The collapse of the housing market and the subsequent recession have left many experts hollering for improvements in financial literacy among Americans.

As many of us know, it’s never too early to introduce our children to healthy financial habits – but that doesn’t mean we know how.

Saving Activities for the Whole Family

A recent article on msnbc.com discussed the benefits of cashing in coins for “real” money – and it suggested getting children involved.

Here are some tips for getting your kids interested in – and knowledgeable about – saving money.

Gather loose change. Encourage children to collect any coins they see on the ground or get from transactions. Designate a place at home where everyone can throw this change.

Coin saving can be fun because many people consider change to be “throwaway” money and never total it to see how much they have.

You may even want to incentivize your childrens’ savings by matching any coin amount they deposit in their accounts.

Be careful, though, about using automated coin machines, because some charge significant fees (as much as nine percent) to transfer your money to paper.

Count and roll. Every so often, work as a family to roll coins together. This can help your kids learn about counting and discover how little amounts add up over time.

Head to the bank. This lesson might be most effective if you let your kids open their own savings accounts. That way, they have a personal stake in what and how they save. You can encourage your kids to save up for major purchases or even suggest putting the money toward college.

Other Recession-Friendly Change Games

Even if you choose not to open a change-based savings account, you and your family can make the most of metal money lying around the house.

• Have a grocery store challenge: Set a limit for one night’s dinner (or one week’s groceries, depending on how much change you have around): restrict yourself to the amount of change you have in the house. Encourage your kids to comparison shop and try new foods to meet the financial limit.
• Start penny wars: Choose two (or more) charities and label jars with their names. Collect coins in the jars. At the end of the month, see whose jar has more – and donate all the money to that organization.
• Make a “luxury” change budget: Collect household change as a family and decide on a goal (ice cream treat, night at the movies, etc.).

When you save enough money, celebrate by treating yourself. This helps your kids learn that certain activities are for special occasions and cost money. Hopefully, these lessons will stick and no one in your family will need to bankruptcy.

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