728x90
my iParenting
From Our Sponsors
e-newsletters
Sign up to receive our free weekly e-newsletters

new terms of use
new privacy policy
award-winning products
The iParenting Media Awards program helps parents find the best products for their families.
Home › Articles › Children and Finance › Money Mama

Money Mama

Teaching Kids About Cash Ensures Financial Futures

By Kim Seidel

Pages:  1  2  3  4  5  6  

"But when I went in search of these items there was none to be found. The books by-passed their age, the piggy banks only taught them how to save and spend and the chore charts only worked with stars and tokens, which had no motivation for my children."

Mackey's son was then in kindergarten and her daughter in third grade. Her son was a "spender"; give him $5 and he would spend $6. Her daughter was on the other extreme; she was a "saver," and didn't like spending her own money. "I realized the best method of learning for kids of this age was through games and visual and experiential learning," she says.

To make up for what she couldn't find, Mackey wrote an entertaining story for her children that explained the importance of why they should give, invest, save and spend wisely. The book is called Money Mama & The Three Little Pigs (P4K Publishing, 2003).

Mackey continued her quest to educate her children about money by purchasing one large piggy bank and three little ones to explain to them the 10/10/10/70 principle, a concept that has been around for hundreds of years, she says. Using the simple formula, for every dollar a child earns, they give 10 percent to a charity of their choice, invest 10 percent to build their fortunes, save 10 percent for their future and spend 70 percent for everyday expenses.

Mackey herself became aware of the concept by researching some of the country's wealthiest individuals. "Just about everyone I researched follows these same principles," she says.

What started as four piggy banks is today one handmade, ceramic Money Mama Piggy Bank, used by children to practice the wealth-building concept. "Once I showed my children how to follow this with the piggy bank and explained to my kids why [they should do it] through my book, it clicked for them," Mackey says.


Pages:  1  2  3  4  5  6  


Want to see more?