5 Ways to Teach Kids the Value of Money

I wrote a post about teaching the value of money to kids a few days back. When Amrita suggested the topic for this week, I was not sure as I already covered few points. But this topic is something which I feel should be a part of kid’s curriculum. They should be taught not only the value of money but also the ways to handle money. Its important to teach kids the value of money.

Here are some points from my list-

1. You need to wait – Kids should be taught to wait for things they want to buy. They cannot have everything they want all the time and need to wait.
2. Teach them to save– One of my friends told me a great way to teach kids about saving money. She kept two jars in her house labelled as – saving and earning. Earning jar is for keeping all the money they collect from parents or as gifts from relatives. Saving jar is for keeping all the money for something big they want to buy later. I think it’s a good way to teach kids to save.
3. Teach them the difference between needs and wants– This one is my favourite and I also mentioned it in my previous post. Kids need to know that not everything they want is what they need too.
4. Do not give in– I have seen a lot of parents who easily give in when a child asks for something. Talk to him/her and make them understand instead of getting them each and everything they ask for. By doing so, you are not only spoiling them but also not teaching them the value of money.
5. Let them handle money– I always encourage my daughters to go and buy things themselves. When they handle money, they learn to appreciate it and when you appreciate something, then only you value it. It is not possible with very small kids but you can start with giving them small pocket money and teach them to save in a piggy bank.

I know it’s easier said than done. But as a parent, it’s our duty to make our kids aware of money matters too. I strongly believe, money matters should be discussed at home. It helps them to gain insight.

[bctt tweet=”Teach your kids to appreciate what they have and when they appreciate something they value it too. #Parenting #Money” username=”Deepagandhi1″]

It’s difficult to make small kids understand but start when they are little big and can manage pocket money on their own. I taught my daughters by explaining it to them that a particular thing is expensive, so they can’t get it.

There are different ways to teach the value of money but we shy away from discussing such topics. How do you teach the value of money to your kids?

Mother’s day contest

We have a Super Mommy mother’s day contest for all our mommies. #MondayMommyMoments is all about supporting other moms. So, for the month of May, we have a contest starting today till 31^st May. Find all the details below-

The super mommy contest is open from 8^th May- 31^st may. We will be giving prompts every week. Write on the prompts and link with #MMM linky. Every week there will be a different prompt. Write on all 4 to win.