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Learning About Money and a FLIP CAMERA GIVEAWAY

Learning about money is so important for kids of all ages. We’ve made save and spend banks, sorted coins, counted money, and of course spent it, but I’m wondering how and when I’ll teach B about other financial topics. Will we give him an allowance? Will we talk about our financial situation in front of him? Will we advise him about credit cards or savings accounts and investments? Eek!
This giveaway is now closed. Congrats to GretchenP!
learning about money
T. Rowe Price and Disney understand the importance of parents talking to their kids about money. To help them do that, they’ve teamed up to create The Great Piggy Bank Adventure, which is both an online game and an attraction at Walt Disney World’s Epcot.

T. Rowe Price wants to know about how YOU teach/talk to your kids about personal finance! In exchange for your candid answers, they are giving one Activity Mom reader a Great Piggy Bank Adventure flip camera.

How to Enter: Leave a comment below answering one or more of the following questions.
  • When do you talk to your kids about money?
  • Do you talk to your kids about money at the ATM or the grocery store?
  • How do you teach your kids about financial concepts in the news today such as inflation and setting financial goals like saving for college?
  • When you give your kids an allowance, do you ask them to set a goal for their spending and/or talk about ways to spend wisely?
  • Do you ever use items in the news, such as inflation, as a chance to teach your kids about the concept? If so, what have you found works well to help them understand inflation or other financial concepts?
Can’t wait to read your answers! Good Luck! This giveaway ends July 8th, 2011 at midnight. The winner will be randomly selected and contacted.

I was compensated for this giveaway from T. Rowe Price and they also provided the flip camera for the giveaway.

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42 Comments

  • Reply Michelle ~ Blogging from the Boonies

    When we talk to our kids about money, the biggest concept we share is that all of our resources come from God and that we are to give generously from what we have. Our children know, in simple terms, how our ten Compassion International children around the world live and how blessed we are to have things like clean water to drink and beds to sleep in. Thankfully, our girls have naturally generous hearts, so they have a tendency to think of giving quite often.

    July 2, 2011 at 12:21 pm
  • Reply Justine

    My little guys is only two, but we do talk to him about money in the most basic sense. We have him save money in his piggy bank. He said he is saving his coins for Disney World. We also talk about donating money and he sees us donate money on a regular basis. He is aware that items cost money, he just thinks everything is two dollars!

    July 2, 2011 at 12:47 pm
  • Reply notyetayummymuumy

    My son is only twenty months but naturally we have been teaching him about how money/bank cards work and that he can not have toys every time we go out as they cost money. I want my children to be aware they must hard to achieve and save for the future but would not want them to be aware at a too young an age, of any financial concerns we may be having. There is plenty of time for worrying when they’re older. Great post though. Very thought provoking x

    July 2, 2011 at 1:23 pm
  • Reply Anonymous

    My oldest is four and we’ve been talking about money with him for quite some time now. He puts change in his piggy bank and has to donate 20%, deposit in savings 70% and can spend 10%. We do the same thing when he receives money for gifts. Neat to watch him think things through now that he’s older…”Hmm, I can spend this little amount for something little or save it to buy something big later.” Also teaches him patience! We decided against a typical allowance for doing chores as doing chores is part of being in this family. (Dishes, putting clothes away, feeding dogs, etc). We do let him earn money by helping on the farm. Funny to hear him say things like, “Mom, I have to work cause I have bills to pay.” Usually said when he doesn’t want to come inside from playing or working with Dad 😉
    –Tonya @ jonest11@hotmail.com

    July 2, 2011 at 1:54 pm
  • Reply Heather

    Emma and Ethan know that running water costs money.. we talk about wasting etc. We also talk about money when they ask to stop at McDs or ask for a toy at the store.

    July 2, 2011 at 2:16 pm
  • Reply JDaniel4's Mom

    We have talked about what we are doing when go to the bank.

    July 2, 2011 at 2:43 pm
  • Reply Anonymous

    We talk to my four year old about money any time we have a situation that calls for it. We save all of our change so we talk to him about saving his change and he has a piggy bank. we also talk about using money to buy what we need not what we want.

    monstersmommy021207@gmail.com

    July 2, 2011 at 3:10 pm
  • Reply Erin @ Small Types

    We talk a lot about how much toys cost, as well as food and other things. We talk about need vs. want. We also do a lot of coin counting and we play store. Great giveaway, Nicole!

