Subscribe: Be a Savvy Millionaire Kid and Save, Invest and Donate
Kids know how to navigate the Internet, look up the latest baseball stats, and can tell you what their favorite celebrity wore to the most recent awards ceremony.
But what about financial responsibility? Are they money savvy? Money Savvy Generation is a program of children’s books, curricula, piggy banks, and financial organizers, develeoped to teach kids about saving, investing, and donating part of what they earn.
The Millionaire Kids Club books, for ages 4-11, children examine these ideas in a clear, fun, and relevant way. In Putting The “Do” In Donate, the four kids of the Millionaire Kids Club explore ways to turn a $100 bill from one child’s pastor into a bigger donation for a food pantry. Although finances are a central theme, these books are about more than money–the kids discuss how you can volunteer your time and talents to maximize the money you donate.
With food prices rising, this is the perfect time to discuss finances and charitable values with your kids. And author Susan Beacham, who co-wrote The Millionaire Kids Club book series with Lynnette Khalfani Cox, has announced plans to donate a portion of retail sales from Putting the “Do” in Donate to America’s Second Harvest.
Partner the books with the Piggy Bank, and you’ve got a powerful program. Each style of Money Savvy Piggy bank is broken into four sections: Spend, Save, Invest, and Donate. This tangible reminder of a can help a child work towards her goals.
Money Savvy Generation inspires kids to build bank accounts, self-esteem, and a better community.
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WANT IT: Purchase Money Savvy Generation products directly or buy the Millionaire Kids Club books on Amazon.
WIN IT: One reader (U.S. Shipping Only) will win both Millionaire Kids Club books and a Money Savvy Generation Piggy Bank. Just leave us a comment by 11:59 PM, September 2, with a tip or a question about teaching children financial responsibility or charitable values and one winner will be selected at random.
Want to get another entry to win? Visit our Back to School Guide for more preschool and kindergarten picks and find out how to get more chances to win!
Well, my child is only 1 so I haven’t thought much about teaching these things. I do think it’s important, though, and I wish that I had been taught these things more intentionally.
I know one thing: I believe that teens should have jobs. And actually that as soon as kids get old enough to dogsit, mow lawns, babysit, etc, they should.
Oh I would love this! I’ve been wanting to get one for each of my girls.
My question would be this: What kind of investing do you do with little kids? I love the save, spend, donate, but the invest throws me.
How nice a prize.
What a wonderful giveaway. We’re trying to teach our kids about saving and giving to Charity. Just two weeks ago, our church ran a bible vacation school week where the kids were asked to bring in some of thier change to share with those less fortunate. My youngest son had a really hard time understanding why others are “less fortunate”. I’d love to win this to help him understand better the importance of saving and helping others.
I’d love to know how do you get a young child to understand that not everyone has what he has. Thanks.
Teaching a child to bargain shop helps them learn the value of a dollar. This is how I learned at an early age. :)
My family buys things for the church food pantry and I let my son actually go to the store and buy the things. We discuss what we got and how much we were able to save by using coupons. We are teaching that it is easy to give and also how to shop wisely.
At this point we are trying to teach our kids- a percent goes to charity- whether it be donating to troops, angel tree, etc. I am trying to teach kids, but every little bit helps.
Teach children about the dangers of borrowing money by making small loans to them and charging interest. Teach them how to calculate interest and figure out how much you really spend on items if you pay monthly and aquire interest.
Also, integrate cultural studies into a lesson about money. Talk about currency exchange and talk about how other cultures view money. Talking about money doesn’t just have to be about the math….so says the math teacher lol.
Well, my son is 9 months old so I haven’t really thought in depth how to teach him money matters. What we do plan on doing is teaching him the 10%,30%,and 60% way. You teach them to Give/Tithe 10%, Save/Invest 30%, and Spend 60% of what they earn. Simple and gets them used to putting back part of their money early.
alexandra dot hancock at gmail dot com
I try very hard to teach the boys to save money, Not only by investment but by using coupons too. They are learning.
i think that part of how we teach our girls will be by example…we are very “thrifty.” beyond that i haven’t thought much – they’re only 13 months.
I loved the tip in the comments about taking your child shopping to buy food for the church pantry! Thank you! I bought my son a fake checkbook and taught him how to write checks and how to subtract it from the money he has saved. I would like a few idea’s on how to teach a child to invest, and what could a 7 year old invest in?
dcadmar at gmail.com
My daughter has a fuzzy pig piggy bank, we just cashed it out for her after she saved for a toy she really wanted.
Being an example, working with them on saving, making them aware of the values of things, having them work to earn things. Another thing we’ve done is giving bonuses (kind of like interest) when they reach certain levels of saving — which has encouraged them to save vs. spend.
