to pop down to the party between 11-5 to celebrate with us! 🎉There’s birthday torte, a whole bunch of perks, specialty tastings, and additional in-store giveaways, including a beautiful Camp Chef XT Wood Pellet Grill! 🙆‍♀️

To enter our $250 GC Giveaway:

👉 Make sure you follow me @kariskelton and @fresonbros.

👉 Like this post.

👉 tag some friends who would love this!

✨️ Bonus entry: Head to KariSkelton.com and leave a comment on my ‘Freson Bros. Turns One’ blog post (make sure to add your IG handle in that comment so we know who you are). 

*This giveaway is open to Canadian residents only and is in no way endorsed or supported by Instagram. The winner must be able to pick up the $250 gift card prize at Freson Bros. Edmonton 5139 Mullen Rd. Contest closes Friday, March 4 at 11:59 pm MST. The winner will be announced on this post before 9 a.m MST Saturday, March 5. 

🚨*PLEASE watch out for impersonation accounts that unfortunately sometimes pop up during giveaways. I will only reach out to you via DM from my account (@kariskelton) to confirm your win and then we’ll coordinate details via email only.
Load More… Follow on Instagram

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