Teaching Kids About Money ,Makes Sense
77Kids and Money
Teaching Kids About Money Makes Sense!
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Money For Kids
Teaching Kids About Money is a very necessary skill, that will hopefully stay with them all their lives. Of course they will mature (eventually) and think they were just born with that function, never the less you will know that you have done a great deal in helping them prepare and acquire another important life skill.
Money for kids including allowance,and teaching kids about money,its value,its purpose should be fun and purposeful all at the same time.
Mentally a 3 year old has a limited time span and an even shorter patience level, they want that candy or toy now, right now as a matter of fact!, and any education about money for kids vanishes on the shop floor ,so to speak. Thats ok, I have those meltdowns occassionally too, but the discipline learning the disappointment of not having 'things', when we want them is being faced head on,and the sooner that lesson is learned the better. Be patient ,Rome wasnt built in a day and neither will money management!
Money For Kids
Everyone needs a budget ,even if its a very basic one. It helps to know where our money is coming from ,how much we have, and what we want to spend that money on. Teaching kids about money needs to make sense in other words in a concept, they can understand ,and with time frames ,they can reasonably accept. For example when my son was 10 yrs old he desperately wanted a computer. It was in our budget but not our immediate budget. He was old enough to understand that if he helped to earn money for perhaps one component of that computer ($16 for mouse) every dollar would bring that goal even closer.
Play money for very young children, progressing to money for kids is maybe their first introduction to currency and something they are going to see alot of (hopefully) in the future. I bought those cheap plastic toy money sets and even a 2 yr old can learn one coin for this cookie , or two coins for two cookies....basic math made fun.
Teaching kids about money making sense ,should be fun and appropriate for their age and maturity. So invest in resources ,books,videos games teach kids money
By the time ,they are walking alongside you in the supermarket ,they will be well used to the concept of 'having enough coins' and lighthearted chats about 'do we have enough for one, two or none,' money is making sense to them!
Involve kids Let them hand the money to the cashier, reinforcing the trading aspect in their minds so it makes sense, this buys that etc.
Money For Kids
How Do You Teach Your Kids About Money
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Hobbies That Teach Kids Money
Breeding and raising small animals
-my sons chose budgies and made a tidy profit ,it helped that dad sold the seed to them at a reduced rate ,but it taught them to stick at the task , even when they didn't feel like cleaning out boxes or feeding etc, and when they made their first sale ,the motivation and joy on their faces was priceless.
Making and selling cookies -Start small and definately supervise in the kitchen.
Grooming and/or walking a dog, friends, neighbour
Car washing
Snow Removal or in the Springtime yard work
If your child is too young for babysitting or any of the above tasks, have them be second in charge ,and reward them accordingly
Teaching Kids About Money,Makes Sense
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Comments
thelesleyshow Youre an absolute gem and so supportive of my efforts. What a neat idea,one of my sons teachers had a similar idea,based around 'funbucks' and as she bought up various knick knacks that they could purchase at the end of term (something like that) Really had a heart that teacher and she kept record too ,so that eventually every child recieved some acknowledgement for their efforts.
Knows you must be an awesome family indeed! Thankyou.
Allelujah, Allelujah, good hub eaglekiwi... thats the first time I have ever seen your name in my email inbox :P
Hey you ,thankyou for making comment and stopping by. Maybe my other hubs went to your spam folder,an the dust bunnies got me,lol. Reckon youd love the Queenstown hub, specially the bungy jump ..hehe..thanks again~Ekiwi
There should be more hubs like these. A lot of kids have no concept of saving for the future. I believe that teaching them the value of money forces them to appreciate what they have and more importantly what they need to do in order to obtain the things that they want eg lollies!! I believe that giving them a "reward" for effort instead of merely giving develops initiative and self-esteem. Well done.
Hiya Eaglekiwi. As promised, I'm reading the hubmob hubs this week =). Great hub. This is something I can go back to reading when I have my kids =).
awsydney-Thankyou for your input,and yes its all about teaching them a life lesson I believe and trying to keep money in its right perspective. I was hopeless saving when I was younger,maybe because we didnt get an allowance, and chores were just all part of living,not seen as a childs right? ,my dad would laugh at that concept ,yet he was generous and never slow to correct my careless spending.
Guess I was a slow developer ,lol.
emievil-thankyou for your dedicated efforts,I appreciate it heaps! and I know by your attitude you'll make an awesome parent ,in the future!
Execellent ideas. We always thought that there should be a standard course on budgeting in schools, but starting at home is even better.
Thankyou Pete. At many high schools ,I think they do cover some aspects of money management and/or lifeskills etc ,but like most things ,the sooner and younger a good habit is learned hopefully remains for life.
I have been trying to teach my kids about money and how to handle it and why NOT to use credit, for a while now. I have friends who believe you should get kids whatever they want, at any cost, and never tell them you dont have enough money. They say, why should they have to worry about your financial problems? Its been a little hard for my kids to see thier cousins get all the newest gadgets, horseback riding lessons, name brand clothing etc. But what will happen when those kids are big, and expect everything handed to them, and real life just doesnt work that way? I strongly feel as a parent, my duty is to prepare my child to become a responsable, healthy, functioning adult. If we dont teach them, how will they ever know? This was such a nice hub EK. :)
Hi Rednck, always good to hear your comments ,and I know exactly what you mean ,re other kids having more. Our family at its busiest time had me trying to motivate and try to be consistent with 5 sons...3yrs -16rs, when it came to being 'not wasteful' and saving ,even if was just pennies. They are much older now, but the best thing is they all know how to wait for things ,and spot bargins! lol.
