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6 Tips for Teaching Children Money Managment

April 25, 2012 by Jaimi Erickson 6 Comments

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Teaching children money management skills is simple with these 6 tips for parenting children and teaching them to be responsible with money.

Teaching children money management is one of the great skills I learned from my parents was money management. Lessons such as how much money it takes to buy certain things, how to set up a budget, being mindful that what goes out better not exceed what comes in, and self-esteem from inside, not from accumulating ‘stuff’ on the outside.  These are linked, but separate skills, that can be taught to our children while they are young without needing a degree in Finance or any degree at all.

Here are 6 tips for teaching your children about money, budgeting, and that while love is free, stuff is not!

6 Tips for Teaching Children Money Management Skills

1.) Discuss money and income

My parents often discussed their income and money in general at the dinner table.  We did not need to schedule a family meeting, because most nights we had one while eating together. It was natural, it was just what we did.  My brother and I asked questions to chime into the conversation and were respected and trusted enough to be given the answers to questions we had: “How much money do you make?” “What does a car cost?” “Why can’t we get a toy when we go to the store?”

2.) Don’t buy new toys every shopping trip

I rarely buy my children toys or other items when we are running errands. Teaching children money management skills has to begin with the idea that just because you want something does not mean you can always get it.
We have had tantrum fests in the middle of Target because I have put ‘no’ on repeat.  I am not saying that we NEVER let them pick something out, but we are mindful of when we last did allow them to pick something, and how close we are to a holiday where they will be receiving gifts, not to mention the greater point of what the excess funds look like at the time. This post about teaching children to be responsible with money has some great tips on this topic too.

 

My son used to often see something he thought he could not live without, and we ended up doing the ‘no-on-repeat-leads-to-tantrum’, but he has learned that money is required to buy things.

 

3.) Assign your child chores

After my son started asking questions about money and asking about buying things at the store, my husband and I decided to start giving my son chores and paying him once a week for doing them. He started feeding the dog once a day and he earned a dollar a week at about 3 ½ years old.  This is a couple of years younger than I was when I started receiving an allowance, or commission, from my parents.
We ramped up his duties now that he is older, so that he experiences increased responsibility and increased ability to grow his nest egg.He still has to clean up his toys before bed, and help out around the house in other ways, but those things receive verbal thanks and praise.  I want him to develop the idea that helping will not always earn money, and I want him to help even if he is not being paid.

4.) Set up a savings account for your child

At birth, we had an account set up (just a simple savings account,) so that money gifts and our additional savings for his (hopefully) future college had a place to go.  My son is already learning that work when completed well = pay and pay gets saved FIRST. (Ever heard the line: “Pay yourself first?”)We did not start allowing him to use his allowance money to buy things he wants until around 6 years old. We teach him about donating 10% and saving 10%, first. We encourage him to save everything “for college” for now.  His basic needs and more are met by us and extended family for the time being.

UPDATE: Around the age of 5-6 years old we start letting the kids buy things that they want with some of their money earned from doing chores or jobs around the house. When I pay them weekly, I take 10% of their income and put it in an envelope marked “Donations,” and put another 10% in their savings account. These percentages come from their money, not extra paid out by us. The rest, they can save in a wallet to use when they want to go to the store and buy a toy or new item.

 

5.) Don’t be afraid to answer your child’s questions about money

When they are in Elementary school, around 10 or so years old, they may be trustworthy enough to know what your household earns-if you are worried about them sharing.  Teaching children money management has to be based in reality with real numbers to compare and learn from.

 

My parents always mentioned to us, “You don’t need to tell anyone. It’s not their business; it’s only for us in the family to know.”  I think that is a fair lesson to teach as well. You can’t guarantee that they will always remember what you teach them, but it is better to teach and not need rather than not teach and have your child miss out on a lesson.

 

6.) Be a good example

Of course lessons on money and frugality must be modeled by us, the parents, in order for the full effect to stick with our children.  We often tell our children, “When you make your own money, then you can buy what you want,” when we hear whining for not meeting their demands.Life is about moderation.  This blog is to support that: Easy activities that won’t break the bank or even require you to buy anything, motivation to stick to the lessons you want your children to learn, and living as the example.

We are not merely raising children; we are educating future adults. The lessons we show and teach now, will benefit our children because they will have the knowledge necessary to meet the demands of life. We will leave them grasping for easy answers and latching onto peer pressure if we do not teach when we have the chance.

 

Teaching children money and how to budget. It’s nice to have nice things, new things, but it is only nice when the price for them can be paid. That is a life lesson that gets missed.

Love is easy to give, and does not cost a dime, but many things in life do cost dollars and cents, and we should teach our children this vital lesson.

Grab your free download home budget template to get started focusing on your household savings and spending today!

 

Teaching children money management skills is simple with these 6 tips for parenting children and teaching them to be responsible with money.

