Teaching Children How to Value Money

Teaching Children How to Value Money

In today’s day of modern technology and mass marketing, it is challenging to contain your child’s wants. Maybe it’s a fancy toy or a cool pair of sunglasses that they want, but they do not understand the value behind it. As a parent, how many toys must you go through that end up sitting in a bin in storage before you teach your child value?

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We understand your dilemma and know that there are ways. You can start teaching your kids as early as 3 to view money differently and not as something that just grows on a tree.

Tips To Help Children Save Money

Below is a list of recommendations to help teach your children the meaning of value and how to value money:

Say No:

Learning to say no and to not give in to every request can go a long way. Not a word that children like to hear, but with directness and consistency, a child will learn to accept and respect the ‘no.’

Wait/Use Time to Your Advantage:

It is hard for people of all age groups to wait for things they really want. Whether it is the latest iPhone or a new bag, it is difficult to wait. The idea behind waiting is to not only ride out unnecessary demand but to also increase the appreciation and value for the item. This technique teaches one patience, as well as the real need of the item, if there is one.

Use Penny Jars:

For children ages 3-5, this would be a fun and educational activity. Use three jars- one for “saving,” “spending,” and “sharing.” If you give your child money occasionally, you can divide up the money equally for each jar. If you don’t give your child money, you could start giving small amounts to teach your child the concept of saving and sharing and how to monitor their spending. This is an interactive way to show children how to manage budgets and control demands.

Create Goals:

At an early age, it is important to set your child up to succeed. Guide your child in creating reasonable goals, whether it is saving enough for a Halloween costume or a surprise cupcake treat. This recommendation will teach your child the value of persistence and what it takes to complete a goal. The earlier they learn that their actions can have positive results, the better it will be as they continue growing and learning more.

Parents are the main influence on their child’s behavior. Make smart decisions around your children and they will learn from you. Learning about value at an early age goes a long way towards shaping them into responsible and thoughtful adults.

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