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Teach Your Kids About Money

Updated on September 25, 2015

Kids' Finances

It's important to teach your kids about money and finances. If not, they could have some serious problems when they're older and are forced to learn it all at once.

It's best to start young with a simple allowance and a few savings and spending tips from good ole dad, or mom, well both.

You can go about teaching your kids about money a few different ways. Continue reading and find out which methods and tips will work best for you. I'd recommend mixing and matching the following tips.

Teaching Kids About Money

You'll want to start teaching your children about money and finances young, say around the age of five, give or take depending on your child's maturity level and responsibility level.

  • Start by teaching the difference between needs and wants. He needs that new book bag for school, but he wants the new DS Lite video game.
  • Teach them that money comes from working, and that everyone has their own job. That even them, as children can have a job; you may consider giving them simple chores such as cleaning their room.
  • Teach younger children money in terms of how much a penny is worth, a nickel, dime, quarter, dollar, etc, and how they lie in terms of worth ( a nickel is more than a penny but less than a dime).

When they're a little older, you'll want to phase in credit cards, banks, interest, and more advanced forms of finances. At this stage you'll want to teach them how to budget their money, as hopefully you are using a weekly allowance to help teach your children about money and finances.

A simple $3.00 a week for younger children, with the occasion quarter raise when you add chores, will help teach budgeting as well as how to save in order to purchase things that you want.

As your child ages, you may want to sit down and show your children where the money goes in the family- electric bill, water bill, mortgage, car payments, insurance, groceries, clothes, etc. This will further that you really do have to work for money and that you should spend it wisely.

When teaching your children about money, finances, saving, budgeting, and investing, you will want to suggest ways of saving.

My grandmother used to tell me when I get money to set half aside and leave the other half to spend, but you can set your own suggestions. Don't force your children to follow your suggestions. Just suggest tips how to save.

Another tip you will want to consider is the "monkey see monkey do" aspect of life. If your children see you being money smart, maybe they will ask questions and try to mimic your activities and behaviors.

You may want to consider checking out games and activities to help your child learn the basics of money.

Websites to Teach Kids About Money

Children created this website to help other children learn about money, finances, budgeting, and stock. Children can play stock games and take quizzes. There are three different sections for beginner, intermediate, and advanced learning experience of investing.

This site provides games towards younger children. These games include various money and change games that teach children how to add coins and make change. They can go on a shopping spree, match coins to equal the total price, and adding coins to equal the total.

Download these educational games, so that your young child will learn money and how to count it.

This website for teachers supplies games, cartoons, news, and lesson plans for teaching children about money. Teachers can even fin fun projects and activities for kids.

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    • Woody Marx profile image

      Woody Marx 

      10 years ago from Ontario, Canada

      I'm going to send this one to my brother who has three younguns and could use the great info! Thanks Whitney.

    • mrs know it all profile image

      mrs know it all 

      10 years ago from The Windy City Suburbs

      Great hub! I was one of those kids kept in the dark growing up because my parents "didn't discuss" finances with us - it backfired and I got into financial trouble as an older teen and college student. Now I'm very financially responsible - but only after making many, very expensive mistakes! I'll be sure and implement some of these guidelines with my kids. Thanks for the links, too.

    • tjmum profile image

      tjmum 

      10 years ago from Isle of Wight

      I've already got my boys piggy banks (at 2 yrs and 9 months respectively!), and the eldest is now starting to ask for money all the time. Won't be long before he's asking for the keys to the car. Great hub. Teaching kids about money is so important with debt spiralling out of control.

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