How to Teach Children About Money Management
Crafty Ways to Teach Your Children to Save, Spend and Give
Teaching children about money management is an amazing gift a parent can give. Make it fun and creative for a win-win! Starting around age three, a child can start to grasp the concept of allowance. This is NOT money we just give them. They must actually do something to earn it. The seeds you’re planting are work ethic, responsibility and persistency. Who wouldn’t want their children to learn those big three lessons? This is where it all begins. Let your child know that you’d really love some help around the house and that they can earn some money by helping out. That money can be set aside in one container for fun things like toys and games. A portion of it will be put in a container and saved for something they want in the future. Help them think of ideas as what that may be. Maybe it’s a more expensive toy or a trip to the Zoo. The last part will be put into a container to be given to other people who need it. Just like sharing toys, it’s important to share money with others who need it. Help them picture the place the money would go. Maybe it’s a food bank, a religious organization or an animal rescue organization. By helping your child visualize what the money in each container will be used for, it gives them a clearer motivation for earning the money and saving it.
