It seems like there are a million different ways to teach kids about money. And of all the ideas available, Wall Street Journal personal finance writer Jonathan Clements often has some good, albeit unexpected thoughts:
- “Let’s say you give your kids $5 a week in pocket money. When it’s next time to fork over their allowance, offer them a choice: They can have the usual $5 right away — or they can have $7, equal to a whopping 40% more, if they’re willing to wait a week.”
- “Try varying the form of their pocket money. One week, give them five singles. The next week, give them a $5 bill. You will likely find your children are slower to spend the $5 bill.”
These ideas come from the same guy who suggests offering kids $1 to drink water instead of buying a soda with a meal, so we expect something a bit unusual from him. But the concepts seem valid and he claims they’ve had success. What sort of tips (unusual or not) have you found to be successful in teaching kids about handling money?
Making Kids Money Savvy: Try These Four Financial Tricks [Wall Street Journal]