KidsWealth Money Kit

Money and money management seemed to be a problem for everyone and the kids are a little young for the full Crown Financial program. So how do we teach our kids about it? Well, I recently received the KidsWealth Money Kit for my kiddos and I really like it. This isn't a math based money program but a reality based one.

Basically you give your kids a portion of the money you already spend on them. Then you divide it into separate wallets (which really helps with the division in their minds) that each have their own spending areas: wealth, plan, learn fun and angel. The program encourages you to always take the fun wallet out with you and when your kids ask you to buy them something you simply put the ball back in their financial court. The wealth wallet is interesting because it is about growing their wealth. That can be savings, stocks or maybe something else (I am thinking a little business)

So the down sides (what can I say, I am a critical person). I don't really spend a lot of extra money on my kids (you know the toys when you take them shopping for socks at Walmart). So that throws off the base idea of a monthly amount to give them out of what you already spend on extras. But it does help us decide what to do with the money from grandma or the pay for extra jobs they do. The other (slight) downside is that the fun wallet is so big. It won't fit in my son's pants pockets and my 5 year old doesn't carry a purse. So it could be one more thing for mom to chase or just sub in a wallet of your choice for the fun wallet.

Over all we really liked it and will be employing it with all of the kids for years to come!