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Teach Your Kids About Money and Inflation:
When Jaclyn started reading to her kids, she thought she was just creating some special moments with her kids. But those moments can be so much more than just cuddling in bed to read books before bedtime! Jaclyn didn’t realize just how much her kids were absorbing from those books — not until she overheard her three-year-old telling her 18-month-old about inflation and the dangers of the Federal Reserve! She credits the Tuttle Twins series with teaching her how to teach your kids about money and helping her own children go beyond just the basics, and at an earlier age than she ever thought possible.
April is Financial Literacy Month, making this the perfect time to brush up on yo ur own skills and learn how to teach kids about money!
PHOTO Caption: Tuttle Twins
Books That Teach Kids About Inflation:
Just like Jaclyn, you can establish a firm foundation for financial literacy with books that teach kids about inflation and other money-related topics. If you’re like many parents and are wondering how to talk to kids about money, this is the best way to start.
When you read about things like money with your kids, you’re creating moments that will last a lifetime. They’ll always remember what mom or dad taught them in their earliest memories — and the fact that you spent time with them as well!
The Tuttle Twins series contains several books that teach kids about inflation, central banking, the free market, the Federal Reserve, and many more money-related topics. Some Tuttle Twins books that fit the bill include The Tuttle Twins and the Creature from Jekyll Island, The Tuttle Twins and the Miraculous Pencil, and The Tuttle Twins and the Search for Atlas.
PHOTO Caption: Tuttle Twins-2
How to Talk to Kids About Money?
Once you’ve got the foundation through books like the Tuttle Twins series, you’re ready to learn how to talk to kids about money. Here are some other ideas targeted specifically at three-year-olds:
- Use a clear jar to show how their money is growing over time. Add small amounts over time to demonstrate the concepts of interest and compounding.
- Set up a play store using household items and treats with play money to let them buy things they want or need. Use this to teach the concepts of needs and wants, too.
- Use the three-jar system to demonstrate spending, saving, and giving.
- Take them to the grocery store and explain things like shrinkflation and inflation, concepts behind the free market, and other topics. Let them pay the cashier to show how money is exchanged for goods and show them when and why you buy cheaper brands or those on sale rather than more expensive ones.
The key when talking to a three-year-old about money is to keep it simple while demonstrating the concepts they’re learning in the books you read.
Why It’s So Important to Start Teaching Financial Literacy at Home Now?
It’s never been more important to learn how to talk to your kids about money, especially from an early age. There’s a gap between what they’ll learn at school and what they need to know to be successful. One survey found that financial literacy is the number one subject parents want their kids to learn more about at school.
Books that teach kids about inflation and other money-related topics will put you well on your way to battling this gap!
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