April 28, 2007
How We’re Teaching Our Kids About Money
By Dana Joseph
I’ve written in the past how we are teaching the kids about finances. They each have their own tithing, spending, and saving jars. But just because they know how to divide their money, doesn’t really mean they understand much about managing money. We try to teach lessons just during everyday occurences and try to show our children that life is not about money, but money is a part of everyday life. Here are a few ways we are teaching them without really teaching them!
1. I have them check prices in the store. They like to look for sale signs, buy one get one free stickers, and especially the red target clearance stickers. I let them know what’s on the shopping list and they help to find the item and to compare the prices.
2. I talk about prices during shopping outings. If they see an item they like, I mention how much it costs and then compare it to something than can relate to (i.e. you would have to save all the money you get for your birthday to buy this!).
3. Playing board games that involve exchanges of money. Monopoly gives the kids a feel for buying and selling and in managing their money, even if it is only for play.
4. We let them in on our money conversations. The kids know that mom and dad take turns every week paying the bills. They hear our conversations about planned purchases. They see us give money to our Church and to other charity organizations.
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Topics: General Finance, Kids And Money, Personal Finance |
3 Responses to “How We’re Teaching Our Kids About Money”
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August 8th, 2007 at 8:16 am
[...] guess this is why there are so many blog posts out there about teaching kids about money and articles about teaching smart credit card use or why a 1% return can be a good thing. Without a [...]
August 8th, 2007 at 8:16 am
Kids With Credit Cards…
Welcome and thanks for visiting! If you’re new to Advanced Personal Finance, you may want to subscribe to my RSS feed.Here’s a by-product of the often recited ‘buy everything with a rewards credit card’ advice - the effect on our …
August 20th, 2007 at 5:27 pm
[...] being responsible with money, and how to save for your retirement. I really like the article on How We’re Teaching Our Kids About Money and plan on implementing these ideas with my [...]