From the course: Teaching Your Kids About Finance
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How do I explain using money in a digital world to children?
From the course: Teaching Your Kids About Finance
How do I explain using money in a digital world to children?
- My son and I started a store on eBay. We were selling some things that we no longer needed around the house. And we were all excited because we had raised over $100. So, then my son turns to me and he asked, "I understand I made $100, "but what I don't understand is where is this money?" Kids rarely see us use paper cash and coins. Our paycheck is electronically sent to the bank. We use credit and debit cards at the grocery store, and boxes from online stores just magically appear on our doorstep. Kids don't see money being moved, so, how do we teach our kids about digital payments? How do we show them that money has been spent? The easiest way to do this is actually to give an example, and to walk them through the process. I love to take out my whiteboard and draw a picture. With my kids, we draw a picture of us purchasing something, then I draw money going from the bank to the store to pay for the purchase. And the store then sends and gives us the item. Take them through that…
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