Miscellaneous

Financial gift ideas for children

Although many children will likely be asking for toys this holiday season, try to throw in a financial gift or two to help teach them about money.

Learning about money at a young age is going to benefit your children so much when they are older, so it’s important to not only have financial talks with them but to also provide them with gifts that will be of value – not just toys they will play with on Christmas day and then forget about.

Following is a list of 5 financial gift ideas for children you may consider giving this year:

1. Piggy bank

Saving money is such a crucial part of your financial health, and a piggy bank is a fantastic way to teach your child all about saving.

There are many different types of piggy banks available, including this one (which has slots for saving, donating, investing, and spending):

Piggy Bank

The Money Savvy Pig
You don’t even necessarily need to give your child a “piggy” bank. There are teddy bears, soccer balls, and even just simple tall canisters with a slot at the top. Give your child the one that you think they would like the most.

2. Cash register

A fun way to teach your child all about money is with a cash register (a toy one, of course!). You can set up an inexpensive grocery area in your home (with a play kitchen and play food) and you can “buy” groceries or your child can buy groceries from you.

Use the cash register and real money to teach them how much they are spending/receiving for the items and why. To make it even more fun, throw some coupons into the mix!

This cash register from Chapters is interactive and rewards transactions with lights, sounds, and voice messages. It has a built-in scanner, scale, and coin slots – just like at the grocery store!

Kids Cash Register

Training Cash Register

3. Money management books

There’s a bounty of fantastic <ahref=http://www.amazon.ca/s/?_encoding=UTF8&camp=15121&creative=390961&field-keywords=money%20management%20for%20kids&linkCode=ur2&tag=canadianfinance-20&url=search-alias%3Dstripbooks target=_blank>money management books for kids available. This is something that I think every young child should be receiving for Christmas. There’s nothing more rewarding than learning about the value of money from a young age!

Kids Money Management Book

Take a look at Amazon.ca and Chapters.ca for many different money management book ideas for kids. You’re sure to find something that would resonate well with your child.

Also, look at thrift stores for books. I have stumbled upon a few children’s’ money management books there before for only a few dollars.

4. Wallet

My son is obsessed with going through wallets. If you leave your wallet lying around at our house, it’s likely that you will find it in Elliott’s hands. He loves to pull out all of the cards and money and then put them back in.

At first, I found this annoying. Now, I consider it a great opportunity to teach him about money and why the items that are in those wallets are actually in there.

Kids Wallet

Amazon.ca has some cute wallets for kids, but it might be a more inexpensive option to just buy a wallet at a store near you (even the dollar store sells wallets!).

5. Math games

Teaching your kids about money won’t work if they don’t know much about math, so include a math game in your child’s gift pile this year.

LeapFrog offers one of the most popular gaming systems for young children. They offer many great math games that can be used with this system.

Leapster Math Games

Be sure to keep things fun when teaching your children about money, otherwise, it’s likely that they won’t be interested in what you have to say.

Give meaningful gifts this Christmas – gifts that are going to set your child up with a much better financial future than a set of Mega Bloks or Barbie dolls ever will.

Are you giving financial gifts to your child this year?

Comments

  1. Carrie H

    I love that pig – any know where you can buy it?

    • Carrie H

      Never mind click first before u comment.

  2. Betty

    Another good idea I’ve found is to get each child their own account @ your local bank (only parents can withdraw money; children cannot withdraw BUT CHILDREN CAN DEPOSIT MONEY!!). Banks will usually give the kids a piggy bank of some kind as a gift for opening an account with them. They can put their Christmas, birthday money or loose change to save for a rainy day. I’m sure the banks would also help children when they are older with money lessons as they grow older like investing in Canada Savings Bonds, GIC’s, etc. I always made it their decision to do what they wanted with the money given to them (like half to spend & the other half to be put away as an example). With online banking now, it will also show them how their savings is accumulating. Don’t know if business classes in secondary schools teach about money any more but taking those courses would also help.

  3. Linda

    I never had children, but I think it is wonderful to teach them early in life about finances. And how wonderful that there are so many things out there now for them to learn. I wish I had them when I was a child.

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