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how do you teach your children about money?

What are some ideas that you do at home to teach your children about money and financial managment?

 
usdragonflies

Asked by usdragonflies at 10:15 PM on Jan. 17, 2011 in General Parenting

Level 17 (4,442 Credits)
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Answers (1)
  • All of our kids have a savings. They also have a Weekly chart. On this chart are chores for the week that are mandatory as well as chores that could earn them money. For example: If they beat me to the laundry and do it without me thats a couple bucks right there. Whatever they earn at the end of the week gets split up. Half they keep, half into savings. When we go to the store I show them where to look to find the prices of the things they want and I make them pay with their own money. I make them add and subtract to make sure they got back the right change and so on.

    My oldest definitely is money minded. Last week he had money and I asked him if he wanted to spend it. He told me no, to put it all in his savings. When I asked why, " I'd rather save it mama. If I take it to the store i'll spend it on something I really don't even want."

    8 years old. Heck I need to follow his lead.
    4xsthetrouble

    Answer by 4xsthetrouble at 10:24 PM on Jan. 17, 2011