November Lane

formerly random mommy

  • Home
  • Giveaways
    • Giveaway Linky
    • Current Giveaways
  • Recipes
  • Crafts
  • DIY
  • Printables
  • Esty Shop
  • PR/Legal
You are here: Home / Money Matters / Five Practical Ways to Teach Children About the Value of Money

Five Practical Ways to Teach Children About the Value of Money

May 20, 2015 By: Tonya9 Comments

boy

Financial responsibility is a trait that should be developed as soon as kids understand what money is. Having purchasing power is one of the most important aspects of adult life, and there are numerous ways to encourage beneficial financial practices during childhood.

Saving for What They Want
It is normal for children to expect their parents to have an endless stream of money to purchase the items they desire. At an early age, parents can show children how to save any money they earn or are given in order to put it toward an item they want. This approach helps teach kids patience in addition to instilling the importance of saving as adults.

Saving for What They Need
Saving up money just to spend may be helpful, but it is even more important to save money in general. Parents should open savings accounts for their children at Clydesdale Bank to save money and let them experience it grow. They should be taught about saving for future life events. Situations such as buying their first car or paying for university can be made much easier by having money saved beforehand.

Earning Through Chores
One of the most important ways kids can learn about earning and spending money is through allocating chores. Pay your child a certain amount of money based on the type of chore they perform. Easier chores such as sweeping a small room should earn less than harder ones such as scrubbing floors or cleaning bathrooms. With this method of teaching, the child will learn how money is made in addition to how the intensity of work may result in bigger earnings.

Shopping for Deals
It is beneficial to teach children the significance of trying to purchase discounted goods and services when possible. In addition to saving by putting money away, kids should understand what it means to save money by acquiring items at lower prices. Some goods and services go on sale during certain seasons. Other items may be reduced in price by utilizing coupons.

Giving Back
Nothing puts financial stability into perspective like witnessing the struggles of those that are less fortunate. Teaching children the importance of giving to those in needs can show them just how important responsible use of money is in life. Instead of spending money on useless pleasures, occasionally donate to a meaningful charity or purchase supplies for those in need.

Related Posts

  • Disney•Pixar’s COCO – Coloring Pages & More! #PixarCocoDisney•Pixar’s COCO – Coloring Pages & More! #PixarCoco
  • #GrowingUpOnline Free Ebook Download & Win The Lorax On Blu-Ray!#GrowingUpOnline Free Ebook Download & Win The Lorax On Blu-Ray!
  • Well, I had to guess on a few things….Well, I had to guess on a few things….
  • Is Your Student Athlete at Risk of Sudden Heart Failure? Live Q and A Hosted HERE!Is Your Student Athlete at Risk of Sudden Heart Failure? Live Q and A Hosted HERE!
  • Is Your Student Athlete at Risk for Sudden Heart Failure?Is Your Student Athlete at Risk for Sudden Heart Failure?
Beautiful Luna Moth
Another Silly Sleeper

Comments

  1. Anne says

    May 25, 2015 at 2:35 pm

    I agree, kids need to learn to handle money. We try to teach our kids financial responsibility and saving as early as possible.
    Anne recently posted..Bratwurst Pizza on the Grill – Dig into Something DifferentMy Profile

    Reply
  2. Jenna Wood says

    May 25, 2015 at 3:18 pm

    Chores has always worked for us, but when the 12 year old began getting money for holiday presents we also went and got her a free child’s saving account at the bank. I wonder if any of the kids from this generation will know how to balance a checkbook?

    Reply
  3. Carlee C says

    May 25, 2015 at 3:41 pm

    One of the first ways I started to teach my kids the value of money, was taking them to the bank and letting them make their deposits. They then get to see the receipt and how it is growing .

