Top 10 Ways to Teach Kids about the Value of Money

There are many values we need to inculcate in our children in order for them to grow as a functioning adult. One of these traits that are essential in their adult life that must be thought in a really early stage is the value money. This may be quite difficult to teach because they don’t know the value of hard work so here are tips to help parents out.

(10) Needs, wants and wishes.

Show your children the difference between the three. This will teach them early the best spending skills. They will learn to prioritize what to buy first, second and last.

(9) Open a kiddie savings account.

There are many savings account for kids in almost all bank accounts. This will start their regular habit of saving cash. If they want to withdraw, just let them. But don’t let them close the account. Explain to them that they need to keep it open.

(8) Don’t spoil them.

If you spoil your children, they will think that they have all the money in the world to spend. So every time they want to buy something, take it away from their savings or their allowance so they get an idea on how expensive it is.

(7) Credit cards should be a big NO in the family.

It is very destructive when children see that they can purchase stuff from a tiny piece of plastic. It will give them an idea that once you have a credit card, you become very powerful.

(6) Discuss finances with them.

Let them sit in during family discussions on finances. They will hear how many things you need to spend for every month. They will realize how hard it is to allocate cash.

(5) Giving allowance.

Your child’s allowance is a great way to train them on how to allocate their money themselves. Justmake sure you are giving them a reasonable amount – not too big, not too little.

(4) Tag them along when you go to the grocery store.

When you go to the grocery with your kids, they get to see what you guys are buying and how to budget cash for the food of the whole family for duration of time. When they grow old, they too can use this skill to budget for themselves.

Value of Money

(3) Teach them how to count money.

As soon as they learn how to count, be the one to immediately teach them how to count money. Give examples for each value. For example, show them that one dollar amount to one piece of their favorite candy bar and so on and so forth.

(2) Make them sell their old stuff if they want to buy new ones.

As early as they can count money, make them join family garage sales. Have them earn their own money so that they know how hard it is to earn it. This is one great way to teach them the value of money while letting them make their money themselves.

(1) Teach them that it’s not all about the money.

Though you want to teach your children about the value of money, you must always remind them that the world does not revolve around money. Otherwise, they might end up greedy.

 

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