You might not have thought of it, but Halloween is a great time to teach kids about money. Halloween itself is the epitome of fun: candy, decorations, dressing, up and of course more candy. Most would agree that children quite enjoy the tradition of receiving and eating loads of candy on Halloween. Well this year, maybe you start your own tradition with it to teach your kids about money.
Candy is more than just delicious treat; its a tool!
There are several ways that candy can be used to teach your kids about money. Seize the moment and use the following ideas to spark a conversation about financial literacy: your kids might not even know its a lesson.
Teach kids about how to spend their money.
- Set up a deal with your kids to buy their candy from them at a predetermined price. Then, they can make the decision to buy back certain candies at the set price. Tell them that it is their choice if they want to buy the candy or use it on something else. Of course, they’ll buy their favorites but after a few days they may choose to spend it on something a little more important to them.
Teach kids about charity.
- Now is a great time to teach your kids about the importance of charity. Encourage them to spread the spooky season spirit to people that don’t have the opportunity to participate. It doesn’t have to be all of their candy, but even giving a small amount could mean a lot to someone else. There are several options to check out:
Teach kids how to compound their candy.
- Establish an initial allotment of candy, say one piece per day. If in about a week they are able to stick to their agreed upon amount, give them the chance to increase their allotment. The raises can depend on time or good behavior (and of course limits can be set). This is a great way to show them that waiting can be rewarding. You can also decrease their allotment if they don’t stick to the plan or show poor behavior.
With a little bit of effort, using candy is a fun and simple way to teach your kids about money. Proving that learning and financial literacy doesn’t have to be scary.
If you need more tips on how to teach your kids about money, visit our free online resource MoneyEdu