Will your kids handle money like a superstar when they grow up? You’ve got to start them practicing when they’re young!
Introducing the 52-week money challenge for kids
At the beginning of 2017, we shared the 52-week money challenge for adults with you.
Now there’s a pint-sized version making the rounds courtesy of MomDot.com.
This plan starts with just a single quarter. Then by saving just a quarter more every week, the end result is almost $350 after 52 weeks!
This is an amazing plan that lays it out there for kids to see how saving just a bit each week can really add up over time.
The nice thing about the 52-week money challenge for kids is that you can start right now. No need to wait for next January to put this plan in place.
Give it a try with your child today!
Things to consider when talking to your kids about money
Decide if you’re going to give your child an allowance. Allowances can be a controversial topic. Clark has always given his kids $1 a week according to their grade level as long as they complete their chores. The chores are detailed for them on a chore wheel so everybody knows what they’ve got to take care of.
Try the three jars system. Each jar is marked with a red, green or yellow heart. One jar contains money that is earmarked for charity; another jar is for current spending; and the third is for longer-term savings. This system provides a very simple, clear, and tangible lesson about money management for children.
Check out USAA’s youth banking options. If you’re eligible for USAA, they have a variety of youth banking options. There are no monthly fees, but a $25 opening balance is required.
Look for a bank specifically designed for kids. If you’re in the Denver area, check out Young Americans Bank. This institution bills itself as the only bank in the world specifically designed for those 21 and under. Learn more here.
Get your child started investing. Charles Schwab has their MoneyWise Investment Accounts for Kids. Check them out.