When I was in elementary school I remember learning how to write a check, balance a checkbook and what debt was. That’s the extent of the financial literacy education I received, or at least all I can remember learning.
Assuming our kids will get all the information they need about how to handle their money from school is setting them up to struggle in this area of their life. The best thing you can do is lead by example. Your attitudes about money will have the biggest influence on them. If you’d like to take it a step further I have compiled a list of a handful of my favorite YouTube videos for kids about money.
Coins for Kids- Homeschool Pop
This is a great video for younger kids still learning the concept of money. It’s an engaging video with great visuals combined with a little bit of history behind coins. It would be great to take out your own coin collection and show your kids after watching. Letting them sort the coins will help solidify what they learned from the video.
Econ Vids for Kids: What is Money?- InkwellMedia
Even though the title of this one makes it seem like it’s very basic, I would probably recommend this for upper elementary because it discusses economic concepts that might go over the heads of little ones. They discuss the barter system and how it evolved into the money we know today. It gives them a better understanding of why we have money today and what we use it for.
How to Save Money as a Kid- Educational Videos for Students
This is a good one for when your kids are old enough to start earning money through an allowance, chores, etc. It’s a cartoon with a story instead of someone talking and teaching. The story is a great lesson on the “Keeping up with the Joneses” mentality. As kids start earning money and want to spend it all so they can have what their friends have, this shares the importance of saving. It also serves as an important reminder not to get caught up in worrying about what other people have that they don’t have.
For Now, for Later, for Giving. Money Tips for Kids- Chad Schiel
Once your kids start earning their own money it’s a great time to introduce good money habits including having a plan for that money. Save some, spend some, give some. In this short video the doodles he draws capture kids’ attention while he explains some basics on how to make a plan for their money once they start earning.
Debt Free Degree Town Hall- The Dave Ramsey Show
I feel like this should be required for every student to watch in middle school and for every parent to watch no matter how old your kids are. It’s long, about 80 minutes but definitely worth the time. Student loan debt is a burden that could follow your kids for decades if you don’t take the time to educate yourselves. This video has a panel of people who got through college debt free and they share the ways they did it. It’s so good I paid my 10 year old $5 to watch and then have a discussion about it with me afterwards. 🙂
Money will always be a part of your kids’ lives and you have the power to shape their financial lives! Cheers to raising financially fit kids!