Casual Ways to Teach Children About Money

February 13, 2018 by OSYB Staff

Teaching children the relevance of money is something you might want start earlier than later.   Even young children are aware of the value of money and the role it plays in getting the things that they fancy.  To get kids starting to think about the importance of saving, budgeting, and financial planning, here are some very simple tips:

• Give them an allowance and you may or may not correlate an allowance to chores, that is up to you.  The idea is that they can choose to use or save their allowance.
• Use board games like LIFE and Monopoly that reveal to them in a light-hearted way, how financial choices affect outcome.
• Opening a bank account teaches children how to save and how interest is earned.
• Model to your children how you budget your resources for the family for a week of grocery shopping.
• Create a family savings goal together and find ways to save money towards a family gift or vacation.

There are lots of creative ways to inculcate children with a healthy respect for saving and spending money.

Never spend your money before you have it. —Thomas Jefferson

Read more:  Teaching Kids About Money

Image Credit:  Deposit Photos