    July 2, 2011 at 3:44 pm
  • Reply Whitney

    My oldest is only 2 so we haven’t started talking about money yet. We do have a savings account for him and we’ll introduce coins soon.

    July 2, 2011 at 3:50 pm
  • Reply Anonymous

    my children (8&6) have just had ‘my money week’ at school, they had to design a coin/note for the future. my eldest designed a note with his picture on it as a future inventor. they also understand about charity giving as they regularly give to charity from the 2p&1p jar. it’s important to teach children about money as early as possible and give them good choices as they do see a lot of debt information in the news and via various adverts so it’s important to discuss that aspect also :o))

    Janey0142@live.com

    July 2, 2011 at 5:37 pm
  • Reply Kristin @ Preschool Universe

    My alomost 3 year old understands that money buys things but has no concept of amounts. I assume that is normal at this age. He tells everyone “Daddy goes to work to get money for my jelly bean machine!”
    Let’s hope Daddy brings home more than that.

    July 2, 2011 at 5:38 pm
  • Reply Scrapjackie

    My children are young (2 and 3) but with my 3 year old I have started to discuss money and spending. He always asks for certain toys. So I tell him that he can start saving for that certain item. We go to the store, find out how much it is, then count his piggy bank money. We talk about how much he has and how much more he needs. He has learned that whenever he finds a coin he HAS to put it in his piggy bank so “he can save for ____”!

    July 2, 2011 at 6:14 pm
  • Reply Michelle - Blessed Mom of 4

    We talk to our kids about money in many different ways. First of all in school, we learn about it. We also talk about it at the store about how much something is and if it is something we can afford or something worth buying. We also talk about it when we give them their allowance.

    July 2, 2011 at 9:38 pm
  • Reply 247mama

    We talk to our kids about money in so many different ways. They each earn money as “Commission” (a Dave Ramsey thing) and have to set it aside into 3 categories; save, give and spend. My girls know that if they really want something they need to save their money and if they don’t have enough they don’t get it. They are also well versed in looking for sales, clearance and yardsales….if it is not one of these things they probably won’t get it.

    Megan

    July 3, 2011 at 12:10 am
  • Reply The girl who painted trees

    We talk to our kids about money all the time as it comes up. When we are at the store, we talk about things we want versus things we need. I tell my older (4 yr old) child about our budget and how Daddy and Mommy decide to put aside certain amounts for certain things, like food, clothes, etc. I don’t tell her all the categories. We talk to them about saving for things, like vacation and toys. When DD asks for things at the store and it isn’t on my list I may mention she can save up to buy it or check her piggy bank to see if she has enough.
    juliecerdas at gmail dot com

    July 3, 2011 at 1:25 am
  • Reply Kristy @ Afterschool Homeschool

    It’s funny to see this post today! I will be posting on our allowance system Monday. We have decided to let our son make money mistakes now, while the stakes are extremely small. To that end, we give him more allowance now (one dollar per year of life) but have stopped buying him treats. It’s up to him if he has spending money left over to decide if he wants to spend it on dollar items or treats. He has a wallet for spending money, piggy bank for short-term savings (for Legos :), and a sharing jar for sharing with others less fortunate. Each allowance “salary” is split between those places. I plan to have a long talk with him about how to share the sharing money and I want him to choose to whom or what we will give money, so that it really means something to him.

    July 3, 2011 at 5:21 am
  • Reply DQ Mountain Girl

    My kids have a goal chart and each week they get five cents for each goal accomplished. They pick three goals and I pick three goals (brush teeth, clean room, practice music). On Sundays we count up the goals and then write the amount in the checkbook register that I keep (bank of mom). Then, when my kids want to buy something, we check the register and if they have enough money saved up in their checking account, they can get it. The system works great for us. :0)

    July 3, 2011 at 7:29 am
  • Reply The Adventurer

    My children get an allowance and we have a Moon Jar bank that has 3 sections, spend, save and donate. We divide up the allowance into 3 portions. At the beginning of the year they decide what they are saving for and who they wish to donate too and write it down and put it in the bank at the end of the year they follow thru. This has worked wonders my kids would rather save then spend. YAY

    July 3, 2011 at 3:23 pm
  • Reply jeanine

    My 6 year old gets paid for doing jobs around the house. When I pay him he gives 10% for tithing, 20% to savings, and gets to have the rest for spending… which he usually saves for something special. I will probably start paying my 4 year old when school starts in the fall.

