Growing up, I was the kid who always had money. I started babysitting when I was 11 and had my first checking account shortly after that. I got my first credit card by the time I was 13. My mother believed if I was making money I needed to know how to manage it. I was lucky to have a mother who thought to teach me about the true value of money at an early age.
Many young adults leave home and don’t know how to manage their assets. Worse yet, is many young adults don’t know what assets are and assume debt is the only way to begin. Inexperience with managing money is creating financial crisis with soaring debt rates and student loans exceeding credit card debt.
Teaching kids about money before they are solely responsible for themselves is an opportunity to instill a lifetime of financial success. But you have to begin early.
Dave Ramsey committed his life to helping people learn about sound financial management 20 years ago. Today he is a syndicated talk show host and runs a multi-million dollar company, The Lampo Group, that teaches people the principles of proper money management. His message is based on using a cash system and earning what you need to make purchases rather than incurring debt.
Ramsey has created Financial Peace Junior, a children’s version of his financial materials to instill the habits of saving, giving and spending wisely in kids as young as 3 years old. The kit contains all the materials you need to teach your kids Dave Ramsey’s commission system and the fundamentals of having money for the future, planning for expensive purchases, and giving to those less fortunate.
What’s in the kit?
The materials in Financial Peace Junior are comprehensive and age-specific 3-12 years old.
Parent Guide – This is where you start. Get acquainted with Ramsey’s principles before you dive into the other tools. The first message you will get from Ramsey about teaching your children is that there is no good debt. I agree that we need to start our kids early understanding that debt doesn’t provide financial security. Using the commission system you teach kids that “work equals money”.
Throughout the parent guide there are suggestions for applying each of Ramsey’s principles age-appropriately to ages 3-5, ages 6-8 and ages 9-12. He talks about how it benefits each age range to give parents a better sense of why these skills are important.
Junior’s Activity Book – Junior is the main character who learns the 4 basic goals of money-management: working, giving, saving and spending. The book includes fun coloring pages and activities for younger children and challenges for older children.
Chore Chart – There is a wet erase chore chart and marker with pre-printed chore labels for younger kids to associate images with the chores. You can set the price for the chore on the chart and track the progress over the week. There is a place for a savings goal to help with motivation and encouragement.
Junior’s Envelope System – Three envelopes labeled with Give, Save and Spend make it easy for Junior to sort his money.
Audio Book – Battle of the Chores is the story of how “Junior discovers the hard way that it is more fun to wait and save cash to buy something later than borrow money to have it now.”
Magnets and Magnet Frame, Calculator, Quick Start Guide are also included.
In My Opinion
This kit covers all the basis and provides a hands on tool for teaching kids how to be responsible with money. I like the multi-facted approach with intellectual learning, tactile activities and strategic planning. Everyone learns differently so this approach is ideal for every family. Ramsey has broken things down to make them easy to teach and learn.
Your kids will have a whole new understanding of many management when you take the time to learn this system, model it for your kids and implement it to help them achieve their needs and wants. Tools like this will change the way our children handle money and create a sound financial future for generations to come.
BUY IT – You can purchase Dave Ramsey’s Kit here.
WIN IT – If you are feeling lucky you can enter to win Dave Ramsey’s Financial Peace Junior Super Pack in the Spring Buzz giveaway. Enter soon it ends on March 27th.