Elementary Money Lessons to Teach Children
"Everything I need to know about life, I learned in
kindergarten." We've all heard that saying
many times before. However, most of us did not learn about
financial well-being in kindergarten, and neither will
your children. In this article, we will show you the main
things to teach your children about finances.
Many of us have made financial mistakes; some had to learn
the hard way because their parents failed to teach them
basic money management skills. Don't let the
same happen to your children. Teach your children
about money and finances. By learning the value of
money and how to manage it properly at an early age,
children are more likely to take on similar values
themselves. Most children who are not prepared find
out very quickly - often during their first year of
college - all the mistakes that can be made.
Here are some of the main topics to discuss with your
children, to teach them the value of managing their money:
Saving: Open a savings account with
your child and allow them to deposit money often - from
birthdays, holidays, or allowances. Many banks have
special programs for younger money holders.
Earning: Let your child learn how
people earn their money, by giving them an allowance
and/or paying them for chores that are out of the
ordinary. If your child is old enough, suggest he or she
earn money by mowing the lawn or baby-sitting for
Goal Setting: Instead of giving
your child the money to buy whatever it is they desire,
have them set it as their goal. They can then plan and
save to reach that goal.
Discussions: Include children in family
financial planning. Explaining to them where your
money goes is helpful and can also be used as an
explanation as to why they can't have something they
are asking for. If you discuss how bills need to be
paid so you have water, electricity, a car, a home, and
even television, you may be surprised at how understanding
they can be. This model of proper budgeting will be
something your children will remember as adults.
By approaching your finances with an open attitude, you
can help your children learn to manage their money. The
best money lessons are those learned at home.