One of the things I most recommend to others who are trying to learn how to manage their money is to read more money books.  I have spent years studying and researching how to live frugally and I’m excited to share the best financial books for beginners with you!

Over ten years ago I randomly stumbled across a few money management books at the public library, I have always enjoyed self help books, so decided to bring one home with me.  I walked out of the library holding the Total Money Makeover  by Dave Ramsey and my life was forever changed.

I have always been somewhat frugal….but I didn’t ever have control of my money, and my budget was suffering because of it.

If I’m being honest……I used shopping as a hobby, I didn’t have a budget, I spent what we earned without a second thought, and I had no clear plan for a successful financial future.

After reading the Total Money Makeover my mindset completely shifted.  I realized what was possible, with enough self control, and how to prepare my family for a happy future.  This blog wouldn’t even exist with that book!

In the words of Dr.Seuss, “The more that you read the more things you will learn.  The more that you learn, the more places you’ll go.”  Reading is powerful!

If you are looking for encouragement, advice, or direction about money, “look in a book” (anyone else remember watching reading rainbow?).  Here are 9 of the best financial books for beginners!  I hope they will benefit you as much as they have helped me.

“We are a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for us to earn fees by linking to Amazon.com and affiliated sites. As an Amazon Associate I earn from qualifying purchases.”

1.   The Total Money Makeover by Dave Ramsey

Of course number one on my list is the Total Money Makeover by Dave Ramsey.  As mentioned above, this book changed my life, and I believe it can change yours too!

Dave Ramsey does a fantastic job explaining exactly what you need to do to manage your money.  I love his straightforward real talk and easy to understand concepts.  If you are new to money management and have debt you are trying to pay off then this is the book for you!  It was written for the novice, and the steps are easy to follow and understand.

Be sure to check out Dave Ramseys website here for even more amazing info!

2.  Rich Dad, Poor Dad by Robert Kiyosaki

Rich Dad, Poor Dad by Robert Kiyosaki blew my mind, for reals!  This book will change your mindset about what it means to be rich and what it takes to become rich.

If you are looking for a book about how to be more frugal, this is not the book for you.  But, if you are looking for ways to be financially successful, to grow a business, and earn a higher income, this is the book for you.  It is so motivating and makes become rich feel achievable!

3.  You Need a Budget by Jesse Mecham

I am obsessed with all things You Need a Budget!  Their budgeting program is my favorite thing ever, and this book has helped propel our finances forward.  I like to brag that I loved YNAB before YNAB was even cool….because I really have been with them since the very beginning!

In his easy to understand writing Jesse Mecham outlines four rules to financial success.  These rules will change your money mindset and help you understand the big picture of budgeting.

And, while we are on the subject, if you are looking for good budgeting software be sure to give the You Need a Budget website a look.  It does cost money to use, but it’s been worth it for me!

• Related:  How to Start Budgeting for Beginners

4.  The Millionaire Next Door by Thomas J. Stanley and William D. Danko

The Millionaire Next Door is one of the best books about money for beginners.  It debunks the myth that the only way to be wealthy is to be born into it or to earn an extremely high income.  This book explains exactly how everyone, no matter what they were born into, can become a millionaire.

It’s not easy and it takes planning and sacrifice, but it is possible!  I love the motivation that this book gives me to reach my dreams!  Anything is possible!

5.  Money Master the Game by Tony Robbins

Oh, I just love Tony Robbins.  He has such a great way with words and always motivates me.  In his book, Money Master the Game, Tony Robbins teaches his 7 steps to financial freedom.  It’s packed full with so many great tips and advice.

My favorite parts of this book is when Tony Robbins shares his knowledge about investing.  Investing can feel a little intimidating to the beginner (or is that just me….), but he teaches it in a way that is not only easy to understand but practical to implement.  After I read this book I felt like I could actually start investing with confidence!

6. The Richest Man In Babylon by George S. Clason

One of the very best financial books for beginners is The Richest Man In Babylon.  It gives super easy to follow principles to help everyone save money and build wealth.  The author, George S. Clason, uses fictional characters and short stories to teach each of these principles, which makes the book a very fun read.

This is a very relatable book, perfect for anyone who knows very little about money, or someone who feels like they know it a lot.  The perfect book for financial beginners!

7.  The Little Book of Common Sense Investing by John C. Bogle

This is one of the very best books out there when it comes to learning investing.  In the Little Book of Common Sense Investing John C. Bogle teaches everything that you need to know to start investing in the stock market.

He uses a conservative, long term approach to give you the tools you need to start investing today.  If you have been wanting to start investing, but haven’t been sure where to start….start with this book!

