Just like making a bed, money management is a basic skill every parent can teach at home. If you haven’t introduced financial concepts to your kids yet, try out these fun strategies for improving financial IQ.

5 Ways to Increase Young Kids’ Financial IQ

1)      Start a Piggy Bank

A piggy bank is a simple and practical way to get your kids thinking about dollars and cents. Place one in the kitchen where you child can see it. Then, encourage them to deposit extra change inside of it. To make saving more fun, set a goal. Then, roll up the change together, and let them spend a little bit of it.

2)      Play Educational Games

Learning about money doesn’t have to be boring. There are countless fun games that you can play with your children, which will raise their financial IQ. A game of Monopoly could be a springboard for a conversation about why not to spend money too quickly. Without realizing it, your child could gain a better understanding of basic financial concepts.

3)      Watch Videos about Money

Educational videos are another terrific way to improve a child’s financial literacy. You can find short clips on YouTube that will improve your kid’s understanding of money management. Watch them together so that you can be there to provide any necessary explanation.

4)      Set up a Lemonade Stand

Once your child has gained some general knowledge, it’s time to let them put it into practice. Although they are probably too young to start personal financial planning, a summer lemonade stand will give them a chance to learn the value of a dollar earned.

While selling cold lemonade on a hot day, your kids will likely have a good time while developing their financial IQ. Once you’ve counted all the profits together, consider having your child put some of it in their college fund.

5)      Hold a Savings Contest

From soccer to kickball, there’s nothing kids like more than a little competition. You can get your kids to think more about money management by holding a family saving contest.

Give each participant a set amount of money to work with. Then, challenge each member of the family to save as much as possible in a given week. You can create a small prize or just give the winner bragging rights.

By teaching your children about money at an early age, you can give them a big head start on life. With a strong financial IQ, they will be on the path to building wealth to last a lifetime.