Teaching Your Kids The Value Of Money

Do your kids know the value of money? There are so many out there that don’t, and they just spend spend spend which is probably upsetting your bank account. Instead of letting them do this, you need to start teaching them that money does have a value, and what this is. In this article, we’re going to be taking a look at some of the ways that you can do this, so keep reading if you would like to find out more.

 

Take Them Shopping

 

One of the first things to consider when you want to teach your kids about money is to take them shopping with you. Learning about money starts way before you even teach them. Your children are always watching and this includes when you take them into shops. If you pay with cash then it is a great way to work on their math skills. You could say things to them such as ‘I have twenty dollars, how much change will I get?’. This is a great technique and one that doesn’t often get used these days as most people use cards and electronic payments. 

 

Give Them A Budget

 

Giving your children a budget to work with will really teach them the value of money. If they want something and they know how much they will need, then they can work hard to save up to buy it themselves. This will give them a huge sense of pride and achievement if they have managed to do it. You could give them a budget of around $5 a week depending on their age and any tasks they do around the home. 

 

Earn From Small Jobs

 

When they are old enough, you can start allowing them to earn from small jobs. This can be jobs from you around the house such as taking the trash out or doing the dishes, or if they are a reasonable age then they can take on a paper round. Either way, they will learn that they have to work for their money, and that it doesn’t just grow on trees, sitting around waiting for them to spend.

 

Earning your money gives you more satisfaction when you have it anyway, so not only are you teaching them the value of money, but how good it feels to earn it yourself. This teaches them responsibility, which is another key lesson. You can even encourage them to save the money that they earn for larger purchases that they may want. Opening them a bank account with someone like Evolve Bank & Trust is the best way to do this.

 

We hope that you have found this article helpful, and now see some of the things that you can do in order to teach your kids the value of money. Often, you see kids who have no idea that the money they ask for from their parents doesn’t grow on trees, and they seem to think that there is an endless supply waiting for them to use. Of course, this isn’t the case, and they need to learn this sooner rather than later. We wish you the very best of luck, and hope that you manage to teach them soon!