Teach Your Kids about Money with Dave Ramsey’s Financial Peace University Junior

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Dave Ramsey, children and money, cost of raising a child, education, personal finance education, kids and money

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The following post is by MPFJ staff writer, Melissa Batai. Melissa is a freelance writer who covers topics ranging from personal finance to business to organics to food.  She blogs at Mom’s Plans, where she shares her family’s journey to healthier living and paying down debt.

Dave Ramsey’s advice can be black and white.  In general, most listeners know what he will say when he answers a question.  

Want to go back to school but don’t have the cash to pay for it?  He’ll advocate saving before going back to school or working full-time while in school so you don’t have to take out loans (or sometimes skipping college altogether).  

Paying down debt but your wife is expecting or you’re potentially facing job loss?  Time to stock pile cash.

Because his advice is black and white with often little consideration for personal circumstances, most people love him with a-passion. . .or hate him, also with a-passion.

However you feel about him, though, his straight forward approach to money also means that he is an excellent financial teacher for children who often see things in black and white.

Dave Ramsey’s Financial Peace Junior (FPU Jr.) is an excellent kit to teach your kids about money.

About FPU Jr.

This kit is advertised for kids 3 to 12 years of age, but I think it’s more suitable for kids ages 5 to 10 years old.  My son is 8, and he really enjoyed it.  My daughters are 4 and 2, and the youngest could care less. The 4 year old was interested but didn’t grasp many of the lessons.

The kit includes:

1.  Quick start guide to get you started
2.  Parent guide to help you teach your kids step by step
3.  Junior’s Activity Book with age appropriate activities and lessons
4.  Give, Save and Spend envelopes
5.  Calculator
6.  Wet-erase chore chart with savings goal section
7.  Wet-erase marker
8.  Four crayons
9.  Stickers
10.  Preprinted chore labels
11.  Battle of the Chores audio book
12.  Link to an exclusive website with bonus materials
13.  Five refrigerator magnets and a magnet frame

How Are the Lessons Delivered?

Kids listen to Junior’s Adventures CD audio set to hear the lessons.  In each of the 6 lessons, Junior learns a financial lesson.  For instance, when he goes to the carnival in lesson 2, he quickly spends all of his money and has no money to spend for the rest of the day.  However, one of his friends budgets out her money and gets to enjoy the entire day at the fair.

After listening to the audio lesson, there are review questions, and kids can discuss the lesson with their parents.

Junior’s Activity Book includes lessons about working, giving, saving, and spending.  There are also fun money related activities like mazes and word searches.  Children are encouraged to work with their parents to make a chore list and settle on how much each chore is worth.  The kit comes with a chore chart that kids can fill out.

What Could Be Improved

While my son loved the kit and routinely asked to spend time listening, I thought the kit could offer videos instead of just audio lessons.  For smaller kids, just listening instead of watching AND listening can be more than they are capable of. 

Is This Kit Right for Your Kids?

If you’re looking for a way to teach your kids how to be responsible with money, I highly recommend the Dave Ramsey’s Financial Peace Junior kit.  My son learned about budgeting his money, and I saw his newfound skills in action when we went on vacation, and he budgeted how much he could spend at each location we visited.

If you have kids ages 5 to 10, this is an excellent way to teach them money skills.  The younger you can do so, the better.

The kit is available on Dave Ramsey’s website or Amazon for around $20, which is a good investment considering this kit is a great first step toward teaching your kids about money.

How about you all? What techniques and/or tools have you used to teach your children about money? 

What are your thoughts in general about Dave Ramsey’s advice? Do you mostly agree or disagree with his messages? 

Share your experiences by commenting below!

***Photo courtesy of Amazon.com

About the Author Jacob A Irwin

Hi folks! My name is Jacob. I am the owner and operator of My Personal Finance Journey. I started this blog in January of 2010 and have enjoyed the journey ever since. Since finishing up graduate school in Virginia in 2014, I have been working in biopharmaceutical development in Colorado. You can read more about me and this site here​. Please contact me if you have any questions!

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Leave a Comment:

Jenny@FrugalGuru says April 11, 2013

He's a bit more negative on debt than I am. ROI is important, too, and investment debt–like on a rental house–isn't something I'd ever shy away from. It's GOOD to avoid college debt. But if you're studying to be, say, a CPA, what makes more sense than working six years bagging groceries so you can emerge debt-free is to live at home, go to the community college for two years while working on the side, then take out the smallest loan possible for a very inexpensive public university for the final two years of your bachelor's degree. You could leave school with a jalopy and about $8k in debt total, which you could pay off in your first year at work.

That kind of debt I'm cool with. Going to Columbia and borrowing everything for a teacher's degree…now, that's not so smart!
My recent post 25 Ways I Save Money

momsplans says April 11, 2013

@FrugalGuru I agree, especially with the college debt. Students have to be smart and strategic to limit their total debt.
My recent post Organic Grocery Challenge Update: March 28 – April 9, 2013

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