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Beyond Piggy Banks and Lemonade Stands: Helping Parents Teach Kids About Wise Money Decisions
No matter how tech savvy we are as parents, I think most of us have come to the realization that no matter how up-to-date we think we are, our kids are always more knowledgeable at the ins and outs of our cell phones and computers. It's a tough thing to admit, but it's true; I myself have frustratingly given my phone to my young child when I just can't figure out why it's not doing what it's supposed to -- and sure enough, a couple swipes and clicks later, he's fixed the problem. "Easy peasy, mom!" he says.
In this digital era, our kids are becoming increasingly skillful with technology. An article on TheGuardian.com says researchers recently did a study of 37,000 volunteers across 160 countries and found teenagers on average typed about 40wpm (words per minute) in comparison to people in their 40s and 50s who on average type much slower at 26-29wpm!
It's no doubt that our younger generation is more advanced when it comes to technology -- but the question is, are they prepared for all that life will throw their way when they leave the nest?
Sure, the average teenager will know everything they need to know academically to graduate high school and perhaps have even picked up some helpful skills to direct them into a career path when they start college. However, when it comes to the skills they'll need in order to handle their own finances, most are completely clueless.
In the new book, Beyond Piggy Banks and Lemonade Stands: How to Teach Young Kids About Finance (and They're Never Too Young) Certified Financial Planner Liz Frazier spells out the fundamentals of finance. We were recently given an advance copy of Beyond Piggy Banks and Lemonade Stands in exchange for our review (we will tell you our thoughts about this book in a bit!)
This easy-to-follow guide allows parents to teach their elementary-aged children the importance of saving, spending and everything in between! While the main goal is to teach children about the financial basics they will need to know as they enter young adulthood, it also provides fun bonding activities that parents & children can complete together (which makes it less of a homework assignment and more of a fun life tool.)
"This book provides parents with the confidence to teach simple financial basics to their children," says Frazier, "With that confidence comes excitement and inspiration, by teaching your children about finance you will influence every step of their lives in a positive and meaningful way."
Starting with the fundamental lessons such as needs versus wants, then moving into the "piggy bank basics" of spending, saving and sharing, parents can teach their children about not only saving money but making money through hard work - whether by doing age-appropriate jobs (dog walking, etc) or selling old toys at a garage sale, for example. These tools will help children build a strong financial foundation, which is so important because it will equip them with the knowledge they need to make sound financial decisions as they enter into adulthood.
Beyond Piggy Banks and Lemonade Stands also addresses other money basics and lessons such as:
Wondering if Beyond Piggy Banks and Lemonade Stands is a good fit for your family? Read this Q&A with Liz Frazier (there's lots of helpful answers here!) >>> Click to read Q&A
What we loved about Beyond Piggy Banks and Lemonade Stands:
Firstly, from cover to cover this entire book was packed full of helpful information that really breaks down challenging topics into easier-to-understand and easier-to-communicate lessons that parents can share with their children.
Part I has Tips for the Already Overwhelmed Parent, which really brings home why teaching our younger generations financial responsibility is so important, how to communicate with your child about finance and even includes a fabulous Step-by-Step Guide to Age-Appropriate Information.
Part II covers the Beginner Level: Pre-K - First Grade, and thoroughly breaks down basic finance into simple, kid-friendly lessons. Each lesson is short which we think is fabulous because it made the lessons much less intimidating and much easier to communicate with our little ones. There are even hands-on activities to help make each lesson fun such as Play Archeologist with Coins, Grocery Store Guessing Game, Counting Coins, and a fun can-you-find-these-hidden-objects on dollars activity (which our kiddos thought was so fun!)
Part III is for the Intermediate Level: 1st - 5th Grade, and teaches important age-appropriate lessons on saving, sharing and spending (aka Piggy Bank Basics.) It covers topics such as Allowance, Fun Jobs for Kids, Smart Shopping, Charitable Activities for Kids and so much more. As in Part I, there are hands-on activities that you can do with your child that will help them further understand each lesson. We really appreciated the included Real-World Activity: Saving for a Goal where kids are encouraged to create their own savings goal on a big poster and keep track of how close they are to their goal as they continue to save their money. For example: In our home, our son chose to save for a new bike. We looked in store and online for the best deal and when he made his decision on the bike he wanted, we wrote down how much he needed to save in order to purchase that bike. Our son chose to save every bit of his allowance and even his birthday money for a whole year and when the day came that he finally reached his goal, he was so very proud to purchase his new bike. By making a real goal that he could actively choose to save toward, he learned an important lesson about impulse buying VS saving towards bigger & better things - and to this day his bike is his most prized possession!
Part IV is the Advanced Level: 2nd - 5th Grade and really dives in to even more important finance lessons such as Kiddie Economics, Banking and Investing, Interest, Stocks, Debt, Taxes and much more. There are fun hands-on activities which further helps kids (and parents) apply each lesson to their every-day lives. Every bit of Part IV is full of really helpful information that will equip kids with the tools they need to be financially responsible and aware adults and honestly we think even kids above 5th grade would benefit greatly from this!
It's no doubt that teaching financial responsibility to children is extremely important but admittedly, it can be difficult to communicate this topic in age-appropriate ways; Beyond Piggy Banks and Lemonade Stands took the difficulty away and helped us effectively teach our children (and ourselves in the process) important tools that they will use for the rest of their lives.
We love that this is not a read-once-and-you're-done book but it is a helpful tool which you can continually go back to and use as your children grow and begin to understand more and more. We think Beyond Piggy Banks and Lemonade Stands is a fantastic book and highly recommend it for all families!
Beyond Piggy Banks and Lemonade Stands: How to Teach Young Kids About Finance (and They're Never Too Young) is now available for purchase!!
Click the link below to order your copy today!
About author Liz Frazier: Liz Frazier is a Certified Financial Planner (CFP) at Frazier Financial Consultants (FFC), her family's firm. She holds a Master's of Business Administration (MBA) from Wake Forest University and is a member of the Financial Planning Association (FPA) and the National Association of Personal Financial Advisers (NAPFA). She contributes regularly to Forbes.com, focusing on everyday personal finance that anyone can use, with simple and entertaining financial advice. Frazier currently resides in Westchester, NY with her husband and two children. Here's the links to visit Liz Frazier's Twitter and Instagram page. You can also view her website here: https://lizfrazier.com/
Thanks for reading our review of Beyond Piggy Banks and Lemonade Stands!
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