Important Points When Teaching Kids About Money

Important Points When Teaching Kids About Money

What you teach your kids about money today will influence their attitude and handling of money matters for their rest of their lives. If you want them to grow up being responsible with their money, then teaching kids about money should be one of your priorities. Setting a good example is probably the best way to teach kids anything, and money is no different.

Teaching children about money is about educating them on being responsible with money a lot quicker when they are earning it themselves. Encourage older children to look for jobs they can do to supplement their allowance, and give younger children the opportunity to earn by paying them to complete specific tasks around the house. There are a lot of easy tasks that can be rewarded, appropriate for the age of your child.

Their own bank account encourages children to save their money while teaching them about service fees and earning interest. Explain why it is a good idea to save, but keep the conversation age appropriate - your seven year-old doesn't understand about saving for when they're unemployed, but they will understand saving for that special something they just have to have.

When we teach kids about money, show them how to create a budget, using your household budget as an example. Explain expenses, income, costs and profits to children, and if their additional income is derived from producing goods or services, explain what their costs must include.

Teaching your children about charity and giving back to the community and less fortunate is important too. Find a cause they are interested in, and help them donate a little bit of their earnings to help those in need.

When teaching kids about economics and money, it's important to use age appropriate examples. Avoid too much jargon and complicated explanations until they are old enough to understand what you are talking about. You'll be amazed at how quickly your children become price-conscious when they are spending their own hard-earned cash - not yours!

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