Children and money - whats the best way to teach them?

Question

I have two boys aged 7 and 8 and i'm struggling to get them to understand money and the value of different things. Any tips on how I can get them to appreciate that money does not grow on trees.

Answer 1

think it is important to start with pocket money for jobs they have done round the house, that way they can save for what they want.

Answer 2

1. Only give them pocket money if they do chores , they are only small so something like making your bed every morning or setting the table for example . Keep a chart were they can tick of once they have done the chores.

2. The older child should get more only a little bit .

3. Give them only a small amount of pocket money . 7 year old £ 1 older child £ 1.50 . As that will teach them that they havn't got an infinite sum of money .

4. If they don't do their chores don't give them any .

5. When they want a toy explain to them how many weeks of pocket money it will be and again keep a chart to tick off everyweek until they get the right sum !

6. Don't buy them everything they want . Explain that you too have pocket money and show them that's it's the same with you that you can't buy everything you want ( I take it in mind you're not millionaires !! )

Hope this helps !! Good luck !

Alicia

Answer 3

Give them chores and have them buy their own items. Or reward them after a certain period of time if they've saved their money and gone without something they wanted. Believe me, at this age, they won't have a concept. My daughter didn't fully understand things until she started hearing we can't afford that on a regular basis. We've also always been very honest about our financial situation. When I started taking her shopping and she picked out her own clothes, I showed her how to look in the clearance section first.
She's 14 now and an Excellent shopper!!

Answer 4

I am a single mom ..i have 3 kids ..i have a tight budget but this helps me and helps them ..each day I post a list a chores with a monetary amount next to them ...they chose which chores to do and which not..knowing ahead that when we go shopping or they want to go to a movie with a friend whatever they need to earn $ for that thing..we keep a running tally of who has what for $ which makes them want to do more ..then on Sat. they have payday..they are required to put 10% into savings and 10% to a charity and they spend the rest some weeks they get alot some weeks they get little or nothing...but it teaches them the responsibility they will need as adults..that nothing is free you have to work to better yourself and what you want ..I provide their essentials ..and yes i do treat them sometimes but when they earn the $ and buy their own stuff they appreciate it alot more and I have noticed they take care of it better..when they were younger I had $5 worth of quarters I put on their bureau each week every night when i put them to bed and they hadn't picked up after their selves (like dirty clothes,toys ,trash) and i had to I took a quarter at the end of the week they had what they had left..I hope this helps..alot of banks have youth programs good luck

Answer 5

Sure -- have them earn it via chores and such and then that is their money to waste or save as they see fit... but you have to be determined to NOT give them any other money or things for any reason. You also need to make it clear to them that any time they want to do anything or buy anything, they need to use their own money that they've earned. They'll learn soon enough that if they want to do something or they want that special toy at the store, they need to save up their money. You could even offer them to be their bank and pay a small amount of interest on money that they save.

Answer 6

When I was young I earnt pocket money by doing small jobs around the house. If I misbehaved then I lost my right to earn money but still had to do the chores (like empty the bin). It taught me to respect money and meant that I could save up and buy myself something. Also go with your children and open up a saving account which they can watch grow.

Answer 7

I got mine to get use to money by taking them to the shops with a few pennies and got them to tell me what they could afford and what they couldn't then let them do the paying. as for teaching them money doesn't grow on trees, if they ask for money say no that i have to work all week to get some,

Answer 8

Have them start doing things to earn their own money and tell them when they request a new toy or whatever, tell them that they have to buy it themselves. If they have to save their own money to buy what they want they will begin to correlate the work they had to do to earn the money and how long it took. With any luck it will teach them that money just doesn't appear, even as adults, we have to work hard to earn money to buy the things we want (or need). Just don't let them railroad you, be firm and make them do chores around the house and make them buy their own toys or games or ringtones or whatever it is that you feel is unreasonable for you to have to indulge them in. They'll learn eventually as long as you don't cave. Be strong girl, you're not a bad parent if you make them spend their own money, it will teach them that money has an actual value and that it's not just an endless supply of paper bills that come out of mommy and daddy's wallet. Good luck and bless your soul for wanting to teach your children not to be greedy little piggys. I live in southern california and I get so sick and tired of seeing all these over indulged, selfish, spoiled rotten brats that have parents that buy them whatever they want and don't teach them the value of money, to me those parents are doing their children an injustice.

Answer 9

Its good to let them handle money now by giving them pocket money,also when you go shopping take them with you and let them help out look for the cheapest items so they understand how to get the most from their money.My kids learnt from about 5yr old I used to send hem to the corner shop and tell them to get the cheapest they could find and then what was left over could go in their savings pot and it worked.

Answer 10

I used to get a certain amount each week. If I wanted any more, I had to save my allowance, or earn extra, cleaning cars, helping out, etc. As well as teaching me about money, I learnt to help people & save more. Don't always assume other people will pay your kids for the jobs they do - & don't give in & pay them yourself instead.

Answer 11

Human consciousness itself is never fixed but continually changing and developing new categories and concepts. These determine how we experience the world, so that knowledge is always the result of a series of conflicting positions - hope this helps.