8.  The Simple Path to Wealth by JL Collins

The Path to Wealth is one of my all time favorite books about money for beginners.  It covers all the personal finance topics from debt to investing and everything in between.   JL Collins writing is so easy to follow and fun to read, he makes money feel easy!  (which is not an easy thing to do).

This book is for you if you are new to personal finance and are looking for a good road map to get started.

9.  The 9 Steps to Financial Freedom by Suze Orman

I just love Suze Orman, I know her style isn’t for everyone, but I truly enjoy her straight to the point method of teaching.

The 9 Steps to Financial Freedom teaches you more than just the personal finance basics, and that is why I love it so much!  Suze Orman teaches you to have a healthy relationship with your finances and helps you to understand your feelings and emotions attached with money.

There is more to smart spending and frugal living than knowing the numbers, and this book will help you understand just that!  If you struggle with emotional spending read this book!

In Conclusion

There are literally thousands of great money books for beginners out there.  Try to set a goal to read one or two of them each month.  I really think you will be surprised at just how great of a difference they will make in your life!

Related Articles:

What Are Sinking Funds? Everything you need to know!

What is an Emergency Fund, FAQ

Liked what you read?  Don’t forget to pin it for future reference!

What are the best financial books for beginners that you have read?

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Are you wondering how to make money as a teenager?  Or maybe you are a parent to a teen and you are looking for ways to help them earn a little extra cash.  Either way, I understand just how important it is for teenagers to make money, and I want to help!

Teens are getting to that age where they are feeling more like adults.  They are usually ready for a little extra responsibility and many have a wish list of items they want to buy.

I remember being a teen and dreaming of new clothes, going to the movies with my friends, and wanting to buy all of the trendy accessories (hello chokers!).  The secret to being able to buy this stuff???  Getting a job and learning how to make money.  Today, I am excited to share a few ways teens can make money. 

Remember to always check with your parents before attempting any of these suggestions.  When and what job you get should always be a discussion between you and your parents, they love you and want what’s best for you!

“We are a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for us to earn fees by linking to Amazon.com and affiliated sites. As an Amazon Associate I earn from qualifying purchases.”  I am a member of online affiliate programs and will be compensated by purchases made from links in this post.

1.  Babysit

My very first job way back when was as a babysitter for kids in my neighborhood.  This was such a great learning opportunity.  Babysitting taught me responsibility, patience, creativity and helped me earn a lot of money.

If you are interested in babysitting I recommend you start with people you know well.  Share a flyer with neighbors, family or friends to let them know that you are available to babysit and how much you will charge.  I would start charging a small amount until you have gotten some experience.

Encourage those you babysit for to share your name and phone number with others.  When I hire a babysitter, I almost only do so if I had heard good things about them.  Word of mouth is key!

Consider taking a Babysitting Class such as this one offered from the Red Cross.  Or read this American Girls Babysitter book.  These are great ways to learn some new skills that will help you be the best babysitter you can be!

2.  Do Yard Work

Hire yourself out to do various yard work chores around your neighborhood.  These chores might include mowing lawns, raking leaves, pulling weeds, planting flowers, etc.  There are so many instances when adults just don’t have the time or energy to work in their yard and would happily hire a teenager to help them.

Post some flyers around your neighborhood and on your neighborhood Facebook page letting people know that you are available to hire for yard work.  If you do a good job, they will probably tell their friends, which means even more business opportunities!

3.  Walk Dogs

If you love dogs you might want to become a dog walker.  Many people will hire teens to walk their dogs while they are at work, out of town, or maybe just not up to a long walk.

Pass out flyers at a dog park or around your neighborhood letting people know that you are open for business.

4.  Camp Counselor

Another great way for teens to make money is to work as a camp counselor at a summer camp.  These camps love to hire teenagers and can be a very rewarding experience for everyone involved.

If you love kids, the outdoors and have a lot of energy than you would make a great camp counselor!

5.  Tutor

Which school subjects do you excel in?  Maybe math or science or English comes really easy to you.  There are a lot of parents who would love to hire a qualified teenage tutor to help their kids in these subjects.

You could advertise on the elementary and community Facebook pages in your area, along with handing out flyers at school to let people know you are available and which subject(s) you can tutor.

6.  Sell Your Clothes

If you have clothing sitting in your closet that you haven’t touched for months (or maybe even years), SELL THEM!  There is a huge market right now for quality, gently used clothing -especially if any of them are name brand.

You can list your clothing for sell on websites such as Facebook Marketplace, Poshmark, or Thredup.  Or, bring them to a consignment store in town to sell to, our favorite is Uptown Cheapskate.

• Related:  Legit Ways To Earn Money From Home

7.  Pet Sitting

Another great job for pet loving teens is to hire yourself out as a pet sitter.  You might be hired to take care of someone’s pets while they go on vacation or at work. 

