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Home › Articles › Children and Finance › Money Mama

Money Mama

Teaching Kids About Cash Ensures Financial Futures

By Kim Seidel

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Mackey also advocates teaching children about money as soon as possible. "It is much easier to teach a child from the beginning what to do with money than it is to teach a teen and even harder to teach an adult," Mackey says. "As we all know, bad habits are hard to break."

The Fish family found the Money Mama program easy to follow, and it helped their daughter make her own financial choices. "Putting a dollar a day away was the start of a whole new financial attitude for my daughter," Fish says. "She wanted to make money because it was her own, and I no longer had to say, 'No, you can't have this.' I simply said, 'Yes, you can have whatever you want with the money you have earned through chores, etc.' She realized maybe she really didn't need that plastic toy that would be lost in a week!"

Fish's 2-year-old daughter is already observing her mother put money in the piggy bank and she enjoys the accompanying book. "I know she is learning something that will put her a step ahead of the game," Fish says.

Mackey places the same importance of teaching children about money on teaching them about safety issues. "We teach our kids to swim, to not talk to strangers and to not put things in their mouths as soon as we feel they comprehend what we are saying," Mackey says. "Talking to kids about money is also a safety issue. In fact, if children grow up spending all of their money, then they will most likely live paycheck to paycheck no matter how much money they earn.

"The key to wealth is not how much you make; it is how much you save. We have grown away from saving money in our buy-now, pay-later society. But with the national debt, personal debt and bankruptcies at an all-time high, people are realizing how important financial literacy really is," she says.


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