This past year may have pushed you into the teaching role, but this summer, let’s explore a new subject: managing money.

In 2020, about 93% of households with school-aged kids partook in distance learning. Parents became educators, often stepping outside their comfort zones to ensure their children had a solid foundation during challenging times. Now, it's time to transition those teaching skills into financial education.

Your child might zone out at the mention of retirement savings or household budgets, but there are engaging ways to teach them about money. Here are some everyday opportunities to involve your little ones in financial discussions.

Lemonade Stand Basics

Remember selling that less-than-appetizing lemonade mix on the street corner? It might not be the most appealing drink, but it’s a perfect way to introduce your kids to concepts like sales and customer relations. If lemonade isn’t their thing, they can create stands for handmade items like friendship bracelets, cookies, or crafts. The conversations you have about pricing, expenses, and charitable giving will be invaluable for their future. Everyone benefits—except maybe the lemonade drinkers!

Understanding Allowances

Is your child receiving an allowance? Approximately two-thirds of parents provide an allowance, as noted by The American Institute of Certified Public Accountants. Allowances serve as an effective way to equip children with money management skills for the future. No matter how you implement an allowance, its advantages are clear. John Lanza, author of "The Art of Allowance," emphasizes that this approach helps kids grasp the value of money and its responsible use.

Not sure how to begin? Start with a few dollars each month. Set up “spend,” “save,” and “give” jars together, and visualize savings goals with pictures. Simple activities like these can significantly boost your child's comfort with money management.

Budgeting for Souvenirs

Kids often look forward to collecting souvenirs when traveling. To help them think critically about purchases, set a budget before you leave home. This not only teaches your child basic math skills for budgeting but also keeps your family finances on track. For instance, a trip to Disney World can quickly drain your wallet if you're not careful; having a spending limit can curb impulse buys and encourage thoughtful spending.

Everyday Financial Lessons

Daily errands can transform into valuable teaching moments. Even a grocery store trip can spark discussions about product value and cost comparisons. Children learn best through hands-on experience, and practice is key, says Dean Brauer, co-founder and President at gohenry, a debit card and app for kids.

As they grow, experiences like babysitting or part-time jobs can provide crucial financial lessons. Encourage them to revisit those “spend,” “save,” and “give” jars from their allowance days.