    July 3, 2011 at 3:34 pm
  • Reply Olive's mum

    We talk about money with my 2yo when she needs to differenciate between expensive things (such as going on a plane) and regular shopping.

    July 3, 2011 at 4:31 pm
  • Reply Cara Jane

    I talk to my kids about money all the time, trying to get them to appreciate the value of things. If we are going out somewhere I give them some money in their own purses to spend and then try to help guide them to sensible choices. My eldest is nearly 7 but very impetuous and would spend all his money straight away but later regret it so we talk a lot about checking out alternatives.
    They have both saved up for items they want from their birthday money and other money they get although neither of them get pocket money or an allowance as such but I do give them money on occasions which they can choose to spend or save. Haven’t discussed saving for the future (college) yet – at the moment saving up for a scooter seems enough. We have some savings on their behalf which we shall introduce to them when they are older.

    Interesting to read everyones comments. I like the idea of splitting money into spend/save – going to try that.

    July 3, 2011 at 9:44 pm
  • Reply mommy days

    My daughter is 3 years old and we have done only the basic concepts of spending with her. we talk to her on how fortunate and thankful we should be to enjoy good things in life while some others are not so fortunate. johnson.dony@gmail.com

    July 3, 2011 at 10:07 pm
  • Reply Swapna Raghu Sanand

    I enjoyed reading the post, and the comments of the readers are definitely inspiring and insightful. I too teach my five year old son about the value of money, how it’s important to use it for the right things and not for all the things that one wants to buy for the sake of having it. By example, I also save many things that kids throw away as waste like chocolate wrappings & boxes, little sachets that one gets with some products, cast away paper stuff that one would give off – I put these in a lovely box and use it for his school projects because I want to demonstrate the value of saving and minimize the propensity to waste. I am not perfect at it but as I am creative, I try to find creative ways to discuss and impress a value or a concept with my son. I try to avoid preaching because it just has the opposite effect on kids and leads to no significant learning outcome.

    July 4, 2011 at 5:25 am
  • Reply GretchenP

    i talk to them about money when they inquire (my kiddos are young). it seems to come up at the atnm a lot.. the explnation that it’s not just free money coming out for me! lol 🙂 thanks for a fab giveaway! 🙂

    July 6, 2011 at 4:55 am
  • Reply Brandi C

    My little boy is 4 and we have been talking to him about money for a while. He knows that when he gets money for gits that it goes into his bank. He helps me sort, count and take his change to the bank. He has been saving some money to take on our Disney trip this month.

    July 6, 2011 at 12:48 pm
  • Reply Insights by April

    Since my son is still pretty young right now we are just starting to learn about coins and counting them. He also has a bank that he puts all the coins in to save. We tell him they go in there to stay safe. He loves to count them as he drops them in.

    July 6, 2011 at 12:50 pm
  • Reply Anonymous

    My kids are young still so when they get money for gifts we set a little aside to spend and put the rest in the bank. They love going to the bank and handing the deposit over the counter. Makes them feel important. We explain how important it is to set some money aside in the bank for a special purchase in the future. If they want a special toy and it is not their birthday or christmas we have them do little chores around the house to earn the money. Then when it comes time to buy the object they need to decide if they want it bad enough to spend the money they worked so hard to earn. Sometimes they buy other times they turn and put it in the bank.

    July 6, 2011 at 12:53 pm
  • Reply theartsymom

    Do you talk to your kids about money at the ATM or the grocery store?
    We do talk about money, especially at the grocery store. I use many coupons, and the kids know coupons are paper money. They help look for the items printed on the coupons and out them in the cart. At the end of the transaction, we talk about how much we saved.

    July 6, 2011 at 1:06 pm
  • Reply Heather (Mommy)

    We talk to our sons about money all the time. We always talk about it on Sundays and why we tithe and where that money goes. Then we talk a lot about money around time for birthdays. This is because they get cash from grandparents etc. 1/2 goes to savings, 1/10 goes to church and the rest is to buy themselves a goody. So that is a great time to learn about money!!!!

    July 6, 2011 at 1:08 pm
  • Reply Jenae

    My boys are still very young, but starting the allowance (or commission, as Dave Ramsey likes to call it) has been great for my older son. We have three coin bags: Save It, Spend It, and Give It. We’ve gone to the store a couple times for him to use his “spend it” money. He actually chose to buy grape juice of all things!

