Hands up if you're a parent who didn't learn about finance in school. Basic math? Useful. Science? Interesting. But how often do you need to identify a scalene triangle or recite the entire periodic table?
Basic concepts like budgeting and establishing an emergency fund are crucial to everyday life — that's why it's so important to teach financial literacy early on. Luckily, there are simple ways you can teach your own kids, even if you didn't learn the rules in school yourself.
But you don't have to do all the heavy lifting on your own. Mydoh — a money-management app designed for tweens and teens aged 10 to 16 — can help facilitate educational conversations about finances while giving kids real-world experience with money.
The app helps kids and teens learn the value of earning money through Mydoh Tasks. It also comes with a Smart Cash Card, which gives kids the independence to spend their cash securely. Plus, Mydoh lets you keep an eye on your kids' spending, making it easy to provide encouragement and feedback.
Here are six tips to help parents raise money-smart kids (with the help of Mydoh). Who knows? You might even learn a thing or two in the process.
Start With The Basics At A Young Age
Experts say you should introduce the concept of money to your kids between the ages of 3 and 6. Here's an idea for playtime: have your kids use play money and pretend you're buying from or selling to them in a grocery store.
If your child is a little older and ready to have a real-life account of their own, Mydoh Play features fun facts and trivia games designed to teach kids everything from loans to savings.
Create Opportunities To Earn Money
Parents can set up daily and weekly scheduled chores to do around the house, like helping carry in groceries, vacuuming or washing the car. You can even track your child's progress and see any incomplete chores through Mydoh Tasks.
With Mydoh, parents can choose from a menu of pre-selected tasks or create their own (because not every kid needs to clean out their pet gecko's terrarium), and you can specify how often it needs to be done.
Teach Kids How To Save
Let your kids know they don't need to spend their money right away. They're prone to making impulsive decisions, and the idea of buying that new video game or toy can be more than tempting.
Pro tip: have your kids wait a day to buy anything over $15.
Provide Them With Tools For Good Spending Habits
Help your young ones make their own savings plans — talk through how much they want to earn and when they want to save it by.
If they have their eye on a new backpack or tech toy, break down the cost together and discuss how they can work towards that goal.
With Mydoh, your child will receive a Smart Cash Card, giving them a little independence. Both of you can track the money they earn and where they spend it.
Help Kids Create A Simple Budget
Show your kid how you personally create a family budget, then help set one of their own, explaining how to prioritize wants and needs.
You can do this digitally or by using a whiteboard with different coloured markers depending on what type of learner your child is.
With the tracking features in the Mydoh app, your child will never spend more than they have.
Show Them Other Ways To Earn Money
Young teens may want to increase their level of independence by working odd jobs.
Get in touch with neighbours or your local community centre to help them find gigs babysitting during summer vacation or shovelling sidewalks and driveways in the winter. Not only will they expand their income, but they'll also learn the value of giving back.
Lead By Example
Kids are like sponges: constantly absorbing information, both verbally and non-verbally. One of the best ways to teach them the ins and outs of money is by setting a healthy example for them to follow.
It can be overwhelming to navigate finances for both you and your children. With the Mydoh app and Smart Cash Card, you can eliminate that stress and make learning fun.
To learn more about Mydoh, check out the Mydoh website or follow them on Facebook, Instagram or YouTube.
This content is for general informational purposes only and does not constitute financial, investment, legal, tax or accounting advice.