I am pretty thrifty, so I believe my girls have learned by example. One way I teach them to learn financial responsibility is if they lose, break, or neglect something and it has to be repaired, or replaced, they have to pay for it. They also are taught that they have to earn their money. They must complete tasks for an allowance. They also buy at Christmas an item for Charity, and we frequently participate in food drives. We also send items once a month to Charity. (clothes, toys, household etc.)
i think its important to give an allowance at an early age, so they can learn to spend and to save
We encourage financial responsibility by discouraging waste and encouraging old Yankee resourcefulness. We drag old toys out and fix them up and discover we still like them or give them away. We take care of the things we have.
My question is: At what age do you start giving children an allowance?
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I have been teaching my 3 year old about coins and he quickly discovered if he had 2 quarters he could ride the car at the grocery store.
I like going to yard sales, and it is a great way to teach my oldest son how far money can go. He can buy a bunch of fun toys for $4 at a yard sale, but $4 won’t buy much in the store! It helps him to see that there are times it is better to WAIT and SAVE the money for delayed gratification.
onlycancan at hotmail dot com
My kids get a weekly allowance for chores. They need to save half, spend one qaurter and give one quarter to a charity they choose.
We give them an allowaance that is half their age. They then have three envelopes, spend, save, and give. They put a % of their earnings in the envelopes. If they want something from the store (candy, a toy) they use their money. They also set savings goals (i.e. my daughter is saving up for a ten speed bike).
We always make the kids take a portion (a small portion) of their allowance and deposit it into the family fund (a jar) as a sort of tax.
gkstratos@yahoo.com
Have your child keep a ledger to track their savings and spendings.
jceko77@yahoo.com
My kids are 2 & almost 4 and we let them actively participate in charitable endeavors. My favorite project was filling an ark with change for the Heifer project. Every day, we talked about an animal or plant that their change was helping to purchase for people who aren’t nearly as lucky as we are. They became excited about raising the money and asking others to help. It’s so wonderful to see that giving spirit already lit in their young eyes! Thanks for a great contest!
What we do is if the kids want something large or expensive they need to “earn” the money. I may match or give them extra chores to help out. But their birthdays are in November, so they have a long 10 months of waiting for gift season to start!
I teach my children how to shop for a bargain by making it a game to find the lowest price per unit when grocery shopping! I also teach them to save 10% of their “earnings” whether it be from allowance or Birthdays, they are saving for an investment in their future.
legacyofbrutalitysa{AT}gmail.com
The most obvious thing is saying things like “We spent our money going to the movies yesturday, that is why we can’t go to Wendy’s today”
Thank you for letting us post a question. I read conflicting views on allowance. some say absolutely not- that kids should help around the house as being part of the family not for money. SOme say yes, it shows that there is a reason to work hard and to do a good job.
i am sort of in the middle but can be swayed easily if you tell me something concrete! I believe a child should have age appropriate chores to be responsible for and if they do those that is great. if they do MORE than that, then they get an allowance…
Question: How do you determine how much money (and how often) a child should receive?
I think it is really important to teach children about financial responsibility. Have you ever read Millionaire Babies or Bankrupt Brats?? . It combines all the best Love and Logic strategies for teaching personal responsibility, with time-honored principles for teaching financial responsibility. It is a really great book!
my little man is one and i think it is really important to teach them about saving money early on so that in the future he wont be in dept like so many people are these days. We have started him a few cds with his christmas and birthday money and also money that we’ve put in there that will hopefully one day to go college. He also has a savings account that he will put his own money in one day when he earns it for doing things around the house. His money will also go to church. I would be very interested in reading these books with him to teach him more than i could do on my own!
We taught our son how to donate to charity by picking a charity that he could really get behind. Our son LOVES dogs and so, with our help, he found a local dog rescue that he gives a contribution to once a month. Sometimes he just gives them the money he saved and other times we’ll take him to Petsmart to purchase things with the charity money that the rescue needs.
I think giving an allowance and helping a child learn about saving, spending, and making wise choices goes a long way toward teaching financial skills that will be helpful later on.
We try to teach by doing. Ever year we sit down with the kids and pick out a charity to send money too. We’ve also started an allowance with my son and a chore chart with teaches responsibility.
I’d love to instill a sense of “worth of money” in my children by giving them an opportunity to earn some of their own money. Maybe then they will realize money does not grow on trees. Awesome giveaway. We could all use some money sense these days!
Ah, this is something we are working so hard with
teaching him. He is eleven years old and is just plain lazy!
We’ve made it clear that to get money; he must do jobs. He will refuse to do the jobs so there is NO WAY TO TEACH HIM! We don’t then go back on our word; he will just do without and wait for a birthday or holiday when he’s not refused.
IF he does the work for money, he places a financial amount on every single move; like emptying out his trash can. “How much does that pay?”
I am at a loss! Please help.