    I also mention it while at the bank or ATM, but not in great detail. 🙂

    July 6, 2011 at 1:18 pm
  • Reply Stacy@{share and remember}

    Our son is almost 9 now so he is learning about earning and saving. We’ve always been honest with him and told him if we don’t have money for *that* because this week something else has to come first. We help him work through decision of what to spend his money on. We should be more structured about teaching him how much to spend and save. I pay him for jobs he does for me that relate to my day care. But he isn’t paid an allowance. Some jobs he’s required to do because he’s part of the family and some things we buy him because he’s our son and we want to. I think the best learning comes from real experiences and talking to kids every opportunity. I want my son to be more money savy than I started out.

    July 6, 2011 at 1:34 pm
  • Reply http://livingatthewhiteheadszoo.blogspot.com/

    I have been making my teenage daughter learn the life of coupons and grocery shopping.

    awhitehead357@gmail.com

    July 6, 2011 at 1:59 pm
  • Reply Jennifer

    As a recovering compulsive spender, this is a hard topic for me and I want to make sure that my girls don’t follow in my path. My oldest gets an “allowance” which she has to split into thirds – charity, saving, and spending. Whenever she asks for something in the store, I tell her that mommy just doesn’t have the money and we can check her spending account to see if she has enough. Gives her some time to think about if she really wants it or if it’s an impulse buy. We’re slowly starting to teach her that daddy works hard to make money so that we can pay for things like the shows she watches, gas to go to the library, etc.

    July 6, 2011 at 1:59 pm
  • Reply BHRMAMA

    Our three are still a little young. But when they see something at the store we always encourage them to “do jobs” to earn it for themselves. They are starting to understand that things take work and effort and are not just handed to them whenever they want it!

    July 6, 2011 at 2:59 pm
  • Reply Jenny

    We have Give, Save and Spend jars. My 3.5 year old gets 4 quarters a week. He puts one in each of the jars and gets to decide where to put the last one (discretionary). Lately he’s been giving it to his 2.5 year old sister so she has something to put in her bank. My contact is jenniferstott1@yahoo.com in case I win :-).

    July 6, 2011 at 3:07 pm
  • Reply artsy_momma

    My son is too young yet, but he counts his money all the time. We will definitely be making spend and save jars when he is a little older- what a great idea! When he starts to get an allowance, I plan to talk to him about spending it wisely and setting goals 🙂

    artsy_momma_blogs at yahoo dot com

    July 6, 2011 at 4:08 pm
  • Reply Kristin

    We started teaching my son about money when he was almost 3. He would help make and sell things at local craft shows. He had to share the money with his sister and decide if he wanted to save or spend his half of the money. He was then allowed to go to the store and buy things within his budget. It helped him to understand that he does not have endless amounts of money and that he can’t just buy everything he sees.

    July 6, 2011 at 4:25 pm
  • Reply ThreePts

    We are always talking to our kids about money and the wise ways to spend or save it. This could be at the grocery store or just on a walk.

    July 6, 2011 at 4:26 pm
  • Reply Lexi

    My guys are little, but we’re working on learning about saving, what things cost, and learning what the value of coins are. Right now, my 4 year old trying to save for a $20 toy….he’s starting to realize how long that will take!

    amlafuria AT yahoo . com

    July 6, 2011 at 11:26 pm
  • Reply crysmi

    so far we’ve only briefly mentioned that some things are too expensive to buy (when we’re out shopping), but we definitely need to start showing our preschoolers how to save!!

    clclemons at hotmail dot com

    July 7, 2011 at 6:49 pm
  • Reply Anonymous

    We talk to our children about the value of money and how it is earned through hard work, but they are young. We don’t make it stressful. We are discussing doing a type of compensation based chore list for above-and-beyond jobs. 🙂
    ilovethemso @ yahoo. com (spaces added to avoid spam)

    July 8, 2011 at 11:16 am
  • Reply Ashlie

    We have three children (ages 3,6,7). Each week they have chores that need to be done in order to collect their allowance. We give each of them ten quarters per week. They have a bank that they divide their money up in. 2 quarters (20%) goes into savings, 1 quarter (10%) goes into a charitable contribution slot, and the remaining 7 quarters (70%) goes into the fun money slot. This teaches them that money needs to be budgeted into different categories in order to plan for spending. My middle son (6) spent 3 LONG months earning $20 that went towards buying a bunny. Helping him set this goal for spending his fun money was so rewarding for him. He takes such good care of his bunny because he sure earned it!

    July 8, 2011 at 9:59 pm
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