Last week, I joined a group of Philly bloggers at Vanguard to learn more about family and finance, especially as a mom and a woman. While women make a lot of the day-to-day financial decisions in families, many of us are not as comfortable with the bigger picture. As parents, we can use our learning about finances as a teachable moment for our kids by creating a Motivation Board and a set of money saving containers.
Vanguard invited me to this event and provided me with educational materials, meals, and a gift card to offset travel and child-care expenses. The views and opinions in this post are my own.
As a family, you can create a board that includes goals like saving for a big vacation, saving to help a friend in need, or saving for a school trip to Europe. Including pictures makes the goals visual for your kids. Make sure you hang the motivation board in a place where your kids can see it every day like the kitchen or the bathroom.
Also, work with your kids to create their own motivation boards. Maybe they want to save for a new scooter, or they have a special place they want to go to for their birthday. Encourage them to decorate the motivation board and include pictures. Creating the board together and coming up with goals is a great opportunity to talk about needs and wants. Encourage them, though don’t require them, to come up with a goal that will help others. For example, they could save their pennies to donate to the local food pantry or animal shelter.
Once the Motivation Board is created, put together a set of 4 containers to: Spend, Save, Invest, and Share. As you can see from the photo, there’s many ways you can make the containers with your kids. These containers can also be personalized. Keep them in a visible place, though not easily accessible on a daily basis. Encourage your kids to keep a running total of what’s in each container. When they have enough coins or dollar bills to exchange for a larger bill, help them count the money and figure out how to put the different combinations together for the larger bill.
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