This post is featured in A Complete Guide for Stay-at-Home Moms: Parenting Tips. To view all the articles shared, click HERE.
 
 

For more about creating a household budget:  Become the Master of Your Home Budget.

Need tips for getting your children started with chores? Money Lessons Through Chores

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Filed Under: parenting Tagged With: budget, finances, money management, responsibility

Comments

  1. Anne@BaptismalGownsPlus.com says

    January 28, 2015 at 4:13 am

    Very important to teach your kids about the realities of money – and the many decisions that are made each day about how money should be spent. Thanks for the post!

    Reply
    • Jaimi says

      January 31, 2015 at 3:41 am

      So true, Anne. It has a huge impact in our children's adulthood. Thank you for stopping by to check it out.

      Reply
  2. Jaimi says

    April 26, 2012 at 4:51 pm

    Julie, thank you for the kind words! Thanks for liking and following the blog. I hope it will be helpful.

    Reply
  3. Julie Johnson says

    April 25, 2012 at 8:59 pm

    Smart! I'm posting this on my FB page & just started following- even though I already "Like"d you, lol! Thanks for the helpful tips- my parents did NOT teach me about money at all!

    Julie
    http://theprogressiveparent.blogspot.com

    Reply

Trackbacks

  1. Setting Up Your Home Budget {Free Download} - The Stay-at-Home-Mom Survival Guide says:
    March 13, 2016 at 12:24 pm

    […] have, or if I did, eventually I owed more than what the original purchase was worth. Smart parents teach their children about money and saving. I am glad my parents did that for […]

    Reply
  2. Money Lessons Through Chores - The Stay-at-Home-Mom Survival Guide says:
    August 30, 2015 at 1:10 pm

    […] articles about parenting: Love Is Free, Stuff Is Not As the Mother of a Son What I Will Not Teach My Daughter ©2011-2015 The […]

    Reply

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Will you be spending time with family for Easter? Will you be spending time with family for Easter? 

My husband’s parents have arrived - adding one more big dog to our house and lots of crafts and fun. We have not seen them since June. Everyone is excited to spend time together.

Both of my big kids have birthdays and we will all get to spend time at the beach this month. Our school work will morph into field trips so we soak up every day we can being present with family. 

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Ice cream after helped of course. 😂

All prepped for my in-laws coming to visit us after not seeing them since our move last summer. Looking forward to some fun events ahead that will make my kids think they are on spring break but they will technically be field trip days. Check, check. 

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That little boy is soon to turn 13, guys! I mean in a few weeks. 😅

This is a throwback but brings back so many fun memories. 

—————————————

I love creating activities and crafts on the fly. Always have even before my kids were here.

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If you don’t have wooden cylindrical blocks at home, you can use pieces of wood dowel or even a few square blocks glued together. You can even make DIY toy people out of toilet paper tubes. 

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I am so excited and yet in complete shock by how fast these little lives grow. I have never missed moments and I am so so grateful especially as we approach the teen years in my house. 💛 Soak up even the hard days of being a mom. TOTALLY worth it. 

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It has been a while since I did a good run-down here to give ya the cliffs notes (are those still a thing) version of me. 👋 

💛 Detroit-born a few blocks from where Eminem lived. The city is still my hometown despite moving away as a kid.

💛 I am a big believer in traditional values, but with a modern woman twist. My husband drives his career and I drive this household.

💛 We live in eastern NC 30 mins from the beach. I want to stay here forever, truly, but military life will come to an end some day...still don’t know specifically when that will be.

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💛I believe I can be humble and confident; I can be fully present with my kids and make space to rest and rejuvenate; I believe the biggest successes I will achieve in life will not have a paycheck as its valuation. 

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👌What is the cliffs notes version of you? What do you want people to know/realize most of all?

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🌟Teaching Kids to Make Friends🌟 Often our c 🌟Teaching Kids to Make Friends🌟

Often our children learn hard lessons when they have to move to a new state or school. 

My kids have become all too familiar with this through military life. Every three years they have to make new friends.

It is not always simple.

As a child, my family moved a lot. We were not military, but in junior high I moved to a new state and had to make all new friends.

This was a challenging and even to some extent a traumatic time of life.

Being the new kid, is a humbling experience. Suddenly you are hoping that your peers will want to get to know you and like you. It creates some self-consciousness.

Reading is such a beneficial way to teach children about life lessons. It teaches much more than that. It teaches self esteem through the cuddle time. It teaches language skills, and it teaches children to use their minds to be creative.

As they have grown and navigated more friendships, books are a resource for us to discuss tough challenges. I have found a great series of books that present friendship challenges and help children learn to navigate them.

It just so happens that the author is my neighbor too! How cool is that?! Moms are amazing.

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Author, Lauren Giannella is a military wife and my neighbor! Anna Perdue is the illustrator and also a military child. 

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We love our military community and all they do to give back.

What are your favorite children’s books that teach children how to make friends or help them maneuver through tough life challenges?

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