5 gift ideas to teach kids about money
While children get more holiday presents than most of us, sometimes they lose interest before the batteries die. Why not give a gift that earns interest, or lasts a lifetime?
This post comes from Brandon Ballenger at partner site Money Talks News.
How much money will you spend on presents for the kids this holiday season? And how much of that will be spent on cheap plastic or fabric that will be forgotten in a few short weeks? (If you're sticking to the "hottest toys" shopping lists, probably most of it.)
In the video below, Stacy Johnson takes a look at some alternatives -- gifts that keep on giving because they teach kids important lessons about money. Check it out, then read on for more ideas.
While there's no guarantee any particular present will have a lasting impact, you might as well try for something fun and educational, right? Here are several ideas, including those mentioned in the video…
Credit counseling group Take Charge America has a list of money books for elementary school kids, all of which could work as gifts.
Digital coin counters that display a balance may be less fun but offer more encouragement since the growth in savings is always visible. There are also a variety of "three-jar" coin savers like the Moonjar, which encourage kids to split their money into different categories: save, spend and share.
Sites like the one Stacy mentioned, Kiva.org, teach about charity and entrepreneurship, since they involve making micro loans (as little as $25) to small businesses in developing countries. Since you get paid back, this is one of the cheapest gift options, and it will help someone besides your kids.
Investing is an option even for younger kids. Buy them a share of stock in something they like -- their favorite video game company, restaurant, or retailer -- through a site like OneShare or ShareBuilder, and teach them how to monitor their investment.
These probably aren't gifts that will have your kids jumping for joy on Christmas, but hopefully they will lead to greater happiness later in life -- and you can always mix in the educational gifts with the moer fun ones.
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Some workers lose up to a quarter of their paychecks paying off old debt from credit cards, medical bills and student loans, as well as child support.
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