Looking to educate your kids about money management? Kate McKinnon is your girl

By Aurelie Corinthios
April 02, 2018 11:09 AM
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Looking to educate your kids about money management? Kate McKinnon is your girl.

In honor of Financial Literacy month, the Saturday Night Live star has partnered with financial journalist and New York Times best-selling author Beth Kobliner to produce a helpful (and entertaining!) video.

In the clip, McKinnon, 34, sits down with three kids — Justine, Ricky, and Jillian — to walk them through the financial facts of life.

First up, what’s the best thing that you could spend your money on? Well, that one’s obvious.

“Candy?” offers Jillian.

In order to teach the kids about loans, McKinnon hands out tickets for them to spend on a prize of their choosing. Justine chooses a pair of oversize sunglasses — but doesn’t have enough tickets for that particular prize.

“I could give you the glasses — if you choose to take out a loan,” suggests McKinnon. “That means I’m going to lend you two tickets, but then you have to come back to my house next week with nine tickets.”

“Kate’s offer may sound great, but be careful when you borrow,” warns Kobliner. “It can cost you lots of extra tickets come payback time!”

And what better way to teach the kids about delayed gratification than with pizza?

“Would you rather eat one bite of pizza now, or a whole slice later?” asks McKinnon. (Choose wisely, kids.)

“Waiting is an important skill,” points out Kobliner. “When you wait, you can save up for something you really want — like a slice of pizza.”

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According to Kobliner, author of Make Your Kids a Money Genius (Even If You Are Not) and Get A Financial Life, teaching kids financial literacy early on is crucial — especially with many of our money habits forming as early as age 7.

“It’s important to talk money sooner than you think,” she says. “When your kids are six months old, start exposing them to fun counting exercises like how many socks are in a load of laundry. Later, when they’re preschool-age, teach them the actual value of nickels, dimes, and quarters by playing ‘store.’ But by all means, start early!”