Duties could include letting the dog out of the house, feeding a fish, or just giving them some love and attention.

8.  Referee

Becoming a sports referee is the perfect job for teenagers who enjoy sports and staying active.  Ask around at your local sport leagues and parks and rec to see if they are hiring.  This also makes a great summer job if you are looking for something short term.

9.  Use Ibotta

Do you ever help out with the grocery shopping in your home?  If you do, make sure to download the free ibotta app to start earning free money on items you would be buying anyways.

Ibotta offers cashback on many groceries and other household items.  All you have to do is take a picture of your receipt and check ibotta for any matching items.  So easy!  You probably won’t make a ton of money, but it is perfect for a little extra cash, without much work!

10.  Detail Cars

Start a car detailing business.  This means you will hire yourself to vacuum, and thoroughly clean the interior of someone’s car.  I have paid teenagers to do this for me before, and it was worth every penny.

Pass out flyers in your neighborhood and post on the community Facebook page to let people know about your business and prices.

11.  Start a YouTube Channel

Did you know that you can make a lot of money on YouTube???  Because you totally can!

The first trick to starting a YouTube Channel is to choose a topic you are passionate about.  This could be anything from music, Minecraft, Legos, makeup, dance, etc.  Your passion and knowledge can then be shared through video on YouTube.

As your subscribers grow so can your ability to earn money.  There have been many teens who have found success on YouTube, and you can do it too!

12.  Bag Groceries

You could try to get a job at one of your local grocery stores to work as a grocery bagger.  This is a great job for teenagers who need a flexible schedule and reliable income.

13.  Sell Used Devices

Maybe you have old devices sitting around your house, you can sell many of these devices for some quick money through Gazelle.   All you have to do head to the Gazelle website, fill out a few quick questions about your device, and you’ll instantly receive a quote.  Gazelle will send you a free shipping kit for you to use to send in your device and will pay you within 24 hours of receiving your device.  So easy and painless!

• Related:  10 Household Items To Sell For Quick Cash

14.  Wash Cars

Another great way for teens to make money is by washing cars.  All you need to get started is some water, towels, and car soap!  Let your neighbors and friends know that you are willing to wash their cars and what your prices will be.  This is a great service that many will pay a teen to do for them.

15.  Take Pictures

Are you interested in photography?  You might want to consider starting a photography business.  There are many people who will happily hire an amateur photographer to take family pictures for them if the price is right.

Watch a few YouTube videos to start learning more about photography and editing.  Then, after a little practice you can showcase your work through social media so that people can see your talent!

16.  Teach Swim Lessons

Most swimming pools hire teenagers to teach swim lessons to younger kids.  If you enjoy swimming and the water this could be the perfect job for you!

17.  Clean Out Window Wells

A few years ago a teenager started a business in my neighborhood to clean out window wells.  He crawled down into our window wells and cleaned out the mice, leaves, and other garbage that had blown inside.

I was so happy to pay him exactly what he charged to do the dirty work that I did not want to do.  If you are willing to work hard and get your hands dirty, consider cleaning out window wells.

18.  Work In Food Service

Food service companies are always hiring teens to help in their restaurants.  You could be a server, deliver food, work as a cashier, or more!  Check around at your favorite restaurants to find out who is hiring and how to apply.

19.  Work At A Movie Theater

Does your teen love movies?  They just might enjoy working at a movie theater.  They can sell tickets, or work at concessions.  Movie theaters are usually a fun environment to work at too.

20.  Give Music Lessons

If you are talented musically, consider giving lessons to younger kids.  Parents will pay for violin, piano, voice, guitar, etc. for their kids.  This is a great job to have because you can pick your own hours and work from home.  Yay!

21.  Work in Retail

Working in retail can be a great job opportunity for teens.  Most stores will hire teens as cashiers or to stock shelves.  Most retail stores will require that you are 16 or older, so make sure to check the rules before applying.

22.  Sell Your Photos

If you love taking pictures on your phone, why not sell them to earn extra cash!  This is actually so easy to do too!  Bloggers love to buy stock photos to use in their articles and websites.  

A few websites that you can sell your photos to are:  

• Shutterstock
• Depositphotos
• Alamy

23.  Flip Furniture

Flipping means that you buy something used, fix it up, and then sell it for more than you bought it for.  Many people have been able to earn good money by flipping furniture.

You can shop at garage sales, estate sales, or thrift stores to find used wood furniture to fix up.  Most pieces will need to be sanded, stained or painted, and new pulls/knobs added.  This requires a little bit of your money upfront, but can be worth the sacrifice once you sell the new and improved furniture.

