5 Simple Tips on Teaching Kids about Money

Whether we like it or not our world revolves around the dollar and the sooner we can help our kids to get an understanding on money the better, it’s never too early to start teach kids about saving, earning and budgeting money. Whether you start early or later in the teenager years, good or bad (I prefer good) money habits, are for life!

Teaching Kids about Money Tip #1

Begin teaching your kids about money by giving regular pocket money (that they can earn by doing chores). This is a great way to start teaching your kids about money skills as it teaches goal setting, patience and independence.

Teaching Kids about Money Tip #2

Internet banking, online shopping, EFTPOS and credit cards these days can make the money factor invisible to a point which can sometimes make it harder for kids to understand the true meaning of what things cost. Not seeing the notes and coins exchanges for goods can make money seem abstract and an unlimited family resource. I suggest talking to your kids about money often to help them make this invisible money real.

Teaching Kids about Money Tip #3

At the ATM, at the Supermarket. When you are at the ATM you can explain to your kids that it holds the money you have earned at work and by saving, it’s not an endless supply of money, explain that when you take out money there will be less next time, unless you work again to earn more. When you are at the Supermarket teaching your kids about money can begin by showing them the prices of the products you buy and how you can buy a more expensive or cheaper version of the same item, this is a great time to talk about shopping around for the best prices.

Teaching Kids about Money Tip #4

When you are Paying Bills via the internet, by mail or in person it can also be a great time to talk about that your telephones, mobiles, the internet and electricity all cost money each month. Not to mention when you are the fuel station filling up the car, for teenagers, this is a great time to discuss the costs of running a car.

Teaching Kids about Money Tip #5

Planning a budget together as a family is another great place in teaching your kids about money, it gives them an overall view of income and expenses for the family. I would  recommend involving kids from 12 or 13 years with this perhaps and begin by explaining how much money your family has to spend each week or month and even annually on certain expenses. This will give your kids a much better picture of the costs that of everyday family life.

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Kasey Hannan photo

Wife to a hunk of a man, mother of two incredible daughters and nuclear physicist (Not really but sometimes I feel like I should know everything)

 

 

 

 

 

 

 

 

 

 

Raising Healthy Kids Today by Kasey Hannan

Skype: kaseyhannan

Email: kasey@raisinghealthykidstoday.com
“Let’s Raise Great Kids Today So They Look After Us When We Are Old, Yes There Is A Method To My Madness 😉 ”

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