Money and the Family: Teaching Your Kids About Money Through Online & Offline Activities

by Guest Blogger

in Tech Tips for the Family

By: Ken Damato, Founder and CEO, DoughMain

With the financial crisis, our economy still struggling to recover and the stock market on a constant rollercoaster ride, now is the perfect time to stop and talk to your kids and teens about money — and help educate them about personal finance and planning for the future. The Journal of Consumer Affairs recently reported that nearly three out of four Americans between the ages of 23 to 28 are unable to answer basic questions about economics and investing. This is an alarming statistic that points to the fact we are raising a generation of financially illiterate adults.

As a parent myself, I noticed a serious un-met need to teach kids about the value of money and financial literacy. I decided to create a website that could engage kids through fun, interactive online games and activities — the way they most often like to learn and play. This is how DoughMain was born. DoughMain is the first and only free service to combine family organization and financial education into one simple platform. The website offers many on- and -offline services, including an integrated family calendar, chore tracker, allowance/rewards module and teacher-developed, age-relevant games that give kids and teens fun and realistic money lessons.

DoughMain’s online calendar helps parents keep track of kids’ schedules and teach kids the value of money by assigning allowance to chores completed. The online games include:

  • TheFunVault.com, a Flash game portal teaching basic money lessons to children ages 5 and up
  • SandDollarCity.com, a multiplayer virtual world where children ages 8 to 12 manage a family candy shop
  • IRuleMoney.com, a site for ages 13 – 17, featuring 30-second videos of teens talking about all things financial, from jobs, credit cards, car loans, to credit scores

Let’s be frank, some of us parents don’t like to talk to our kids about money, but understanding how finances and responsibility work in their own family will be crucial to help kids evolve into fiscally responsible adults. As summer winds down and another busy school year begins with lots of extracurricular activities, it is the perfect time to organize your family and help show them how to make good financial choices.

 

 

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