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Tips for Teaching Children About Money

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When our daughter was born four years ago and our heads were spinning with the cost of diapers, car seats, clothing, bottles and formula, we looked to friends for advice. Our neighbor’s have four kids, and gave us lots of helpful tips. One piece of advice we’ve heard from several friends including my parents, was teach them important lessons about money at an early age. Teaching young children about¬†the value of money helps them appreciate money and the hard work required to earn it.

A few days ago my four year old daughter and I were out at the store picking up a few items. We walked up and down the aisles looking for items on our list. She loves to shop, and of course that concerns me a little, so I try to teach her healthy habits. She’ll often ask if we can buy something that isn’t on our list, and I use it as a teaching opportunity. I’ll talk to her about what the item is and discuss the difference between a want and a need. Do we need more cereal or do you just want it because you like the box?

Of course, kids are smart, and sometimes when we’re out and I add something to the cart, she’ll parrot my question. “Mommy, do you need those chips, book, candy whatever that item is?” While that can sometimes be a little annoying, I smile and remind myself she’s learning. One of the biggest concerns I have with her generation, is the increase in use of cards versus actual money. Research shows that people tend to spend more at grocery stores etc. when using debit/credit cards than when using cash for their purchase.

As a woman it is important that I know about money so I can teach my children good financial habits as well. After reading an article by Genworth Financial, here are some tips for teaching your kids about money:

  • Give them an allowance as well as opportunities to earn money for extra household responsibilities
  • Teach them about coins and how much they are worth
  • Discuss that money should be kept for saving, spending, and sharing
  • Talk about your job and how you spend what you earn

How old were your kids when you started giving them an allowance? What is the best financial advice you received from your parents?

Information for this post is sourced from Genworth Financial in partnership with the SheHeard Influencer Network.

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