7 Lessons for Financial Literacy Month

In America, April is financial literacy month, but at Monsters Money Club we believe not only that the lessons apply wherever you live, but that EVERY month should be financial literacy month. These lessons can be found here.

In summary, there are seven lessons:

Lesson 1: The difference between wants and needs

Lesson 2:Every purchase has an opportunity cost

Lesson 3: The repercussions of making a money mistake

Lesson 4: How to delay gratification

Lesson 5:How credit works

Lesson 6: Time helps money grow

Lesson 7: How money works in the real world

We wholeheartedly agree with these lessons – although, dare we say it, we cover these points and more in a more fun and engaging way!

Link: https://money.usnews.com/money/personal-finance/family-finance/articles/2018-03-29/7-lessons-to-teach-your-kids-for-financial-literacy-month

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Why Financial Education Is Needed In Schools

This article starts with a provocative question: “[If] kids as young as seven can understand money, so why aren’t we teaching them?”

According to Young Money, a charity that specialises in financial education teaching resources, children form financial habits from the age of seven, yet financial information isn’t taught until secondary school.

At Monsters Money Club, we could not agree more. Please see our “Stories” section of our website to learn about how we are helping schools and parents with developing financial skills in their children

Link: https://inews.co.uk/inews-lifestyle/money/rising-debt-why-we-need-more-financial-education-in-schools/

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Money According to a 6 Year Old Financial Guru!

At Money Monsters Club, we are focused at making the boring and complex topic of money easily accessible to everyone.

Every now and then we will come across things that we think are so good that we should share them with you. This is a case in point. Kennedy O’Neal, a six-year old financial guru!, has written a book on money management. The book is called “The Adventures of Super Kennedy.”

You can learn more about it here in this short news clip.

Great job Kennedy!

http://www.nbc12.com/story/38908519/young-virginia-author-writes-book-on-money-management-for-kids-and-adults/

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How to Be a Good Financial Role Model for Your Kids

The folks at Motley Fool have a great post on the role parents play in building financial life-skills in their children. The link for the short article is here.

Specifically, they suggest:

1. Making savings a priority: parents must talk up the importance of saving money and explain the benefits it offers

2. Take them shopping: to show them how to apply money in a real-world situations

3. Learn to say no: and help your kids to set their own money priorities

4. Talk about your paycheck: so earning doesn’t remain a mystery until they get older

 

At Monsters Money Club, we agree with these points, but we also understand that parents don’t always have the time to do this.

This is why we have created short videos to explain key money concepts, games and activities to make these concepts practical and apps to help parents and children put these concepts into practice.

Let us know what you think!

Link: https://www.fool.com/retirement/2018/10/25/how-to-be-a-good-financial-role-model-for-your-kid.aspx

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