25 Tips to Teach Your Child Money (Part 2: Tips 13- 25)

25 Tips to Teach Your child about money

Photo by: Michael MIMS

13. Have a Home Store

For parents on a budget, you can always be creative and create the home store. Have your children earn paper money that you create. They can use that money to buy snacks or services. Services like one no chores day or one no cleaning my room pass. It can create whatever you want. Use this technique for siblings also they can learn to trade and negotiate.

14. Do Chores

Doing chores is a useful money teaching tool. You can teach paydays, paychecks, negotiation of wages, and of course responsibility

15. Buy Paper Money

Paper is good for learning to count money. You can use it in the bank and when playing store.

16. Pay a Bill

Have teens pay their cell phone or insurance bill. They need the experience speaking with customer service representatives in a controlled environment. That way you can help them if need.

17. Make Good Grades

Think of good grades like chores. They come home they study, make good grades they get rewarded with money.

18. Pay Tithes

Have you child pay 10% of their earning to their local church. They will learn to be givers and give to people in need.

19. Make Donations

If you don’t want to give tithes making donations to charities will help build character and can still teach them to be givers.

20. Buy Friend’s Gifts

Have you child save their money to buy a birthday present for a friend.

21. Getting a Job

Teens should get a job to learn about paychecks, taxes, and hourly wages

22. Review check stub

Look at the check stub with your child and explain to them why their check is shorter than they thought it would be. Explain net and gross income. Show them 401k monies and taxes.

23. Explain income taxes

Use their check stub to show them the taxes coming out. Explain to them what types of things the government uses that money for.

24. Just Start
Don’t make excuses just start teaching them

25. Teach it daily

Talk to your children about money every day. Use real life opportunities to teach them money concepts like saving.

Bonus. Debit vs. Credit
Teach your child that a debit card is not a credit card. With debit cards, you are paying the money now with cash in an account you have. With credit, it is a promise to pay the borrowed money back in the future with money you will have in the future.

Tips 1-12 click here

Comments

  1. I love these concepts. Strange for me, but I let my one-year-old almost two-year-old put coins in his biggie bank. He can recognize a penny. I’m working on other coins, but by two, I’m hoping he will have it down packed. I realize kids are sponges.

    1. I call it strange because he’s my first born and it feels weird teaching someone so young the concepts of money.

      1. Author

        That is so true. However, when we teach them young it becomes a habit that is easy to maintain.

  2. These are all really cute ideas! I think it’s a great lesson to teach your children from a young age 🙂

  3. Great post. I especially liked having the home store. I do the good grades one already, although I sometimes end up losing as my son asks for an advance on his good grades payment and he falls short at the end.
    It’s good to teach kids the value of money starting at a young age.

  4. Absolutely love these ideas! Going to share this with the parents I know because I think this is great!

  5. This are great ideas for kids during the summer time. It’s a great idea to start them young.

  6. I don’t have children, but I absolutely love the idea of giving kids “fake” money they can use to buy things at home, and to negotiate with siblings….although that can backfire if one sibling is older and wiser than the other.

    One other thing that I do for myself and I think would also be good for kids – whenever I pay with cash and get change, the change goes into a piggy bank (yes, I’m an adult – but it doesn’t make sense to put 30 cents into a bank account). Then at the end of the month I can use the change to buy something for myself that wasn’t in that month’s budget.

    Do you give your kids an allowance?

    1. Author

      I do the same thing with my cost. I have a little piggy bank at home as well. No, my kids don’t get an allowance. Their grandparent does give them money, but at home, they have to work for it. We do chores and good behavior at school count too.

  7. this is so true, and love all these concepts. I don’t have kids will have to use all of these when or if I do have kids.

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