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Parents Teach Children the Value of Money and to Save

Updated on February 3, 2010

We all know that children learn the most important things from their parents.  If we budget and save money our children will learn with a little encouragement to follow by example.  It is the responsibility of parents to share the lessons we have learnt the hard way, from our mistakes.

We have all made mistakes as parents, wasting precious earnings, year after year.  Often too late we realize the landlord gained from our waste.

It is never too late to change that attitude.  Although more importantly we need to set an example to our children and I hope to give you ideas on how to do that.

 

Families working together

Children can be selfish at times through no real fault of their own.  They throw a tantrum when they do not get their own way. Or when you go shopping you hear the repeated words. I want, I want.  It is during or after one of these times that you need to sit down as a family and set some guidelines.

Ask the children what they would do if they found no meals on the table or washing and ironing not done what would they think.  Yes, we know the answer to that.

Take this opportunity to suggest that in future, you want everyone to work together.  Explain how you will draw up a roster and give each person certain responsibilities.  I hear them winging already.

Now explain if they do these little jobs, they will be given pocket money in return.  You should have their attention now.  Depending on the ages of the children designate small chores.  I would not start this with children under five, although if they see the other children doing chores then include them in the roster. 

Five to ten year olds- can make their own beds (do not expect perfection) it is the responsibility of working together that is important. These could also help dry the dishes each night. The younger ones could dry the plastics. Do not let the kids dry any sharp implements.

Make a decision on how much to pay the children as pocket money.  No more than five dollars. As they need to learn the value of money and how to save for the things they want.

In return, if they have done the chores you tick it on the roster.  At the end of the week pay them.  This is where you spring another surprise.  You hand them a sealed container with their names on them.  Whatever you decide to pay them, they have to put half into the tin.  The rest they can save up for something special or spend as they wish. 

Our daughter did this with her children; they are in their twenties now and still have a savings account which they save a percentage of their wages in every pay day.

This a great way to teach them the value of money and start learning that money does not grow on trees.

Go Shopping together

Every time you go shopping with the children encourage them to see how much things cost.  The older ones need to learn how to work out how much change they will receive. Make it an interesting time for them if they get the right answers then reward them. 

How many times have you been served by a junior salesperson?  How do you think they would survive without the computers telling them how much change to give their customers? 

If you teach your children the value of money from a young age, at least you know they will not have this problem.  Of course they will make mistakes, but that is a part of learning.

Have you taught your children the value of money and encouraged them to save

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    • Eileen Hughes profile imageAUTHOR

      Eileen Hughes 

      8 years ago from Northam Western Australia

      support med, glad of that, thanks for taking the time to read. cheers

    • Support Med. profile image

      Support Med. 

      8 years ago from Michigan

      This is an interesting hub. I enjoyed it.

    • Eileen Hughes profile imageAUTHOR

      Eileen Hughes 

      8 years ago from Northam Western Australia

      Beatsme, Yes you have to start somewhere and one of those trees sure would be a great way of starting. Thanks

    • BeatsMe profile image

      BeatsMe 

      8 years ago

      Nice hub, Eileen. It's not easy to save for some people. But like you've said, money don't grow on trees. Wish they were, life would've been easier.

    • Eileen Hughes profile imageAUTHOR

      Eileen Hughes 

      8 years ago from Northam Western Australia

      Fits4life, we must be sychic. what do you reckon.

      Sounds like that means you are great and caring parents thengood onya. thanks for stopping by

    • fits4life profile image

      Cherri Brown-Jett 

      8 years ago from Richmond

      This hub sure tells the truth about the responsibilities of parents. None of us should be raising our children so that we would have to support them financially for the rest of their lives. We should raise them to be able to support themselves. Its funny, because my 16 and 13 year old daughters and myself discussed this before they went to school this morning. The conversation ended when I told them that their father and I would have failed at parenting if they could not support themselves as adults.

    • Eileen Hughes profile imageAUTHOR

      Eileen Hughes 

      8 years ago from Northam Western Australia

      ldtodd, If we are honest as a parent I believe that we all make mistakes as long as we learn by them. I think I did. Thanks

      Delores monet, Yes all kids need that for sure. thanks

      Tina V, Very true indeed, a lot of people appear to be selfish these days or maybe always have been I am not sure.

      Media, highlights the problems more so these days. Too much, there is no privacy anymore no matter who you are. thanks.

    • TINA V profile image

      TINA V 

      8 years ago

      This is really true. Parents must teach the children the value of money and importance of saving for the future. It is also good if the kids will also learn the right way of sharing.

      Have a great week!

    • Dolores Monet profile image

      Dolores Monet 

      8 years ago from East Coast, United States

      The best thing you can teach a child is a sense of responsibility in every aspect of life. Great hub.

    • lctodd1947 profile image

      lctodd1947 

      8 years ago from USA

      Eileen, great hub, I guess I should have been better at teaching my son!!!

      Well said and oh so true.

      Thanks

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