Fun summer finance lessons for the kids

Dread it. Run from it. Summer arrives all the same. Kids once stuck in school now have some weeks to unwind. While summer was initially set aside so kids could help with farming, few get behind the plow these days. Children definitely deserve some R&R, but the summer offers a great opportunity to build life skills, like finance and budgeting, as well.

Sound like a drag? Approached wrong, it could be. However, finance can be fun and help prepare kids for adulthood. Heading off for a vacation? Instead of buying mementos on-demand, give your children a fixed souvenir budget upfront. You might also set monthly entertainment budgets to cover trips to the movies, video games, participating in sports leagues, and whatever else.

A survey by Braun Research found that just 28 percent of children do chores around the house. If your kids don’t have an allowance and chores, set them up. Talk with them about what they can do around the house. Sure, it’s often quicker to unload the dishwasher or fold the laundry yourself. Yet the end goal isn’t simply cups in cupboards, but teaching your children the value of earning money.

Some families let kids choose what’s for dinner on certain nights. Why not take things a step further? Instead of simply selecting the meal, you could provide a grocery budget so they can buy the ingredients needed for their cuisine of choice. Then, together, you can cook dinner.

Have older teens? Consider a finance movie night. Yes, really, finance movies. Those are a thing, and some of them are awesome. Two of the best are Margin Call and The Big Short. Both cover the 2008 financial crisis and make complex financial topics accessible. Beware that some, like Wolf of Wall Street, push the upper bounds of R ratings.