BMI Federal Credit Union
Five Books to Teach Your Children the Value of Money
This past week was the last week of National Credit Union Youth month. We’ve talked about teaching your children to save money, how to make an effective allowance plan, and how to help your teen enter the workforce. While getting help from others can enforce good habits in your child, children can also learn a lot on their own through reading. You can find hundreds of books out there that will teach your children about money while also being engaging and entertaining at the same time. Below are some of our favorites:
- A Chair for My Mother by Vera B. Williams. After losing their possessions in a fire, a girl, her waitress mother, and her grandmother carefully save their money to buy a comfortable new chair for their apartment. This book teaches children the value of working together and saving for a goal.
- A Bargain for Frances by Russell Hoban. This classic story revisits an old friend many of us remember from childhood: Frances the Badger. After saving up her money to buy a blue china tea set, Frances is tricked by her friend into buying her old, used tea set. This story teaches children to really think before they buy a “bargain,” and also engages the age-old saying of “treat others as you would like to be treated.”
- The Gift of the Magi by O. Henry. This short story is a classic – and with good reason. It tells the story of a young husband and wife who each part with their prized possessions in order to buy the perfect gift for the other. It teaches the lesson that sometimes it’s better to give than to receive, and that love can sometimes be the greatest gift of all.
- The Giving Tree by Shel Silverstein. In today’s consumer culture, where everyone seems to be obsessed with buying the newest toy or shiny gadget, the Giving Tree will tell your child how much more meaningful it is to give – even when it seems we have nothing left.
- Joseph Had a Little Overcoat by Simms Taback. This book tells the tale of Joseph, a frugal man with an overcoat that he loves very much. Eventually, Joseph’s overcoat starts to get worn out, but instead of throwing it away, he reuses the material make a jacket, a vest, and other items until his favorite overcoat eventually becomes a cloth button. This book will teach your children about the importance of frugality, and how even the most worn out items can be used again.
These are just a few of the wonderful books out there that can teach your children about the value of money and good money habits. Remember that teaching your children about money doesn’t have to be boring or tedious – find a book that grabs their attention and they will be on their way to being little money experts!