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How To Teach Your Kids About Money

How to Teach your Kids about Money

Growing up I was never really taught about how to manage money.  My mother was awesome at managing money. She was a single parent, raising two kids on a waitresses’ income (which was very little) and still being able to make ends meet is pretty amazing to me.

The thing is, it was more of a survival skill to her so it is not something she taught or passed down to us. I guess not realizing her skills for what they were.

When I first left home and went off to school.  I did a horrible job at managing money.  It took me a long time and a lot of sleepless worrisome nights to finally realize I needed to change my ways.

Which I did!  But it was such a long hard road and something I do not want my children to go through, if I can at all help it. I’m sure you don’t want yours to either so here are some tips to help teach your kids about money.

Start when they are young

There are a lot of little things you can do when children are toddlers that will eventually all come together as they get older. One of the main things you can do is not giving into those cute little faces every time they ask.  I know, it can be really hard but you have to stick to your guns even if they go into a full-blown crying fit at Walmart.

Set a good example

Your little ones idolize you, they want to be like you. So if you practice what you preach and set a good example.  Don’t tell them they cannot have that new toy they’ve been dying to get because it’s too expensive then fill your shopping cart with a bunch of nonessential for yourself.

Give them a cool way to save

Whether it is a cool bank that has a secret code needed to open it or one tallies money as it is deposited. Make it a fun experience for smaller children. A great way to motivate older children to save is to make them feel grown up by opening up their very own savings account, they will love this and be so proud to walk into a bank to deposit their very own money.   

Offer options

If you child is dying to get that new toy, or cool new sneakers that everybody is wearing but are way too expensive, show them less expensive options of similar items.  Explain to them that this item is just as good as the other and it only costs half the price.  Before you know it, you child will be looking for less expensive alternatives themselves if it means they might get it.

Make them work for it

Pay you child for chores they do around the house instead of just handing over an allowance every week.  And if they don’t do what is expected of them then they don’t get paid.  After all this is how real life works, the earlier they learn this the better.

Teach work ethic

Teach your child to have good work ethics will really make them respect money so much more. Once they are old enough help them find small jobs that they may be able to do to earn money for themselves.  It may be cutting a neighbor’s lawn or babysitting.  Once they are earning their own money, they will really learn the value of it.

Teaching your kids about money may be difficult sometimes. You want to give them the best but sometimes that may hurt them in the long run because they will not truly appreciate the value of money.  They may not be happy about it now but they will appreciate your efforts when they are responsible money minded adults.

If you have more tips that you use to teach your kids about money,  please leave a comment.

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How to Teach your Kids about Money

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How To Teach Your Kids About Money

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