Teaching Kids About Money

May 05, 2017LaBreeska Ingles

It is important to me to raise children that appreciate the value of money. I want them to be hard workers. I want them to be thankful for what they have been given instead of always wishing for more. I want them to be aware of the needs around them and contribute to their society. I want them to see true poverty in the world and find ways to bring change. So, how do we raise our kids to be stable with money? 

I have a 6 year old and a 4 year old who are experts at asking for everything they see. The day after Christmas, when they should be playing with their new toys, they are contemplating what they want next. I don't know exactly how to cure this natural desire for more, but I thought it wouldn't hurt to begin teaching them about work and money.

I purchased the Financial Peace Jr. learning package by Dave Ramsey. It came with a workbook that taught the basic principles of working, spending, saving, and giving. My kids have a chore chart that they check when they complete their jobs, like cleaning the bathroom sink or taking out the trash. At the end of the week, I pay them for their work completed. They divide their money into clear envelopes that say GIVE, SPEND, and SAVE. They give money to the church each week when the offering plate is passed. They are required to use their own spending money for little things they want, like a sweet treat at the movie theater. They are both saving their money for a larger toy that they desparately want.

I'm sure there are many ways to teach your kids about money. My parents didn't have a Dave Ramsey system to teach me these skills, yet I worked for my allowance each week. I had a savings account at the bank before I went to High School. I had a checking account and knew how to balance my check book before I went to college. I knew the importance of avoiding credit card debt and working more than one job to pay my bills if necessary. I'm thankful that my parents took time to help me learn these basic life principles. I want to help my kids develop these skills as well.

How do you teach your kids about the value of money?

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