Teach Your Children About Money

Ways To Teach Your Children About Money

How do children learn about money?  They learn from watching their parents and how they handle their money.  So even if you don’t feel capable, you are teaching your children important money lessons every day.  This is a big responsibility so here are some tips to get you started in the right direction.

When your children are learning to add and subtract, allow them to use a blank check register.  Make up play checks and teach them how to fill them out.  Explain that checks are money and there must be enough money listed in the register before they can write another check.  Provide them with items or services in your home that they can purchase with their checks.  Teaching in this manner is fun and they will get practice with their math too.

If your children are older, you may assign them the responsibility of collecting a portion of your shopping list, for example all of the toiletries.  Provide them with a list of items needed and budget amount that they can spend.  You might be surprised at how thrifty your teen may become when they must stay within a budget.   Learning to shop for value is a lesson all its own, as it does not necessarily mean buying the item for the lowest price. Guide your teen but give them room to make mistakes that they can learn from.  Finding and using coupons is another lesson that can be introduced.   Once your teen masters one type of shopping, switch out the items on their list so that they expand their knowledge base.

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