How to Teach Kids About Money

As a parent, there are many complex lessons one must teach their children. One such lesson is how to save, spend and approach money. Similarly to teaching your child about sharing, kindness or hard work, teaching your child about money is a foundational lesson that will stay with him or her for the rest of their life

The topic of money is complex for adults, so never forget to begin by teaching the basics. Teaching your child the value of money is an intangible, philosophical idea - so make it understandable by simply showing them how to earn it. Once your child makes money through a lemonade stand, walking dogs or completing their chores for an allowance, they'll better comprehend how much each dollar is worth in respect to their time and energy.

That being said, it's also important for your child to feel confident about spending money, for there's always more money to be earned. Through teaching moments, but also through experience, we must all learn the fine lines between stinginess and frugality, enjoyment and frivolity. Furthermore, teach your child not to focus on feelings of debt or lack, but instead to focus on abundance and prosperity. It's critical for children to understand at an early age that what they focus on will become their reality.

Last but not least, for those with older children, you must be aware of the money lessons that your child's school doesn't teach. Land value, stock exchange, gold rates - many of these crucial investment topics aren't addressed in a classroom setting, even though they should be! After all, no matter if our children become artists, historians, mathematicians or scientists, they must all have a healthy understanding and approach to the making, saving, spending and investing of their hard-earned money.

Have you talked to your child about money lately? In your opinion, what are some of the most important things for them to know? Tell us your thoughts in the comments below!

 

Posted on March 10, 2017 .