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Using Mashed Potatoes to Teach Kids About Money
By JLP | September 8, 2008
This is part of the September Edition of the MoneyBlogNetwork’s Group Writing Project. This month’s edition’s focus is on kids and money. My post is below and is followed by links to other posts from the MoneyBlogNetwork blogs and our friends. Enjoy!
A commenter on one of my previous kids and money posts, mentioned this idea so I thought I’d share it with you:
Mashed Potatoes
With regard to teaching young children about money, a great game I recently heard about is called “Mashed Potatoes”.
You explain to the child that Mashed Potatoes represents something we Need to survive as it provides nutrients for our bodies, and that Gravy represents something that may make the mashed potatoes taste better, but it isn’t something we NEED to survive. You have then shown the difference between a WANT and a NEED.
The next step is to create flash cards or cut out pictures from magazines and have the child yell out MASHED POTATOES for something that represents a NEED or GRAVY for something that reprsents a WANT. It is a fun way to begin the process of financial literacy.
I think this is a great idea—especially for parents of kids that are five to eight years old. It’s a great way to open up the topic and to get kids to start thinking about wants vs. needs. At the same time, it’s also a great way to teach kids that the line between a “want” and a “need” isn’t always easy to discern. What might be a “need” for some people is a “want” to others.
Regardless, I think it’s always a good thing when we spend time talking to our kids about money and making decisions. Thanks to Judy Woodward for the tip!
Now, here are the other posts from this project:
NOTE: If you have a recent post (written within the last month) that you would like added to this list, send me a link in an email and I’ll add it to the list. Please be sure and put “MBN September Group Writing Project” in the subject line of your email.
Free Money Finance - One Thing I Want My Kids to Know About Money
Mighty Bargain Hunter - Save Money When You’re Young
Wise Bread - 6 Random Things I Have Taught My Kids About Money
Get Rich Slowly - Saving For Baby - Making the Move Froim Two Salaries to One
Consumerism Commentary - Financial Tips For Students Entering College
SmarterWallet - 8 Summer Fun Activites That Won’t Break The Bank
The Digerati Life - How Much Do You Need to Save for College?
BluntMoney - Buying Kids Cars
Credit Mom Blog - Kids Allowance: 8 Tips on Paying For Chores
Simply Forties - What I Wish I Had Taught My Son About Money
More to come…
Topics: Kids and Money |
September 8th, 2008 at 12:42 pm
That’s a cute little game, and a great way to at least start kids thinking about needs versus wants.
Of course, kids would probably find it pretty dull to play with me, because I would class everything aside from basic foods, rudimentary shelter, and clean water as “gravy” :).
September 8th, 2008 at 2:08 pm
Hey did you see the article about Warren Buffet in the Parade this Sunday? He started selling gum when he was 6 and already had sound ideas about business and making $ and saving and reinvesting it. One lady only wanted 1 stick but he wouldn’t break up a pack becuase he knew the work required to sell the sticks individually was too much for too little profit and he told her so! I would love to instill that in our kids, I wish I had half that foresight.
September 8th, 2008 at 3:41 pm
My kids are older now. I found a simple needs vs. wants lesson. They carry their own wallets and when they ask for something I point to their wallets. So far, they haven’t found any needs!
September 8th, 2008 at 9:18 pm
What a great simple concept for kids! I resposted this post in my blog, http://www.nannyadventures.com This is the perfect example for nannies and parents to explain wants vs needs. I can’t wait to read the others money & kid ideas.
Thanks!
September 9th, 2008 at 9:47 pm
Great resources for those of us with kids or those planning to have them!
I really like these MBN writing projects so do keep them coming! I like the specific focus on certain topics.
September 9th, 2008 at 9:49 pm
We’re honored to have our write up as part of this project. Many thanks for including our contribution to this blog event!