6 Financial Gifts for Kids

by TTMK on January 23, 2017 · 0 comments

The following post is from staff writer

There are plenty of fun financial gifts for kids that will teach them to be smart money managers.  Here are a few of my favorites:

Money Savvy Piggy Bank

From the time my kids started earning an allowance, usually around four, they each got their own Money Savvy Piggy Bank ($19.99).  This bank is divided into four different compartments—spend, save, give, and invest.  Stickers are included, so kids can put a sticker over each category for incentive such as a bike sticker over the save section to remind them they are saving for a bicycle.  Our kids put a certain percentage in each section, and they learn that all of their money is not meant to be spent immediately.

Dave Ramsey’s Financial Peace Jr.

The Financial Peace Jr. kit is just $19.99 and is designed for ages 3 to 12.  Kids will learn about earning money through chores, how to give, save, and spend in a controlled manner.

Act Your Wage Board Game

If you have an older child, consider the Act Your Wage board game developed for kids 10 and older.  In this game, the first person to be debt free is the winner.  While playing the game, kids implement Ramsey’s financial advice by not letting their emergency fund dip under $1,000 and using the cash envelope system.

Stock

Does your child have a favorite interest or hobby?  If he loves Disney shows, consider buying him stock in Disney.  A girl might want stock in American Girls.  Some companies even offer a certificate that you can print off to give to the child.  Then, take the time to show your child how his stock is doing based on the market.

Coins

A fun and sometimes profitable hobby for kids can be coin collecting.  You can get them started with a coin book and some coins.  A good starter set might be a few rolls of quarters along with a state quarter holder.  There are some fun holders that have the map of the United States and a space for each corresponding quarter.  The best part of this gift is spending time with your child or grandchild, teaching them what to look for in valuable coins.

Savings Match

Why are many adults motivated to save for their retirement even though money is tight?  Simple.  They want to take advantage of their company’s employer match.  The same theory can help your child learn to be a saver.  Perhaps give your children $20 as a start, and then tell them that for every dollar they save (or two dollars), you will put a $1 match in their savings.

We’ve been doing this with our oldest for several years, and he’s extremely motivated to save because of the match.

These gifts offer you the chance to play and spend time with your children.  Even better, they teach your children about smart financial choices.  That is a gift that can last a lifetime.

My Question for You

Do you like to give your kids financial gifts?  If so, which financial gifts do you like giving?  What would you add to this list?

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