Use these money management activities for teens as part of your homeschool lesson plans.
One of the most important things you can teach your teen is how to manage money. This is a skill they will use for the rest of their lives. There are a lot of different ways to teach this topic to your kids, but one of the best ways is through hands-on activities like these.
They’ll ensure your tweens have fun while becoming financial literate.
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What is Money Management
Most tweens use money every day, whether they’re buying lunch or going to the movies. But what is money management? Money management is all about making sure you have enough money to cover your expenses and reach your financial goals.
It’s crucial that we help our kids become financially literate, meaning they understand the basics of money management.
Why Financial Literacy Is Important For Kids
Financial literacy is super important for tweens! It helps people understand how money works and help them make better decisions about spending, saving, and investing. It can also help people avoid getting into debt or making poor financial choices that could have long-term consequences.
When you teach them about money, make sure you’re covering essentials like:
- Income – what is income, how much you get to keep, understanding how taxes and insurance work
- Budgeting – what is a budget, why it’s important, how to use one to manage your spending so you don’t overspend your income
- Saving – why you should save, different types of saving (short/long term), investing money wisely, emergency funds, planning for larger purchases
- Credit – what is credit, what is a credit score and why it matters, avoiding debt and making smart borrowing choices
Just like adults, kids need to know how to manage money and make smart financial decisions, so it’s never too early to start educating them about finances.
Fun Ways to Learn About Money
It can be challenging to teach kids about financial stuff because so much of it ends up being theoretical rather than practical, which can be boring and isn’t relatable. But that doesn’t mean you should hold off teaching these important concepts. I’ve found that the more exposure they have to them, the better.
You’ll just have to think outside of the box with your middle schoolers to keep them engaged. Doing fun activities or playing video games are some great ways to teach kids about various money concepts.
Here are a few that I think tweens will enjoy and will help them understand the different topics related to finances.
Additional Money Management Resources
Here are some other ideas to help you teach your older kids about financial stuff.
- These personal finance topics must be a part of any lesson on money.
- Budget is a fun board game to add to your financial lesson plans.
- If your kids are too young for a regular part-time job, consider these ideas for making money.
- Play Cashflow together as a family to build your money-related skills.
- Are you teaching your kids these money management skills?