The last thing on any kids mind when they are growing up is money. Kids know they want things, want Mom and Dad to buy them things, know that things cost money but what they don’t know is how hard it is to earn the money that is made to buy or do those things. I know when I was growing up I didn’t hear my parents talk much about money. I did know things were hard when my Dad lost his job, but my parents never let us feel the crunch like they felt it. I feel today it is so important to teach kids about money, how to manage it, how to save it, and how to make the right choices when making purchases.
Giving your kids an allowance or paying for certain chores is one way to start them on the right track to knowing what money is, how to earn it, how to be responsible and also how to save it. I know we got an allowance when we were younger and it taught me a lot.
Helping your children learn about the value of a dollar by letting them pick out things online or in catalogs that they want, and then show them how much it costs, and how many hours a week/month they need to do their chores to earn that amount of money. It is amazing how many kids will opt to go without the little things they think they need/want when they see how much work it will take to earn it.
Another great way to teach your kids about money is by showing them other ways to earn it. Maybe they can sell their clothes and toys they no longer need or use. Do a yard sale to earn money for things they want to buy now. Or, helping neighbors or relatives with things like yard work, house work, pet sitting, etc. These are just a few of the things that kids can do to put an extra dollar in their pocket.
One thing I always did with my son was brought him shopping with me. I have always used coupons and that has helped to teach him how to not impulse shop. If we didn’t have a coupon, and it wasn’t an item we needed to make a meal or for lunch pails that week then we didn’t really need it. Sometimes that was a hard lesson when he saw that box of cereal with a toy in it, but eventually he learned 😉
Check out this article ~ 12 Things I want my Kids to know about Money
Disclaimer ~ Inspired by Genworth Financial.