I have no trouble with his donating to charities. As a matter of fact, IF he works and the occasion arises, he will give all of it!
This is one difficult child.
My kids always give offering at church, and when they’re old enough for an allowance (or to earn money) they’ll be expected to pay tithe on it.
Everytime we go to Whole Foods and remember our “green bags” instead of having the checker take the 5 cents per bag off the bill I ask for the tokens and have my daughter decide which charity to donate to and she puts them in the jars.
When I was a kid, if I clipped the coupons and managed them at the store with Mom, my parents would give me the savings for my piggy bank.
My tip is one everyone knows: use a piggy bank and ask them to save their allowance to get what they really want. My daughter and I also participate in Toys for Tots every year and donate to Goodwill periodically.
This sounds like a great book. Gotta check that out.
As for a tip – we do a chore chart that helps us teach the value of your work for the money you get. We then split that money – 20% savings, 10% to God, the rest is up to you. Since this normally only works out to ~ $1.50/week, it’s not too bad. We also set up the days with quarters so we actually encourage at least $.25 each for savings and church.
We’ve also tried to discourage materialism on special occasions, though that is much easier said than done. For birthdays we encourage donations for the food pantry that she then delivers.
When do you start giving them an allowance and can you dictate how they spend it?
My tip is anytime your child receives money: have him/her divide it into categories: Save, Spend, & Share-so they grasp the concept of the value of money & also by sharing-giving to charity.
My tip is to let kids spend a portion of their allowance how they want. It helps then learn money mistakes earlier with a few dollars then later with a lot of money. Trust me from my own personal experience!!!
We sponsor thru Children International and are hoping it’ll help our kids relate to the fact that others don’t have things quite as good.
I LOVE THAT BANK!!!! I want one for myself. LOL!!!
What is the best way to teach kids about donating money? My kids are good with food, blankets, toys and clothing but when it comes to money they want to spend it immediatly. We try and teach them to save up for bigger and better things and we want them to put some in savings but I would love for them donate to charity too. My kids are 9 and 11. What would be the best way to accomplish this?
THANKS!
I wish I knew how to explain the importance of saving, donating and investing. I live paycheck to paycheck and don’t want my child to grow up the same way. I want to know how to teach my child to save instead of spend.
I have my four year old help out at our soup kitchen downtown. We buy some of the food that they need, and then we go and he can help out with some of the simpler tasks. I think it is important to teach them about charity at an early age, so that it comes naturally to them later on.
What a fantastic bank! We have been talking to our kids about these very things. I’m curious about percentages for each category. Also, I seem to be at an en pass regarding allowance vs. paid for chores. On one hand, I think jobs around the house should just be done because it’s part of being a responsible family member yet I want to teach the kids that they can earn for jobs too. So I can’t seem to move forward! HELP!
My dh gives the kids a quarter every day that they are ready by 7am. It is not much but it adds up. They volunteer at the animal shelter w/me and at the charity dogwashes. They also donate to the animal shelters and rescues through money boxes around town.
My hubby and I are completing a financial class at the moment. I had been looking for ways to convey what we are learning to our kiddos. I thought I could find separate jars or multiple piggy banks for each of the categories, but the Money Savvy Piggy bank is already broken into four sections: Spend, Save, Invest, and Donate. Fantastic! What a great tool to help kids and parents as we are trying to make wise choices and instill right values. Thanks!
My question is how early can you start giving young children allowance for doing small chores around the house?
I think it’s important to lead by example. If you show your child how you are charitable, volunteering your time, etc. they will pick it up as an important value for themselves.
I know giving an allowance helps build money-sense for kids, but what is the best way to handle it? Should kids be expected to “work” (complete chores) to earn an allowance, or is it a “given.” Should parents have a say in how an allowance is spent? If so, how?
When do you stop having a child save money in a piggy bank and start having them save money in a bank account?
I would open a savings account for a child who knows math and gets money from an allowance or gifts and help them save a little money.
i am having difficulty teaching my child that things cost money and that they shouldn’t be wasted….like food, water, toys.
this is fantastic — but how do you get the GRANDPARENTS on board when you want to teach the kids to be responsible with their money?
One way to teach your children about financial responsibility is to open their own savings account so they can watch it grow. However, I like this piggy bank much better because it goes beyond just saving and teaches them what they are saving for. They can also see the money which is important to kids.
This is great. I have one son who always saves his money. Hates to spend. But my older daughter, forget it. She spends it faster than she earns it!!
If my children receive money as a gift, we put half in their savings account and the other half is theirs to spend or save.
This looks like a good teaching tool to me. The other advice I have is to let them learn with play money.
kids should have to save a portion and have ability to spend a portion
kids should have to save a portion of their allowance
THANKS
teach them to save part of their allowance.
The kids get a weekly allowance, and only if they do their daily and weekly chores!
