Lessons kids can take to the bank
Every opportunity I get, I try to teach my children some money lessons.
In my household, most requests for toys, video games, or trips to a fast-food restaurant are met with two words: College fund.
You may not realize it, but your children do watch, listen, and internalize what you say and do about money. For example, my 8-year-old son was ordering from the kids' menu and couldn't decide between a hamburger and a cheeseburger when we were having brunch one day after church. When I asked him why he was taking so long to decide, he said, "Mommy, the cheeseburger cost 20 cents more than the hamburger and we need that money for my college fund."
I was so proud.
"I think this time we can splurge and your college fund will be OK honey," I said.
Now if you don't know how to start teaching your children about money, let me help since April has been designated Financial Literacy Month. So , I've selected a number of products and books to help you teach the young children in your life about money.
I'll start with piggy banks. The first one I suggest is sold by Moonjar (www.moonjar.com or 888-323-0001). Created by Eulalie M. Scandiuzzi, a Seattle native, this is a simple piggy bank, divided into three boxes, that shows children how to share, save, and spend their money. The bank costs $6.95 and comes with a cute little passbook for the child to track transactions. If you want something more durable, you can get a tin bank for $24.95. Also from Moonjar is "Conversations To Go: The Game that Questions Money" ($12.95). You get 100 small cardboard strips designed to provoke conversations with your kids. Shake the box and pull out questions as "Does money buy happiness?" or "What is delayed gratification?"
An absolutely adorable ceramic Money Mama Piggy Bank ($29.95) is available at Prosperity4kids.com (or call 866-PIGGY4U). This piggy bank -- mama piggy and three piglets -- has four slots in which children are encouraged to divide their money as follows: 10 percent for charity, 10 percent for investing, 10 percent toward savings, and 70 percent for everyday expenses. There is a colorful 48-page companion storybook to go with the bank, "Money Mama & The Three Little Pigs," both created by California-native Lori Mackey. The book ($19.95) includes a read-a long CD. The book, CD, and piggy bank cost $47.90 as a package.
Mackey has an allowance chart in which she recommends you figure out how much you spend each month on the things your kids want, then make them do chores to earn that money.
New from Susan Beacham, an entrepreneur who has made it her business to promote financial literacy, is "Money Savvy Kids @ Home." This $29.99 package, designed for children ages 6 to 11, includes the following:
Money Savvy Pig piggy bank with four chambers labeled save, spend, donate, and invest. Purchased alone, the bank cost $15.99.
A 44-page parent handbook, a workbook for the child, and a coloring and activity book.
An eight-chapter CD-ROM in which Beacham walks you through how to talk to your children about setting financial goals and making the right choices.
To order go to www.moneysavvygeneration.com or call 866-390-5959.
Finally, Intuit Inc. has developed Quicken Kids & Money, a subscription-based website (quickenkidsandmoney.com) for children ages 5 to 8. An introductory offer, good through the end of April, is priced at $69.99. Regular price for a one-year membership is $99.99.
Computer-savvy kids will love this site, which has several different sections, including one for parents, and a Kids Zone. Also, as part of your subscription, you'll be sent four money pouches (for up to four children) that are labeled: sharing, quick cash, medium-term savings, and long-term savings.
Intuit has the right idea. Financial literacy has to begin at home.
"We believe the most impactful place to help children learn about money is through their parents," said Denise LaBuda, business leader for consumer education initiatives at Intuit. "We are a culture that really doesn't talk about money, but if we do demonstrate it, it's mostly on the spending side."
Michelle Singletary is a columnist for The Washington Post. 
