This wonderful post was submitted by a “Raining Hot Writer”. Thanks, Bobbie….I love all these unique ways to help Children learn about money!
We strive to be wise with our money and practice it in many ways. However, sometimes we fall short in helping our children learn the wisdom of our ways. Yes, they learn by example, but there are also practical ways to teach them. Here are just a few examples that you may want to implement into your own lives.
1. Instead of giving them a general set allowance each week, create a set amount of money for each chore that they complete in the week. You decide what their minimum chores would be for the week and also what their minimum allowance would be as well. You also decide what their maximum chores would add up to as well. This teaches children the pride of earning their cash per chore rather than earning a set amount no matter how little or much they do in the week.
2. When they have a birthday or receive money of any kind you can teach them the importance of savings by allowing a certain percentage to always go to their savings account at the bank, no questions asked. If you are trying to teach them the importance of 10% tithing , you could in addition, set aside that amount to drop into the offering plate on Sunday. Show them the balance of their savings account each time to get them excited to see their money growing. Give them goals on what they would like to purchase with their savings.
3. Instead of giving material gifts, how about the gift of a savings bond? Children may not appreciate this in their younger years, but when they are older, they will thank you ten-fold and teach them the valuable lesson of patience with watching money grow. You could even ask your children if they would like to buy a savings bond from the money they have in their savings account. The possibilities are endless.
4. When going to an big event such as the Circus, be specific with your children on the amounts you would like to spend and stick to that. This teaches them the value of items as well as teaches them not to spend on demand and foolishly. Teach them good habits and a healthy awareness.
And who knows your children may be stock-brokers by the time they reach age 3… wishful thinking I know.
Happy Frugal Parenting!
Image by Timeout Kids.