Teaching your children about the value of money and budgeting can start at an early age. My 4 year old knows what coupons are. She knows all about the bank and why we go there. She does not earn money for regular household chores, but sometimes I will give her “extra” larger jobs that she can earn a dollar for. She counts her money each week and she is currently saving for a game. She also brings a quarter to church each week! I began teaching my older kids the same at her age.
I do prefer to shop alone, however when I do have the kids with me, I use it as an opportunity to teach them. I always take the kids to the bank with me as I want them to ask questions and learn at an early age. Not only am I a frugal shopper, frugal blogger, saver, etc, but my husband is a financial advisor and a CPA.
Starting early with skills and money saving strategies and BUDGETING is very important. Children will learn about the calendar, math, and saving money. The tools you teach them now will last throughout their life, so make sure to get an early start with your kids. I remember as a child sorting my moms coupons for her. She had a small coupon box, and I thought it was so much fun categorizing them for her. When we were heading to the store I would watch her pull the coupons out to match the sale ads. See how much that impacted me? My dad also had a change counting machine. He owned video games and placed them throughout our city. He would empty them weekly and we would use the machine to count the change and wrap them to bring to the bank.
My husband and I realize the importance of saving for the future. We started off on the wrong foot – can you say CREDIT? But we quickly realized our mistakes and worked hard to turn it around. We do not want our kids to ever experience credit issues, so our goal is to instill good money-saving strategies NOW.
For more great tips, check out this article: 12 Things I Want My Children To Know About Money
What tips do you have for teaching children about money?
Guest Post by Genworth Financial