Saving Tips For Kids

How do you teach Kids About Money? It is a skill, that will 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. ' 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!

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.

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