None of us is perfect,we certainly were not ,and sometimes the best ice-cream for example or splurging on a birthday present that ya cant really afford is the best!!. I bet you do a fantastic job too!! and one day you will see the rewards,trust me. Thanks again for your lovely comments!
Great job on pointing out the benefits for children to develop money management skills at an early age, Eaglekiwi! I still consider myself a kid and don't have any kids (at least not that I know of) so this helps me! Thanks!
dohn121-Thankyou my friend,lol theres a kid still deep down in all of us dohn,least there is in me too.You will make a wise and kind dad im sure of that!
this brings home an important concept and one I practice with my son - good hub...thanks
Hi mtsi, Thankyou for your encouraging comments! and youre welcome.
I just take the money out of my pocket and tell em " This is money", then put it back in my pocket. Enjoy yer weekend Kiwi !
I have heard that too many of today's kids do not really understand money well. Since they never see mom or dad paying cash for anything the whole concept of the money is foreign. To them if you have the plastic you can buy, whether you have the money or not.
Badco, Thankyou my faithful friend for dropping by, and lmao, reckon youd be a softie when it came to treats etc.
You have a safe n happy week-end too!
I know he's a big softie and never spends money on himself, well except for his red friend and I don't mean the redhead hooker at the bottom of the street. Nice hub chick, yer good, well so all the Kiwi guys have told me ; )
Erick ,so true, and funnily enough even before credit cards, (my parents never had them)as a kid ,I thought money grew on trees too. My dads pockets always seemed to jingle jangle. I think Banks would be a whole lot different too ,if we all chopped up our credit cards. Thankyou for your comments.
CabinGirl-Speaking of red ,I feel like a nice shirazz or two or three ,and pleased I got one or two who think Im good, hahaha ya naughty wee fing!
This is highly inspiring article. Children don't pay much attention to expenses. They spend lavishly without saving it. Parent should come forward to teach them.
Vizey, Thankyou for your positive feedback and I agree with you ,the earlier parents teach kids about ,the more it helps them throughout life,in my opinion.
Good informative Hub..
Thanks!
askjanbrass, thankyou for your comments and compliment,appreciated!
every parent should take this course material. What we teach our children when they are young will help guide them in later life.
Thankyou for your positive comments.
My parents did an excellent job teaching me about monetary responsibilities, but after I found out what Star Wars was I usually went and used all of my allowance to buy a figurine :)
Thanks for the Hub, EK.
Hey zadrobi Thanks for reading and its commendable to hear you praise your parents-good for you!
Everyone has their 'must haves' trust me , and they never go away lol,but sadly some people just gotta case of the 'gimmes' must have now. Thanks again.
Great hub Eaglekiwi, very useful, I am trying to teach my son the value of money at the moment and this will definately help, thank-you.
wrenfrost Thankyou for your positive comments, good luck with your son , Im sure youll make it fun and do an awesome job!
Hy Eaglekiwi,
I feel a bit of a cheat cos I don't have kids, I'm not a parent, but this is great sound advice I would recommend to anyone with kids. My grandparents mad eme a little corner table spot in the house where I could set up my own shop, with flour, spices, and tins of stuff as a substitute for dolls: my grandad told me I might learn something useful...learning the value of things, and that entrepreneurial flare sure rises fast. Kids raised on farms are lucky, they get a good insight into the value of money. They learn that things don't come for free, and so appreciate them all the more. Check out some really interesting books that may not be quite kid friendly but got sound sense, the series of books in the "Rich dad, Poor Dad" name. Great Hub here! I'm a fan!
Hi Cheekygirl
Thankyou for your comments and what wise grandparents you have. Im a country girl too, and maybe its just a generation thing, learning the true value of things , even food n shelter.
To be honest , saving is not one of my greatest strengths, but I dont have credit cards either so it all works out for the good. Great book you mentioned too. Thanks again.
some more ideas to teach my kids.
Good for you Rebecca, it isnt easy for kids nowdays since we live in a cashless society...but even pennies have their place still,lol. Thank-you for your comments.
To EagleKiwi:
Thanks so much! You spread the Good Word! I think saving is a habit. Once it starts, one gets used to it. Well, that's the theory anyhow! LOL!
Hey Cheeky Girl ,lol yes that is the theory , well all ya can do is try an hope something rubs off and yer right it is a habit. I actually think my kids savings are better than mine now lol!
Hey eaglekiwi, I was hubbing around through my fans Hubs and came across this one. I enjoyed your take on this subject and appreciate your effort on teaching others, the importance of children learning about money. It will help others, possibly realize this is a necessary step in the child's learning process. Thank you so much.
thelesleyshow says:
3 months ago
My daughter's teacher gives away what she calls "Ms. Carrasco Bucks" and she gives them to the children for turning in assignments and being good in class. She also gives them a "register" to log all their money in as "credits" and if they don't turn in class work, if they misbehave or go to the bathroom during class time she makes them pay her back and they have to log it in their register as "debits." I think it's a very creative way of teaching children to be responsible with their money but it also teaches them that hard work pays. I love the whole concept and I think it's truly brilliant. It's more than just giving kids incentives to work, it's teaching them how the real world operates.
Great hub! I really enjoyed this one a lot! Thumbs up!!