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Teaching Children about Saving Money and Entrepreneurship

Updated: Jan 3

Schools teach children that a dime is worth ten cents, but who teaches them what to do with that dime? How to save it, or double it? As parents/guardians that is your job, as daunting as it may seem there are many resources to help guide you.

One great resource is a picture book I found called Amina’s Bracelets, by Tasha Danielle, CPA. This is “A Kidpreneur Story.” It is a wonderful way to introduce how one child found a way to make money and save up for an item she wanted to purchase. Tasha Danielle, CPA is on a mission to plant seeds of financial literacy through the Financial Garden. Finding resources like this for children is a great way to start conversations on saving and making money. After reading this story you can start to discuss your child’s goals for saving/making money and how they would like to accomplish it.

1. How much money do you have to start?

2. What are some ideas for your business?

3. Is there a demand?

4. What is the cost of each product?

5. What will you need to charge to turn a profit?

6. Will people pay that?

7. How many will you need to sell to reach your goal?

8. Where and who will you sell to?

9. What are you saving for?

Once you start the conversation take it a step further. I found this great site called Pigly. Pigly offers free interactive tools and calculators to teach people about personal finance. Using their savings calculator here: Savings Calculator is a great way to teach your children a little more of money. You can show them the importance about putting money into the bank, and what happens when they do. It can easily show them what an interest rate is, and how their money will increase over the years if they just leave it there. Interested in saving for college or teaching about budgeting, Pigly has that covered as well.

Amina’s Bracelet is a fun book for the whole family and a great story to start talking about money and the importance of saving in your family. As Amina’s business grows so will her bank account. Life is always changing and now that she achieved her first goal, she will come up with a new goal of something to save for. She can use this Savings Goal Timeline Calculator to prepare for her next goal.

Creating responsible and self-sufficient future adults by teaching them all about needs vs wants, spending vs saving, and living beneath their means. You are already taking the right steps by taking the time to educate yourself. Make learning fun.

Happy reading,

Megan Pighetti

Author of Fairy-Tailed Wish – Available on Amazon

It’s more than a book. . . it’s a childhood experience to be treasured for a lifetime.

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