As a mom, teaching my kids about money is a big deal. I want my kids to grow up well educated about how to use money. Teaching kids about money isn’t just a one-size-fits-all approach. There are many different aspects to money and here are some tips on how to teach them.
Teaching Kids About Money
How to earn money
I need to say that teaching your kids how to earn money can be hard. Earning money is one of the best things to teach your kids because they understand that it’s not given to them. One thing you can do, instead of giving kids allowance, is have them work for the money they earn. Create a list of chores available and add a price that you will pay for when those chores are completed. My kids have chores that they are expected to do as responsible members of our family. They also have chores they can choose to do to earn money.
How to save money
As important as it is for kids to learn how to earn money, they also need to learn how to save money. Some kids want to spend a $1 as soon as it gets in their hands. Yes, some adults are like that too. It’s important for kids to know how to save money, so they can carry this characteristic around as an adult. Teach kids that a portion of what they earn should be put back for savings.
How to spend responsibly
When kids get money, they need to know how to spend responsibly. You can teach kids to spend responsibly by being a good role model for them. Kids are watching our every move, which means they are watching you as you spend money. Kids are smarter than you think, which is why being a good role model is so important. Teaching your child how to spend money responsibly is one of the best things you can do for them. Teach them that there are consequences for not spending responsibly, like not having money to pay bills.
How to tithe
For the families out there who tithe, it’s important to teach your kids this concept too. I believe it’s an essential part of teaching kids about money. What we receive in our bank accounts isn’t because of our own doings, but what God has done for us. Teaching your child to tithe is teaching them that giving back to God is an act of worship.
How to give responsibly
Teaching your kids how to research worthy charities, and avoid scams, is important. Our children know which organizations we support, and why we chose each of them. Talk with them about which organizations they might like to support based on their passions and then help them do the research.
Teaching your kids about earning, saving, spending, tithing, and giving is all good. You can make teaching kids about money fun by introducing them to fun board games or just making it enjoyable and not boring. How do you teach your kids about money?