Teaching Kids About Money During the Pandemic: Money Lessons Kids Need Now More Than Ever by Stephanie W. Mackara, JD, CDFA™

Parenting Money
a month ago
Teaching Kids About Money During the Pandemic: Money Lessons Kids Need Now More Than Ever

As parents grapple with how to continue their kids’ education during the coronavirus pandemic, many financial literacy resources are going virtualCOVID-19 has forced many of us into a virtual world. When it comes to spending, budgeting and saving habits, parents may need to work a bit harder to engage children in financial socialization, but it is possible. For instance, parents can:

  • Share and show how they are saving and budgeting during the pandemic. What expenses have changed? If a parent has lost income, a budget becomes the foundation of the family’s spending and should be shared with everyone.
  • Open online bank accounts for children to help them understand interest, how to read an account statement and other money lessons. Understanding how interest compounds, investing basics and gross and net income are among financial lessons high school students should know. Parents can start earlier teaching their kids about budgeting, the impact of financial decisions, earning and spending money and even understanding debt and credit cards.
  • Engage kids in developing a Family Mission Statement (FMS). This is a great project for families to connect and reflect on what they truly value. Once they create the FMS, they can use it to make financial decisions and as to refocus what is important. (Download a free template for a Family Mission Statement.)

If anything, I hope this pandemic underscores the importance of financial knowledge and being prepared. Good habits create good outcomes. Teaching your children good financial habits today, before they incur debt or even earn income, will set them up with a strong foundation to sustain whatever life throws their way.

The content on 30Seconds.com is for informational and entertainment purposes only, and should not be considered financial advice. The opinions or views expressed on 30Seconds.com do not necessarily represent those of 30Seconds or any of its employees, corporate partners or affiliates.

Take 30 seconds and join the 30Seconds community. Inspire and be inspired.

Related Products on Amazon We Think You May Like:

30Second Mobile, Inc. is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for us to earn fees by linking to Amazon.com and affiliated sites.

Steve Siebold Shares 5 Secrets Self-Made Millionaires Teach Their Kids

To Change Your Life, Change Your Thoughts: 5 Money & Happiness Tips for Challenging Times From "Zen Millionaire" Ken Honda

Teaching Kids Financial Skills: Here Are 5 Things Children Need to Learn About Money

Teach Kids the Right Lessons About Money: Here Are 7 Ways to Do It!

Tribe
Love the idea for a family mission statement. So smart!
Julie Rose
Kids should have bank accounts, I agree. Great way to learn and save.

join discussion

Please login to comment.

recommended tips

Are We Teaching Kids Enough Empathy? 4 Reasons We Need To!

Ideas for Family Bonding: ​6 Fun Family-Bonding Activities to Bring Everyone Closer

Teach Kids the Right Lessons About Money: Here Are 7 Ways to Do It!

Back-to-School During Coronavirus With Sesame Street: Elmo & Oscar Teach Kids Healthy Habits for Staying Safe During the Pandemic

Got 30 seconds? Sign up for 30Seconds.com and get the best of our tips each week!