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