Teaching Your Children About Money

Posted on March 14th, 2013 by Discount Debbie

They say it’s never too early to start teaching your children good habits. I am sure all of us Thrifty Divas agree that teaching our children about money is very important. It will give them a good foundation to start their money management skills. I can attest that I learned both my thrifty as well as my spendy ways from my parents. It’s very important to lay a solid foundation to help ensure your children can take care of themselves and their families when the time comes. Wise spending and a healthy concept of money is an amazing gift you can give your children.

Here are a few tips for helping your children understand money.

1. Make the most of every money teaching opportunity. If you are at the bank, explain to your children what you are doing. When you pay with a check, use your credit/atm card or even if you donate money to the Salvation Army at Christmas, explain everything you do with money. That will get their little minds going.

2. Give them a piggy bank. This seems obvious doesn’t it? But the kind of piggy banks that you can’t get into unless you break it is an incredible tool for teaching about money. First of all it forces you to save and doesn’t allow your children to give into instant impulses.

3. Have them earn their money. We want our children to understand that money is something you earn and not just something you are given. Without an appreciation for money, they will be more likely to waste it. Chores are an awesome way for your kids to earn it. Have certain chores earn certain amounts. This is also a good time to require them to put away a certain percentage of what they’ve earned to go towards savings.

4. Coupon with them! It’s never too early to teach your kids about coupons. Even something as simple as just letting them cut the coupons (if they are old enough) will help spur conversation. You can have them find the items your coupons are for at the store. I very fondly remember my mom taking me to Kroger as a kid with coupons. We had a lot of fun with it.

How do you teach your children about money?

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