Kids and Money

How much do your kids know about money: giving to others, saving for the future, and spending on self? The spending on self  aspect of money knowledge seems to be the most common for children. Sharing with others is typically only encouraged during the holiday season. Saving for the future is not in most kiddo’s minds, unless Mom and Dad have stepped in to guide.

The way we view and spend money as adults sets the stage for how our kids will view and spend money. A good question to get in the habit of asking is, “Do I need that item or do I want it?” Money is a necessary tool to purchase the things we need as well as the things we want. Articulating the differences between wants and needs will help a child to discern purchases and manage money more effectively. kids and money 

Five Ideas for Teaching Kids About Money

• Looks for ways to volunteer and contribute to charities throughout the year, not just at Christmastime because both time and money are commodities to share. Children learn to be generous when they have an opportunity to share with others first hand.

• Open a savings account for your child. Encourage a portion of allowance and other funds (birthday money, above and beyond chores money, etc.) to be deposited in the account.

• Pay a portion of an older child’s fees for a sport or art class because being accountable for some of the payment provides “skin in the game” for the child.

• Provide opportunities to practice using money. For example, when at the hardware store, count out cash with your child to pay. At the farmers market, give your child $5.00 to spend on his own and step back. Help if asked.

• Have an open discussion with your children about tithing. Conversations regarding money and giving to God can start as early as preschool. kids and money

© 2019 Becky Danielson. All rights reserved. kids and money

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