Teaching Kids about Money
How do you teach your children about the power and importance of money? Children don’t just naturally acquire these skills, and it’s important that we teach them well.
First, children need to be taught good money habits. This often involves learning delayed gratification. One way to teach this skill is to have a clear jar in a child’s room. When they do their chores well, or they act nicely, etc. you put a small amount of money in the container. Once it builds up to a certain level, take the money out and allow the child to spend it. The child will soon come to understand this concept and to enjoy watching the money build up.
Teach your child creative ways of making money. While schools usually teach children about jobs, they don’t often discuss investing, opening small businesses and being self-employed.
Help your child to understand giving as well. Give your child a certain amount of money that can be used for charity at church or for a local charity. If you have a slightly older child who is earning her own money, make a point of having her give a certain percentage to charity.
All of these tips should slowly, over time, help your child to understand the value of money and to appreciate its place in their lives.