    Reply
  4. Tammileetips says

    May 25, 2015 at 10:01 pm

    I love this so much!! I really wonder if I would have made different decisions in life if I had more knowledge of money earlier in life. This goes all with what we need to know as adults!
    Tammileetips recently posted..Avocado Banana Raspberry Yogurt Smoothie RecipeMy Profile

    Reply
  5. Tammi Roy says

    May 25, 2015 at 10:06 pm

    Great tips. Teaching kids the importance of saving and giving back is important,
    Tammi Roy recently posted..Coping with Summer AllergiesMy Profile

    Reply
  6. Meagan says

    May 26, 2015 at 1:01 am

    I love that my mom taught me the importance of the value of money by teaching me how to budget at a young age. My parents also never just gave me everything I wanted – I had to work for it.

    Reply
  7. Emily says

    May 26, 2015 at 3:13 am

    I’m working on many of these with my 5 yo now. It’s never too early to understand money.

    Reply
  8. Dogvills says

    May 26, 2015 at 6:34 am

    Those are great ideas. I like the one about giving back because it gives them sense that not everybody can afford things.

    Reply
  9. Nancy @ Whispered Inspirations says

    May 27, 2015 at 9:44 am

    These are great tips! I will have to put these into practice!

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

CommentLuv badgeShow more posts

This site uses Akismet to reduce spam. Learn how your comment data is processed.

  • Bloglovin
  • Email
  • Facebook
  • Instagram
  • Pinterest
  • Twitter

Search This Website

Contact me!

Current Giveaways

Daphne and Velma on Blu-ray
.
Daphne and VelmaContest Closed
Max 2: White House Hero on Blu-ray
.
Contest Closed
.

Recent Posts

  • Frozen 2 – Printable Activity Sheets!
  • Funny Food & Drink
  • Around the Fire
  • Lightning Photo
  • Our Venus Fly Trap caught a spider!
  • Walk along the river

@Novlane on Instagram

novlane

Found the strangest tomato I’ve ever seen in our Found the strangest tomato I’ve ever seen in our garden today! #gardening #tomato #strangevegetables #vegetablegarden #vegetables
Today’s #corruptober2020 prompt is smile. ::: #c Today’s #corruptober2020 prompt is smile. ::: #corruptober #snake #drawing #drawingoftheday #drawingchallenge #drawingchallenge2020 #pencildrawing #sketchbookdrawing #sketchbook #prompt #halloween #october #art #artistsoninstagram
#quotes #buddha #quotes #buddha
#butterfly #nature #naturephotography #marigold #butterfly #nature #naturephotography #marigold
#BagelBites #contest #complimentary @BagelBites @I #BagelBites #contest #complimentary @BagelBites @Influenster
Via @motivationapp: Staying positive does not mean Via @motivationapp: Staying positive does not mean that things will turn out okay. Rather it is knowing that you will be okay no matter how things turn out. 

#quotes #motivation #qotd #quote #inspiration #quoteoftheday #motivationalquotes @motivationapp #dailyquotes #inspirational #quotestoliveby #motivationapp #inspirationalquotes #instamotivation #instainspiration #instalife #instaquotes #motivationdaily
Load More... Follow on Instagram
This error message is only visible to WordPress admins

Subscribe

Recent Posts

  • Frozen 2 – Printable Activity Sheets!
  • Funny Food & Drink
  • Around the Fire
  • Lightning Photo
  • Our Venus Fly Trap caught a spider!
  • Walk along the river
  • My KonMari Journey: Clothing
  • Watercolor Sea Turtle
  • Oh Christmas Tree!

Categories

Archives

Google+Find us on Google+

Tags

art beauty blogging books Book Tour chicken children Christmas coffee cooking Disney dogs Easter entertainment Family family memories Febreze food fun funny Girl Scouts Halloween health holidays hubby influenster kids movies movie trailer music NaBloPoMo nature p.hub photography recipe roundup SheSpeaks snacks snow sunset Thanksgiving toys Valentine's Day video winter

Copyright © 2023 · Modern Blogger Pro Theme By, Pretty Darn Cute Design