24.  Sell Items on Etsy

If you love to craft or create, you might enjoy making and selling items on Etsy.  There are hundreds of handmade items you can make and sell.  Such as jewelry, t-shirts, home decor, art, etc.

25.  House Sit

Offer to house sit for close family and friends.  When they go out of town they might need someone to get their mail, water their plants or flower beds, and watch over their house to make sure it stays safe and sound while they are gone.  This can be a fairly easy gig, but also high in demand for many households.

26.  Work on a Farm

Are you willing to work hard?  You might enjoy working on a farm.  I grew up on a farm and know just how important hard working teenagers can be for farm work.

If you live in an area with a lot of agriculture, I recommend asking around to find a few farmers you can talk to.  Ask if they are needing any extra help and tell them what hours you would be available to work.

Farm work isn’t easy, but it can be a very fulfilling job.  A farmer might hire you to help with animals, move pipe, or drive tractor.  This can be a great learning experience for teens!

27.  Teach Sport Skills

Teaching sport skills to young kids is a great way for sport loving teens to earn some extra money.  Pick a sport that you love and know well, and offer to help kids develop skills with that sport.

You could even plan a day camp for your sport where multiple kids come and learn drills, play games, and do other activities to help them learn.

28.  Hang Christmas Lights

Hire yourself out during the Christmas season to hang light on neighbors homes.  This is something many busy adults or the elderly would love to hire out so that they don’t have to do it themselves.

Be sure to advertise on a community Facebook page, place flyers around town, and spread the word to your friends and family.  Word of mouth is always the best form advertisement!

29.  Wash Windows

Another great idea for earning money around the neighborhood is to wash windows.  All you need is some water, a good outdoor window cleaner, and a squeegee and you’ll be good to go.

I’m sure you will find plenty of neighbors and friends willing to pay for this service.

30.  Work At a Golf Course

You might enjoy working at a local golf course collecting golf balls.  This is a great teen job for anyone who loves golf and being outside.

31.  Sell Baked Goods

Do you love to bake and spend time in the kitchen?  Why don’t you start a baking business?  You can make cookies, cakes, brownies, and other goodies and sell them to people in the neighborhood.

• Related:  Whole Wheat Banana Chocolate Chip Muffin Recipe

32.  Start A Blog

Teens can blog too!  And you can make money doing it!  Yay!  Try starting a blog where you share about a topic you are knowledgeable in.

I won’t sugar coat it, starting a blog is hard work and it can take a while to earn money, but over time if you keep working at it, you just might have a profitable business!  Here are a few things I wish I had known when I started blogging.

33.  Wrap Christmas Presents

Another great job idea during the holiday season is to offer to wrap Christmas presents for people who are just to busy (or don’t enjoy) wrapping the presents themselves.

Tell a few friends, neighbors and family about your new business to see if anyone is interested.  If you do a good job they just might tell all of their friends!

34.  Use Rakuten

If you ever shop online, I highly recommend using the Rakuten app (or website) to earn money while you are shopping.  This is one of the easiest ways to earn extra spending money.  Rakuten rewards you with cashback on most of your online purchases.

All you have to do is sign up Rakuten, open the app (or website), click on the store you want to shop at, shop as normal-including checkout.  And that’s it!  You will be rewarded with a percentage cashback from your purchases.

It is seriously that easy!  You probably won’t earn the big bucks doing this, but you can earn some spending money without putting in much effort!

35.  Become A Lifeguard

Lifeguarding is a great way for teenagers to make money.  Apply at your local swimming pools, health clubs, and parks and rec departments.  Many pools will offer lifeguard training and teach you everything you need to know on the job.

36.  Sell Items You Don’t Use Anymore

Look around your room and find items that you don’t like or use anymore.  These are the perfect items to start selling to earn some cash!  You can list them on Facebook marketplace or have a garage sale.  Either way will work great!

37.  Start A Day Camp For Kids

When my kids were little a few of the teenage girls in our neighborhood planned a fun day camp for the neighborhood kids to go to.  They charged a fee, planned games, themes, activities, and snacks.  The kids had a great time at the camp, and our teenage friends were able to earn some money!

How To Manage Your Hard Earned Money

Now that you have some ideas of how to earn money, let’s talk about what to do with the money after you’ve earned it!  It’s always exciting to earn money and have spending money for your favorite items, but there is more to money than spending it.  Here are a few tips to help you start managing your money wisely.

Save Some For A Rainy Day

Life happens, unexpected expenses will come, and it’s important to always have some money saved for when these times come your way.  It might be a needed car repair, speeding ticket (oops), or losing a school textbook that you have to replace, you need to have money set aside for all unexpected expenses.

