As moms, there are so many things that we desire to teach our children. However, our list of wants and the things that we are actually able to follow through on are often mismatched because motherhood is a whole juggling act. Even the most regimented moms will have things fall through the cracks. For this reason, it’s important to prioritize and whenever possible, outsource.
If you’ve been wanting to instill financial literacy skills into your children, Fit Lit Kids can help. We had the opportunity to catch up with Fit Lit Kids Founder, Ebony Beckford, to discuss how Fin Lit Kids’ Money Box can help busy moms teach their kids the basics about money management.
MN: What was the inspiration behind The Money Box?
Ebony: I’m a mother of a 19-month-old. I was born and raised in an under-resourced community. When I got pregnant with Madison, it was very important for me to make sure that she had a good understanding of money. Growing up in an under-resourced neighborhood, you start to understand that your opportunities are limited. I lost my mom when I was 18 years old and I was on my own. So I went from being underresourced to having no resources because when my mom passed away, I lost all of those things. When I got pregnant with Madison and my husband and I were thinking about her future and the legacy we wanted to build for her, I started to develop anxiety. While we’re doing very well now, we don’t have generational wealth to pass down to her. And I was like, “Well, I don’t have generational wealth to pass down, but I do have lessons that I’ve learned along the way. For me, it felt more important to pass down those lessons than an inheritance. A lot of times, people will inherit money and blow it, but the people who end up keeping it and building on it are the people who are financially literate. I searched for financial literacy products for kids and while many of them had cartoons and things kids could relate to, a lot of the messaging was for adults. I wrote a children’s book and the response that I received led me to build out the Fin Lit Kids brand. There are four boxes. The Money Box is the first box.
MN: What lesson do you want kids to walk away with after experiencing The Money Box?
Ebony: I hope people use The Money Box as a tool to actually have a conversation with their kids about money. I hope that this makes kids understand the importance of saving. I want people to understand that it’s never too early. It’s really about taking these complex terms and breaking them down in a way that kids can understand and build upon them. I really want people to make money management more of a family value. It’s not about how much you make, but how well you can manage what you have and how well you can invest and make it grow.
MN: What is the recommended age group for The Money Box?
Ebony: There are small pieces in the box, so the box actually says three and up, but it’s really never too early to start. Kids recognize that money has value by age three, according to research, but it’s never too early to introduce the concepts.