3 Tips to Help Teach Kids About Money

Kids and money is a topic that often comes up with my mom friends. We want to help teach and guide them. Money management for kids can be a hard lesson though. Teaching kids about money is so important for their future. In this post I have some great tips on how to teach kids about money. Piggy banks with title to teach kids about money

It can be so frustrating to go to a toy store with your child begging for every fun toy on the shelves. Or to make a trip to the grocery store and have them point to each treat they want to take home. Kids just don’t know the price of things or anything about budgeting. It’s not a skill taught in the schools and sadly, is not learned in a lot of homes. Here are a few ways you can introduce young kids to the value of money. coins on a table

Start to show them the prices of things that you buy:

How much does gas cost when you fill up at the pump? When you buy sneakers, how much are they? If you stop to eat lunch, what are the prices? Just notice what the prices are together.

Give your child a small dollar amount to spend at a store, with the choice of a type of item they can buy:

A great idea is to take them to the grocery store and let them pick out their breakfast cereal. Talk about how much cereal you get for which prices. How nutritious the cereal is, so your child will have good energy for the day. Will there be money left over or is the cereal too costly?

If your child sees TV ads for toys and simply can’t stop asking for them, consider talking about how Mom and Dad save up for future purchases.

Even if your child is young, it could be a good idea to create a way for them to save for a purchase they would like that you are comfortable with, such as a doll or a toy robot. Make sure the goal is not impossible to reach so your child does not feel defeated even before they get started. girl coloring with crayons

Talk Openly About Finances:

Take the stigma out of paying bills. When discussing money, leave any shame or blame out of it. When your child asks for a toy or to go on a big vacation, discuss calming and matter of factly about how much the family needs to save in order to do that. Explain how bills work and are paid. Talk about how credit works and why it is important to be responsible with it. 

Young children can become savvy about money too. These skills will only help them as they become older. Do you have an open dialogue with your children about money?

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Piggy bank teach kids about money