The following is a guest blog written by Mallory Loren who is a digital strategist and contributor for BCF Wealth Strategies. The company acts as a personal CFO that specializes in small business owners, self-employers, and retirees.
Your little one is a long way off from balancing checkbooks and managing mortgages, but teaching him or her about responsible spending starting at a young age is an extremely important skill. Children often find lessons about money to be tedious, so we have some toys to make it exciting. Check out these five educational aids and toys to help your wee one become enthusiastic about learning the value of a dollar:
Fisher-Price Fun 2 Imagine Cash Register (2-4 years)
The Cash Register is a classic and handy tool to introduce your child to the concept of money. The Fisher-Price Fun 2 Imagine Cash Register is brightly colored, comes with sortable numbered coins, makes noises, and features popping and spinning rolling action that will keep your little one entertained while learning.
Perfect Solutions Digital Coin-Counting Piggy Bank (8+ years)
This toy takes the classic piggy bank to the next level. The Digital Coin-Counting Piggy Bank is useful for all ages. Even adults may find it helpful to keep track of loose change, but it is designed for kids because it allows to see them how much money they have accumulated and keeps count of their earnings all in one place.
Zillionaire Personal Saving Machine (5-7 years)
The Zillionaire Personal Saving Machine walks children through all their personal savings goals— both short term and long term. The programmable allowance reminder and calculator help kids get the most out of their allowance. It includes five set-ups: one child, multiple children, one adult, multiple adults, and families. The Personal Saving Machine gives children an idea of what managing an actual bank account is like and introduces them to the idea of savings. Additionally, it also allows for them to visually see the results of their efforts more clearly than a regular piggy bank does.
Melissa & Doug’s Magnetic Responsibility Chart (3+ years)
The Magnetic Responsibility Chart, paired with a weekly or monthly allowance, helps instill the importance of a strong work ethic and the idea of having to work for rewards. The Magnetic Responsibility Chart lets children track their success, and others can see their accomplishments—all with no mess or hassle.
Learning Resources Pretend & Play Checkbook with Calculator (5-8 years)
The Pretend & Play Checkbook allows your children to start to understand how to balance a checkbook, teaches them how to write a check, and shows them how to keep track of spending. It includes 25 actual size (pretend) checks, deposit slips, and more. Kids can write checks and keep a record in their own personal checkbook—just like mom and dad.