Teaching kids the value of money

Teaching kids the value of money is important, but making them earn their money is even more important. Money gives kids decision making opportunities and teaches them not to be wasteful. Childhood chores provides kids with an appreciation for the things that they have, a sense of accomplishment for the things that they have achieved, and an empowering feeling of independence.

But its not enough to provide chores and allowance for your kids. It is also important to teach your children how to save money that they have earned from work vs money from received from gifts and how to spend the money that they have. Help your children learn the differences between needs, wants, and wishes. This will prepare them for making good spending decisions in the future.

Finally, inspire goal setting. Shopping with kids often inspires a long wish list with our children. Work with them to set goals for earning the money to purchase some of the things on their wish list.

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