3 Ways to Teach Your Kids About Money

4:21 PM

Part of childhood is being care free. So, we tend to not what to burden our children with thoughts of things like finances and budgeting. This could be doing more harm than good though, as they grow up and lack the basic financial literacy skills to keep themselves afloat. My boys have become way to flippant when it comes to money. They have come to expect weekend outings and trips to a local restaurant without a second thought of the cost. This is my fault and now I aim to fix it. I want to give my boys a healthy appreciation for fiances and what it means to earn, manage and budget money and I have come up with some simple ways to do that.

1. Let Them Earn Their Own Money

Letting children earn their own money gives them a greater appreciation for its value. The boys and I are going on a massive 50 day camping road trip this summer and I don't want them to think it comes free. Each weekend they are going to have a little lemonade stand in town that they work to help earn money for the trip. This way, they realize that it takes a lot of hard work to save up for something you really want. That $1 cheap toy won't seem like such a simple thing to ask for when they learn how hard it can be to earn that dollar on their own.

2. Open a Savings Account for Them

This is one piece of advice I definitely plan to follow. Starting a savings account for your children starts them on the road to financial responsibility early on. They learn how to save a portion of what they earn or receive for later, a skill that will come in quite handy in their adult lives.

3. Lead by Example

Perhaps the best way to teach your children about good finances and budgeting is to lead by example yourself. The facts are that many women and moms pass the financial buck to the men of the house and take less of a roll in being responsible for their finances. This article from TIME about women taking control of finances discusses why it is so important for women to have a hand in managing their family's finances now. I plan to set a prime example for my boys when it comes to money and I used tools like the Genworth life insurance budget calculator to make sure we stay on track and can afford the coverage we would need if something were to happen to me.

How are you teaching your children about money?


Information for this post is sourced from Genworth Financial in partnership with the SheHeard Influencer Network.

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9 comments

  1. My children each have their own savings account and a piggy bank. They have to put half of everything they earn into their savings account.

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  2. great tips thanks so much for sharing.

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  3. Letting them earn their own money is a huge lesson for kids! When they have to "work" for it, they appreciate it so much more!

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  4. What you said about leading by example is probably the biggest key here.

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  5. Lead by example is a great one. They are always watching.

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  6. Great tips! My son is only 3 but we've already started the process of teaching him about money.

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