A good rule of thumb for your rainy day fund is to have 3-6 months of expenses saved.  To find this number simply add up how much money you spend in a month and times it by 3.  This will give you your 3 months of expenses number!

• Related:  What is an Emergency Fund: Questions and Answers!

Save Some For Fun

Part of the fun of having money is spending it on things that make you happy!  It’s OK to spend some of your money on things that you love.  Maybe you enjoy going out to eat, buying new clothes, or going to the movies with friends.  Don’t spend all of your money on these fun items, but spend some of it!  You worked hard and deserve to enjoy it.

Save Some For Future Expenses

You might have items or experiences coming in your future that you need to save for.  Maybe you want to buy a car, go to college, or save up for a future home.  Be sure to save some of your income for these future expenses.

In Conclusion

There are so many possibilities for teenagers to make money.  Don’t be afraid to put yourself out there and offer your services.  I love hiring hard working teens, and I know many other adults feel the same way.  You can do it, and you won’t regret it!

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I hope this article helped you understand how to make money as a teenager.

The post How To Make Money As A Teenager appeared first on Sweet Frugal Life.

As parents, we all want our children to succeed in every aspect of life.  One of these hopes for success is wanting them to succeed financially.  I truly believe if we can learn how to teach kids to manage money teach our kids smart money skills when they are young, they will be much better off financially as adults.  I am excited to share this great object lesson to help you know how to teach kids about money.

We talk to our kids about money constantly.  We give them chores and an allowance to help them learn how to save, work and spend wisely.  But, I wanted to teach them a little more about the money world as adults.

I began brainstorming ideas and came up with a game plan that ended up having a greater impact than I ever could have imagined.

• Related:  Teach Kids About Money With The Money Confident Kids Website

Kids Money Object Lesson:  How to Teach Kids to About Money

To begin our money object lesson we announced to the kids that we were having a family meeting and that they all needed to come join us (cue groans).  I ignored their sour face expressions and got started with our plan.

Phase 1:  The Marshmallow Bank

We started the lesson with what I called “The Marshmallow Bank.”  The point of this was to teach the kids how money grows when invested over time.

First, I gave each of the kids 5 marshmallows.  I told them that those marshmallows were theirs to do whatever they wanted with.  But, if they wanted to put the marshmallows in the marshmallow bank the marshmallows might grow.  I reminded them that the more marshmallows they added to the bank, the more they would probably get in return.

My 12 year old and 9 year old decided to put all five of their marshmallows into the marshmallow bank.  However, my 5 year old chose to eat three of his marshmallows and put the other two into the bank.

The “bank” was in my closet.  We left them there while we moved onto Phase 2!

Phase 2:    Real Life

For Phase 2 I really wanted to give my kids an understanding of exactly where mom and dad’s money goes each month and WHY we just can’t give them every.single.thing. they ask for!  I truly wanted to help them understand adult financial responsibilities.

To prepare for the lesson, I got enough cash to resemble how much money my husband earns in one month (I did this during the first of the month when I had a bunch of cash on hand from my cash envelopes).

I obviously didn’t get out the EXACT amount of money that my husband earned, instead we pretended that a quarter was $25, $1 was $100, $5 was $500, $10 was $1,000 and $20 was $2,000.

Next, I filled three bowls with snacks.  The first bowl had cheerios in it and a $50 sign, the next bowl had fruit snacks with a $100 sign on it and the last bowl had a few mini candy bars in it with a $500 sign.

I gave the kids all of the “money” that our family has to live off of for one month.  I explained that after they paid all of their monthly bills than they could use whatever money is left to go shopping at our “store.”

The kids were SO excited about their money and the possibility to get those candy bars.  All of those bills looked like a gigantic wad of a sum to those three young kids.  They could not wait to buy out the entire store!

And then the bills began…

Now for the bills….(why must there always be bills to pay?!?!).

We listed off every bill that we have to pay each month and how much that bill cost us.  As we listed off each bill, the kids had to pay us from the money stash we had previously given them.

We included everything!  They had to pay for life insurance, car insurance, retirement savings, college savings, sports and piano lessons.  They paid for electricity, groceries, car repairs, and a few date nights.

We had them put money into their emergency savings account.  If it was on our real budget, the kids saved for it.  As the huge wad of cash slowly dwindled the looks on the kids faces kept dropping and dropping.

Once the bills were all done being paid my daughter exclaimed, “But where did all of our money go?!?!”  The kids had about $10 leftover, an equivalent of $1000.  Not enough to buy each of them one of the coveted candy bars.  They had to settle for a few fruits snacks and cheerios.

Phase 3:  The Lesson

At first the kids were a little upset.  They were asking questions like, “So does this mean we don’t have any money?!?!”  and “I don’t understand where the money went.”

