Moola Monsters: Personal Finance for Kids
I just discovered a fun way for kids to learn about money management without even using real money. It’s called Moola Monsters, and it’s a set of trading cards that you give your kids for doing chores or as rewards for good behavior. The kids can then spend them on privileges or treats, save them for something bigger, or invest them (put them away for a set amount of time and get them back plus extra).
The cards themselves are extremely cute. Each one features a happy, non-scary monster with a special gift, like athletics or peacemaking. A Bible verse also appears on every card.
I tested them out on my three-year-old, with great results. The kid has been giving us a terrible time in the car–getting out of his car seat, pestering his brother, and other typical car mischief. We have started promising him a Moola Monster at the end of each trip if he follows the rules, and his behavior has definitely improved. We haven’t even told him about ways to spend the little critters; I think he just likes collecting them.
Other parents have come up with more creative ways to use Moola Monsters, such as:
- Having kids use cards to purchase junk food; healthy food is free
- Using the cards as currency to purchase computer time, Wii time, or TV time. Better behavior=more recreation.
- Using cards as rewards for physical activity
- Using cards as payment for household chores.
Of course, getting tokens for good behavior is nothing new, but this system is nice for several reasons. The cards are easy to keep in your wallet or purse, which means you can provide quick rewards on the go. Kids can keep their cards in a wallet or coin purse. Very convenient!
I always try to mention negatives as well as positives for any product I review. I can only see two drawbacks with Moola Monsters. My older son, age 8, is used to getting real money for chores. He has said he wants to keep it that way. Of course, we could trade cards for cash, but that’s an added hassle. Also, I couldn’t tell if the cards are printed with non-toxic ink or not. I got concerned about that when I caught the little one chewing on a card.
Otherwise, I think Moola Monsters are pretty cool! We will definitely continue using them and look forward to setting up our own household token economy. You can check them out at http://www.moolamonsters.com/.
