Money Lessons for Homebound Kids

If you’re stuck at home with your kids during the coronavirus outbreak, you’re probably grasping at ways to keep your young ones busy. We always think financial education should be a top priority no matter how old you are, but now may be the perfect time to teach your kids a thing or two about money.

  • Create a Piggy Bank – Your child may already have a piggy bank, but do they have one that’s homemade? Time to break out the clay or a jar with a lid and get them crafting. Once it’s made, work out a savings plan with them. Whether they already get an allowance, get paid for big chores or have some birthday money hidden away – it’s all fair game to put into their piggy bank. Help them commit to saving either a specific amount or percentage each month. You could also implement the three-jar savings plan. Learn more about it here.
  • Get an App – This is where you’ll definitely get their attention! There are tons of fun yet educational apps out there to help teach your kids about money. Here’s a list of fun apps for children of all ages. These apps are better for teens. But don’t just download it and forget it. Be sure to have your kids show you what they’re doing in the apps and have them explain what they’ve learned.
  • Make a Budget – Trips to the grocery store happen less frequency during the coronavirus, which probably means you’re having to budget your finances a bit more. Have your child help you with the grocery budget. Go to your grocery store’s app to find prices for the items you buy all the time or maybe have your child shop around online for the best prices. Have them price out your list, add it all up and give you a total for what it’ll cost. Or give them a dollar amount and have them put a list together of what you can afford to get within those budgetary parameters.

We hope these tips will help keep your kids busy when they’re homebound – as well as teach them a few valuable financial lessons. Don’t forget, you can always open up a Youth Savings Account for them here at WWFCU! Speak to a Member Service Representative for details at (734)721-5700.

Moving Towards Your Financial Success!
Member Service: (734) 721-5700

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