5 gift ideas for your kids

November 30, 2006 at 4:20 am 3 comments

CNNMoney had some great gift ideas to help you teach your kids about money this holiday season. Here they are, in short:

  1. Roth IRA
  2. Alexander, Who Used to Be Rich Last Sunday by Judith Viorst
  3. Payday, game
  4. The Sims 2: Open for Business
  5. 529 Plan Contribution

I think it’s important that you teach your kids how to handle money as early as possible. Our 3-year old already undersands that she gets money or commission when she does certain chores around the house (there is no such thing as an allowance). She has a clear jar to put her money into, until she wants to buy something. It’s great. She takes her money out, we go to the store and help her figure out what she can afford, and she pays.

I think Dave Ramsey’s quote fits well: “Our parents never talked about sex and money. We assumed they didn’t have any, turns out they had both.” If you don’t teach your kids, no one else will.

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Entry filed under: Books, Kids, Money Fun, Saving and Investing.

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3 Comments Add your own

  • 1. paperbacks  |  November 30, 2006 at 5:30 am

    Hmm… I’m 19 and want to give myself a Roth IRA for christmas…
    I own both the game PayDay and the Sims 2: Open for Business, and I don’t think either of them teach the value of money. Open for Business teaches you how to waste time being enthralled by computer games, but it is very hard for me, never mind a little kid, to keep track of what’s going on with the money in that game.

    I like your idea of paying per chore–my parents gave us allowance conditional on doing general chores, and it was much easier to get it out of them without doing everything. Later they started paying me by the hour to help out with our horses and stuff (I’m not part of the horse part of our family) and I think I became a much bigger help.

    Reply
  • 2. &#1090  |  August 26, 2007 at 5:08 pm

    Good site. Thanks:-)

    Reply
  • 3. EmmieR  |  June 24, 2008 at 6:18 am

    It is a good idea to teach children the value of saving and spending wisely. It is never late to teach them good money habits. They should know about 3 major things: planning, saving and investing.

    Reply

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