Great way to teach kids the value of money.
My husband has been teaching our son about recycling and the value of different coins and money. Right now he’s teaching him about interest.
Seeing it in action by watching their parents being charitable is the best lesson of all. Take those opportunities to explain what and why you’re giving.
My kids get paid for certain chores, and then they have to pay for things that they want
Every week before Christmas, the kids each pick out a toy (in good condition) that they want to give to the local church as a donation for less fortunate children. It teaches them that Christmas is about sacrificing and sharing with others.
I’d love to have this for my kids to play.
Kids need to learn the value of a dollar. I think paying them for chores and then letting them buy the things they want teaches life’s lessons.
Giving kids money for helping around the house is a way for some help and it teaches them to save for stuff they want.
I’m sure someone probably asked this question already, but I would definitely like to know how young is too young to start giving children an allowance? I want my daughter to understand the value of work and earning money, but not feel like she’s being bribed! Thanks for the giveaway.
If there’s something that my daughter wants we tell her to save up. When we’re out on walks, if we find money, she’ll go home and put it in her piggy bank. Recycling she gets a portion of that money as well. Then, if she still wants the toy, once she’s reached that amount she can purchase it.
We’ve got a spender-child and a saver-child in the house, ao each one gets handled differently. With my spender, I have to emphasize how she can only get small things if she spends each time, but how waiting can get her bigger things that she’d appreciate more. With my saver, we’re trying to talk about how investing works. For both, we’re requiring the kids to choose volunteer projects, one each quarter, that they’d like to do to help others. Some are as easy as a lemonade stand with the monies going to charity. Others are more involved, like helping to paint and re-landscape an historic house in our town.
i have piggy banks for each of my kids :)
We teach our kids charitable values by donating toys, volunteering time, and discussing our charitable giving and why we give.
Teaching them to save a little bit of whatever they get.
Our whole families goal for 2008 was to begin being fiscially responsible. My 8 yo has been saving his money up. Recently, we had a family emergency that pulled us out of state for 5 days right before we were leaving for our vacation. My son said, do we still have the money for vacation? I explained yes, this year we do b/c just how he was saving, I had been saving in an emergency fund. You never know when you have unexpected things.
I would like a few idea’s on how to teach a child to invest. Also, it never ceases to amaze me the TV shows where they give people a certain amount of money and then see who can turn that money into the largest amount. I don’t think I am that creative or gutsy – although I wish I could be. Thank you for the opportunity to win!
I have been discussing how the stock market works with my older children and turning on busness news often in our home. I also have shared the importance of saving money.
My grandkids are earing money for extras by doing chores and saving cans!:)
I love to win this for my nephew, will teach him to save monet, instead of buying junk food.
I love to win this for my nephew, will teach him to save money, instead of buying junk food.
My kids right now believe that mom and dad are made of money. My question would be how to instruct my children on investing. We do savings now, but they still want to spend their savings on everything that they see.
Allowances are a good way to teach children abour finances. Setting an allowance from which they can buy things they want teaches them to be financally responsible.
what a nice prize for a special girl
Have them save up their own money toward 1/2 of something big they want, like a video game or an Ipod.
cherylfrancisco@hotmail.com
Be really visible about money – not to scare them, just to talk about it. Where it comes from, what we do with it, etc. Words like tithing, saving, checking, stocks, mutual fund, cd, etc should be familiar.
A savings account and a coin collection are great tools!
I think this piggy bank is a great way to get kids to appreciate money. We’re trying to get my four year old to realize that when a toy breaks, we can’t just buy a new one!
How do I get my child to save her money? So far the only way she saves is when she forgets her money at home when we go to the store.
Both of my children have savings accounts. We tell them that the first time they want something big like an I-pod, we will buy it. If you break it or lose it, the next time you will buy it with the money from your savings account. This has worked great, they never go into their savings accounts for money. We also show how to give not just money to charity but our time.
I would like to know if it is a good idea to give money to kids for doing chores?
Remember to teach them during your routine activities such as when you go to the store or the bank.
When is the right way to teach a child financial responsibility? When do you introduce allowances?
Money skills are such an important part of life, it is strange that we tend to ignore them when parenting our children. The balance between giving back through donations and saving for ones future is a very healthy balanced approach to money and one that can only benefit children in later life. This sound advice is at the heart of a funny little book my daughter wrote for her school friends and which she now sells online, called “How 2 Be Richer Than UR Parents!” You can see it here:
http://www.women-can-be-wealthy-too.com/kids-money.html
[...] Although he’s young, we are trying to start the lessons early. This is first year we are talking to him about giving and trying to involve him in our [...]
Now this is something I will get my kids into. Kids need to learn now how to be a savy shopper. Thanks for the post.
Hi! I was surfing and found your blog post… nice! I love your blog. :) Cheers! Sandra. R.
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