We explained to them that we do have money.  We have enough to pay for everything in our budget, everything that they had to pay for.  We have enough for the soccer camp, the piano lessons, food on our tables, the necessary clothing and occasional fun family activity.

But, we do not have enough money for ALL the things.  We talked about why and how we make a budget each month, how some months we might budget for a fun family activity and another month we will budget for new school clothes.

As the conversation continued I could see the understanding start to set in their eyes.  They began to realize the importance of a budget and why they are told no to some of the things they ask for.  They learned the importance of saving money each month and budgeting for the many bills that come with being an adult.

Phase 4:  Investments

Now, it was time to check how our investments were doing in the “marshmallow bank.”  When I went to go get the marshmallows I tripled the amount of marshmallows each of the kids had in their bowl.

My 12 and 9 year old ended up with 15 marshmallows and my 5 year old had 6 marshmallows.  My 5 year old was a little disappointed when he saw how little marshmallows he had compared to his two older sisters.

This gave us the perfect moment to explain to the kids about investments, and how, if done wisely your money will grow.  We demonstrated how the more money you invest, the more money you will earn in return.

In Conclusion

I was so very happy with how this money lesson turned out.  My kids really seemed to understand and grasp what we were teaching them.

The conversations we had throughout the lesson were very real and mature and I am hoping this is something my kids will remember as they grow up and begin making their own personal money choices.  And once we were all done we totally let them have a few of the mini candy bars…..just because I try to be a nice mom.  Sometimes. 

Pin This Article for Later:

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I hope this article helps you know how to teach kids about money.

The post How To Teach Kids About Money appeared first on Sweet Frugal Life.

Teaching my kids how to be smart with money has always been very important to me as a parent.   I believe if they can learn how to handle money when they are young, then they will be much more successful as adults.  Honestly, I would rather them make money mistakes with $5 than make the mistakes with $5,000 (ya know?!?!).  But, it can be hard to know exactly just how to teach kids about money.

“We are a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for us to earn fees by linking to Amazon.com and affiliated sites. As an Amazon Associate I earn from qualifying purchases.”

Here are a few things that have helped me to teach my kids about money:

• Money Confident Kids Website.  This website is full of FREE resources, games, printables and activities to help kids understand finances.  I have found so many helpful information here.
• Object Lessons.  A few years ago we did this fun object lesson with our kids.  It was a huge success and I loved watching the wheels turning in my kids head as we counted out the money, it’s something I hope to try again one day!

• Smart Money Smart Kids: Raising the Next Generation to Win with Money by Rachel Cruze and Dave Ramsey.  This book is one of my favorite books I have ever read.  It outlines exactly what to do to give your kids the knowledge they need about money.  I highly recommend it to ALL parents.
• At Home Money System:  The most successful thing I have done to help my kids learn about money is through our simple money system.  Having an at home money system gives kids a hands on approach to budgeting, saving and spending.  I am sharing all of the nitty gritty details with you about this below!

Allowance

Yes.  My kids get an allowance.  No, they are not spoiled.

I know, I know!  Allowance kindof has a bad rap, and a lot of people don’t understand why we use one.

I get it!  Many people think allowance is a handout, and do not want their kids to grow up  spoiled or entitled.

So why then would I give my kids an allowance???  Well, I will tell you!

I believe that there is a right way and a wrong way to use an allowance.  If done correctly an allowance can be a wonderful TOOL in helping kids learn how to spend wisely.

Here’s the thing…..I received an allowance as a child….but, I was expected to buy my own clothes, make-up, shoes, extra curricular activities, outings with friends, etc.

Honestly, I grew up to be very responsible with money, I did not become spoiled, entitled or lazy, I did not expect a free handout once I became an adult, and I believe a big part of this is because I was given an allowance and learned how to manage my money at a young age.

I learned early in life how to budget and save and spend wisely.  Instead of asking my parents to buy me a brand new pair of name brand shoes and being disappointed when they told me it was to much money; I was given a set amount of money and I learned to decide for MYSELF that the name brand shoes were to much money and I would rather shop around for a better deal.  I am so grateful to my parents for helping me to learn this lesson.

• Related:  This is What Happens When You Give a Teen an Allowance

Using an Allowance as a Tool

So, how do we use allowance as a tool?  I will share with you what has worked for us, and hopefully it will work for you too!

Once our kids turn eight years old they start receiving a small allowance of $5 a month.  This is what I call the “practice allowance.”  The $5 is meant to help them get into the habit of saving and tithing.

We teach our kids to save 20% and tithe 10% to our church.  The rest of their allowance money can be used for spending.

This spending money is usually spent on buying small treats or toys, birthday presents for friends and family or to save up for something a little larger.  (my son is currently saving for a lego set!).

