As you learn how to teach kids about money, the perfect way to start the conversation is with books that teach kids about inflation, interest rates, saving and spending, debt and credit, and everything else that has to do with financial literacy.

One reason why Tuttle Twins books are good for homeschoolers is because they break down complex topics into bite-size chunks any kid can understand. The Tuttle Twins series also transforms these topics into adventures that will keep any kid captivated and engaged!

Banking Basics

Now that the conversation is started, let’s get down to the basics. Gone are the days when everyone went to the bank weekly or every other week, so your kids might not be seeing you visit the bank as often as you saw your parents go.

However, they still need to know the purpose of banks and what services they provide. Set up a savings and/ or checking account and show your kids what they can do with each kind of account. Explain how they earn interest on savings accounts and help them look for the bank with the highest interest rates on savings accounts.

Whether or not you bank entirely or mostly online, your kids need to see those digital tools in action as well.

Saving and Budgeting

Speaking of banking, it’s important to teach the value of saving money from a very early age. Every kid wants something different, but one of the most satisfying things — for both you and them — is to watch them save up for what they want. Use a piggy bank to make saving fun for your younger kids. For your older kids, show them how to monitor their savings accounts online so that they can track their progress in meeting their goal.

Saving is an important and natural part of budgeting, so this is also a great time to teach your kids how to set certain percentages of their money apart for different things. The three-jar method works well for many kids. You might suggest that they put 70% of their money into spending, 20% into saving, and 10% into giving.

Credit and Credit Scores

The more you learn about how to teach kids about money, the more you’ll realize how important it is for kids of all ages to understand. When your child gets a little older, you’ll want to start teaching them about credit and credit scores. After all, they’ll be an adult before you know it, and you don’t want them to reach that milestone without knowing how to use credit wisely.

If your child can handle the responsibility, you might want to add them to your credit card to help build up their credit from a relatively early age. When they need spending money for a school trip, allow them to purchase lunch using your credit card instead of cash so that they can see how it works.

Explain that it’s not a good idea to use credit to go on a spending spree and that they shouldn’t spend beyond their means. You could even explain the benefits of using credit cards for daily or monthly expenses to earn points or cash back and then paying the card off immediately after.

Once your kids understand credit cards, teach them about their credit score and how that plays into how well they use credit.

Get into a Groove that Lasts All Year Long

Ultimately, learning about money is a lifelong lesson for all of us. Books like the Tuttle Twins series make economic education for kids fun and exciting and will help underscore what you’ve been teaching as you continue to read them alongside your daily lessons. Learning about money can be an amazing adventure both you and your kids will love!