The Importance of Money needs to be Learned Early in Life

The value of money. A topic that may seem hard to bring up around your child if you don’t know how to approach it.

I believe that every child should be taught the value of money early in life. Money is an important part of everyday life. Everything in life costs money. Let’s say, for example, you take your child to the part. That drive to the park required gas, that gas you used to cost money.  And sure, its just gas but it’s not cheap.  If your family so happens to be on a budget. Then that might be an additional expense that you couldn’t afford.

Teaching your child the value of money is a very important step to their adulthood. I know coming from experience that I wish I would have been taught more about money as a young child. I feel like it would have made things much different down the road. Now I have life lessons  I wish I would have never had to learn. Some of those lessons are balancing a checkbook, debt, how to properly use a credit card, and use money wisely are just among a few that I can think of. I don’t blame my parents for not teaching me these things. I know they did the best they could for my sister and I. But sometimes I wish they would have talked to us more about money. If you think about it, everything costs money. If your child doesn’t understand money, then they aren’t prepared for the consequences that money can present.

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Teaching Your Child the Importance of Money

When I was young, I didn’t understand the importance of money. I didn’t understand that if I saved it instead of spending it like I usually did that I’d be able to purchase more at a later date. I was young and naive.  As I got older, I did get wiser with money. I wasn’t as prone to spend it on the first toy or video game I saw.  It can be hard for a child to understand money. That is why it is our job as parents to ease them into the subject. We want our children to understand and be smart with money. We want our children to make practical money-making decisions. I know for me, that lesson wasn’t learned until much later into my adulthood. A lesson I had to learn myself.

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Five Ways for a Child to Learn the Value of Money

value of money

Allowance

When I was a little kid, I never got an allowance. At least not that I can remember anyway.  My parents both worked. They didn’t always have the extra money to give us an allowance. And that is perfectly fine.  Sometimes it’s not possible to be given everything as a kid. Any extra money they did have, they usually spent on my sister and I. We went camping a lot as a kid. During the summer, we went swimming a lot at our favorite pool. We went out for ice cream and had fun driving down with the hood down on my dad’s jeep. These are some of my fondest memories of my childhood.

I do however feel a child should be given an allowance.  I think for a young child, maybe five dollars every week would be a good amount. Then as the child got older, the amount could be increased. I, however, do think that the child should have to earn the allowance in some form. Maybe your child could keep his or her room clean and earn five dollars because it stayed clean. Your child could do simple tasks around the house. It all depends on your comfort level. Always supervise your child during these tasks, even if it is something that is seemingly harmless.

Your wallet should not always be open to your child if you ever want them to learn how important money is in life.

Chores

I feel like an allowance and chores kind of go hand in hand. But at the same time, I feel like they are also different. I do remember getting money from my parents for doing chores around the house. They were always super simple chores. I wasn’t allowed to do a lot of things yet because I wasn’t tall enough or old enough. But I remember getting a certain amount if I kept my room clean. I believe chores not only teach children responsibility but can teach them that working hard will reap benefits.

Get them a Piggy Bank

Another way you can teach your child the value of money is to encourage them to save money. At the moment, anytime my family finds any spare change from either the dryer or just lying around, we set it aside. We have even gotten our little one into putting money into her piggy bank. She loves the noise it makes when it falls in. I think it is a great way to teach kids the power of saving money. Now Violet (my daughter) doesn’t understand what it means to save yet but we are setting the stepping stones down now while she is young. This will help her learn the value of money. She will also someday hopefully feel content knowing that she can save for something if she really wishes to buy it.

Take Your Child Thrifting

I have found that one of my favorite ways to save money is by going to the local thrift stores. I tend to find great deals on books, clothes, retro video games, and toys for my daughter. Just recently in fact I found a Paw Patrol, Zoomer Marshall. Normally he costs like fifty bucks at the toy store. I picked him up for twenty bucks. That is a huge savings, espcailly on a name brand toy that my daughter loves.  I have also save so much money on all the retro games I have picked up from my local thrifts store.  Take your child to the thrift store. They will learn that their hard earned money stretches farther at the thrift store than it nroamlly would somewhere else. Your child will most likely find something they love. And you’ll be happy knowing that you saved money and gave back to the community.

I’d love to hear how your family encourages your children to learn about the importance in money. I hope my list helps you come up with some creative ways to help children save money. How can I help make a difference in your life? How have you taught your child to about money? What tips do you have for other parents?

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