At age 13 the kids graduate from “practice allowance” to a bigger allowance.  They now begin to receive $25/month and are responsible for buying more of their own clothes and activities.

Once they turn 15 the amount will increase again, along with more responsibilities.  My goal is to slowly teach them how to manage their own money and provide for themselves.

The way I see it, I could either pay for their clothes myself and my kids will learn that mom buys clothes.  OR, I could give them an allowance, they can buy their own clothes, and they learn how to manage money and to decide between needs and wants.  Either way the money still comes out of my pocket.

I have been so proud watching my kids manage their allowance.  They save WELL more than the expected 20%, and have been so responsible with their money.

My oldest has learned to shop at discounted clothing stores; such as Ross, TJ Maxx, Uptown Cheapskate, etc.  Instead of complaining to ME when something costs to much, she gets to make that decision for herself.  I honestly wouldn’t parent any other way.

How Does It Work?

Visual learning works great for kids!  So, I have bought my kids these savings tins to help them practice saving, spending and tithing.

I couldn’t find the exact savings banks that we bought for our kids, but I did find a similar version on Amazon here!

These tins help to make saving money a little more fun for the kids.  My kids love that they have their own key to lock up their very own personal bank.

You do NOT need to spend money on savings banks though.  Feel free to set your kids up with three envelopes or three jars, anything that will store money will work!

The very first things our kids do after receiving their allowance is go get their savings bank and tithe 10% to our church, save at LEAST 20% for their future, such as college and a car.

I pay them using change to make it easier to tithe and save.  If it’s time for their monthly $5 allowance then I will give them 4 one dollar bills and 4 quarters.  They know that two quarters go into their tithing bank, one dollar in their savings and the rest into spending.

Lessons Learned

The lessons I have seen my kids learn since implementing these methods have been HUGE and absolutely PRICELESS.  A few of the things I have watched them learn are:

1. Their future is important to them

Kids care about their future.  If we give them the opportunity to care, they will!

I have been so impressed with my kids as I’ve watched them save MUCH more than the required 20%.  They understand that they will be responsible for a lot of their future expenses and are very motivated to save for those moments.

We talk often about their future and the expenses coming.  They understand that they will need to buy a car, help pay for college and provide for themselves as adults.  Because of this conversation, they work hard to save and plan ahead.

2.  Some things are just not worth spending money on

Each of the kids have had moments in the store when they have fell in love with a toy.  I always remind them that they have their own money to spend and if they want to buy it they can.

Once I give them the choice to buy it themselves with their own money, they pause to really think about this decision.  Some times, they use their money and buy what they want.  Other times, they decide it is not worth spending money on.

I love watching them make these choices.  They learn so much more by making the decision themselves, rather than me saying it’s not worth the money.

3.  The harder they work the more money they will have

You might be wondering about this section…..yes.  My kids are paid an allowance (not connected to chores).  They also know that money comes from working hard.

How does this work?  I will explain it to you!

My kids do not get paid for the majority of their household chores.  I believe that helping keep the house clean is just part of being in a family and should not receive payment.

However, I do pay the kids for what we call “extra chores.”  These extra chores are chores above the basic house cleaning.  My oldest gets paid for mowing the lawn and my youngest gets paid for feeding the dog.

Whenever they want to earn extra money, they can ask me for an extra chore, and I will give them one.

4.  It feels good to give.

Our kids are taught that paying a tithe to our church is a way to help and bless others who might not have much money.  We also believe that our Heavenly Father blessed us with our wealth, and will bless us by giving back to Him and His church.

Instilling this into our kids have been a huge blessing.  I love watching them give to others and to our church.

In Conclusion

These are the things that have worked well in my family.  I have loved watching my kids make mistakes with money and then learn from those mistakes.  It’s not always easy to see them fail….but the lessons they learn afterwards are worth it!

What works for one family won’t work for all families.  Try a few of these ideas out, find what works for your family.  Your kids will thank you when they are older, I promise!

Related Articles:

What I have learned about living a sweet and frugal life on ONE income

Money Lessons for Kids: The night we taught our kids the TRUTH about money

The Envelope Money System: A Beginners Guide

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I hope this helps you learn how to teach kids about money.

The post How To Teach Kids About Money appeared first on Sweet Frugal Life.

Give your kids the tools they need to make smart money decisions using Money Confident Kids® website.

It has always been a huge priority to me to teach my kids about money.  My goal is to send them out into the world with the tools they need to make wise financial decisions.

This goal has always been a little daunting.  I mean, how do you teach them everything they need to know about investing, retirement, saving, budgeting, etc.  There are just so many important subjects, where do we even start???  How will we ever cover it all???  Anyone else feel this way??  Just me???

This is exactly why I was SO happy to find the Money Confident Kids website.  All of my worries have been answered, and I finally feel like I have found the perfect resource to help my kids learn money smarts.

What is Money Confident Kids?

Money Confident Kids is a completely free (yes, free!) website created by T.  Rowe Price.   This website was built to give parents and educators the tools they need to help kids gain financial wisdom.

Money Confident Kids has 5 detailed lessons to help you teach kids about money.  The lessons are:  Goal Setting, Decision Making, Money and Inflation, Asset Allocation, and Diversification Simplified.

Each lesson includes a series of exercises and activities to help your children understand every concept.  These activities include hands on games and worksheets.  The activities are both fun and educational, making everyone happy!

Who is this for?

There is honestly something for everyone on the Money Confident Kids website.  Even I learned a thing or two (for real)!

The lessons are geared for kids ages 8-14.  You will find information beneficial to kids who don’t know anything about money and for those who are more knowledgeable.

I have been using Money Confident Kids this week to teach my three kids (ages 7, 11, 14) a few important money lessons.  I thought I would share some of their favorite parts.

My 7 Year Old

My 7 year old is still very much a beginner when it comes to money.  He already knows that we can’t buy everything we want and that it’s important to save, but he still doesn’t understand all of the reasons why.

So, I helped him set up a savings goal and went through a few of the Decision Making Activities.  My son especially loved this heads and tails game where he learned why it is important to always make wise money choices.

My 11 Year Old

I went over a few different lessons for my 11 year old.  She especially enjoyed the object lesson about inflation.  It was so much fun to see that little light click on in her head.

This brought up a very good discussion about how to plan financially for the future and what to expect in regards to inflation.

My 14 Year Old

I allowed my 14 year old to look through the website on her own.  Fortunately, she already knows a lot about saving and spending and has proven time and time again to make wise money choices.

She especially enjoyed the Money Confident Kids Middle School Magazine.  The graphics were visually entertaining and truly taught the skills on her level.  She was so shocked when she read the section, “Twin Tales of Spending” and asked some good questions about it afterwards.

How should I use Money Confident Kids?

I could not believe just how much free and helpful content is available on the Money Confident Kids website.  It’s more than just a cute little parents guide, it is a complete guide to take you from start to finish as you prepare your kids for the real financial world.

For Educators:

Use Money Confident Kids to assist you as you prepare money lessons for the classrooms.  You can teach each lesson step by step or pick and choose a few favorites here and there to supplement your

This is seriously the best resource for parents.  Everyone should be able to pick out one or two (or in my case allll of it) to help your kids understand money concepts.

Here are a few ways to implement them into your family’s routine:

• Choose one night each week as “Money Night.”  Go through one of the lessons together as a family discussing each part to ensure understanding.
• Pick one or two activities that you feel will be most beneficial to your kids.  Sit down together one night and go through those activities while relating it to their lives.
• Use a school break (such as summer vacation) to go through each of the lessons with your kids.  This could easily be added to a morning routine.
• If you homeschool start a unit on money education.  Use this website as part of your money curriculum.

We decided to go through the Money Confident Kids website during my kids Christmas break.  I picked out a few lessons for each of the kids and spent a few hours going through the different activities and discussions with them.

My kids weren’t thrilled with the idea when I first brought it up.  But, once we got started they found they actually enjoyed the info more than they thought they would.  Plus, they learned a lot!  Huge win in our household!

What I love about Money Confident Kids.

There were so many things I loved about Money Confident Kids!

I think my favorite part though was the fact that these lessons were taught in ways that each of my kids could easily understand the concept.  The free hands on activities made these lessons a breeze to teach, and gave me new ideas that I had never thought of before.

What I dislike about Money Confident Kids.

I always want to present my readers with an honest, unbiased view of the items I review.  Mostly, as a way for you to see the whole picture and make the decision for yourself if it sounds like the right fit for you.

In this situation I could only think of one thing (seriously, only one) I didn’t like about the Money Confident Kids website, and that has to do with access to the printables.

I was truly excited to print out everything they offered, but being able to do so wasn’t easy.  It took me a while to figure out how to print them at the right scale, it involved reopening the image in a new window, saving it to my computer and then printing it out.  I think a user friendly instant download option would be much more convenient.  With the help of my husband, we were able to figure it all out eventually, but it was a little more time consuming than just clicking and downloading.

In Conclusion

If you are unsure where to start when it comes to teaching your kids about money, start at Money Confident Kids.  This gives you everything you need to raise your children to make smart money choices today and every day!

Start teaching your kids about money today!

The post Teach Kids About Money With The Money Confident Kids Website appeared first on Sweet Frugal Life.