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How to Teach Children the Importance of Money and How to Save It!

Posted on October 21 2019

How to Teach Children the Importance of Money and How to Save It!
If you want to make sure your children grow up to be responsible with money and have a healthy relationship with it, you need to start teaching them good money habits from early on.

Children need to understand the importance of money and how to save it, so they can grow up to be efficient with it. Here are a few things you can do that actually work!

1. Money Takes Work

Without work, there’s no money. And that’s the very first thing you need to teach your children. Unless it’s Christmas, their birthday, the visit of the Tooth Fairy, etc., don’t just give your children money without them working for it somehow.

By this I don’t mean you should be stingy with your children, just make them understand that there needs to be an exchange. This is where chores come in. Set up an allowance and put a price on chores so they have a sense of fair exchange and have a healthy incentive to do these things.

Determine what chores they will have to do per week in order to earn, R20 or R30 for their allowance, depending on their age. And if they do something extra on their own, make sure you give them extra money for it. Make Sunday your pay day and keep your children motivated!

2. Simple Financial Management

Once your children are old enough for an allowance, you also need to teach them how to manage their money. That’s why you should encourage them to divide it into three bags or jars, whatever they prefer. One is for spending money, one is for savings and the last one is for giving away.

If you want to make it even better, you can get them money boxes, which are not only fun, they also look good and they will allow your children to keep their money safe in one place!

Explain that the money that goes into the spending bag or jar is what they can spend, and the money that goes into the savings bag or jar can’t be touched until they’ve reached their saving goal. Their saving goal should be determined by what they want to do with the money.

Last but not least, they should put some of their money in the give away bag or jar. It could be a Rand or two at a time, whatever they decide. What’s important is that they understand that it’s good to give away some of your money to people who need it more. Whether that’s to another family member, to the Church, to an organization they believe in, or to someone on the street, etc.

This kind of habit will teach your children a kind of healthy detachment from money. It doesn’t have to be all for yourself, and it doesn’t matter if you have little or much of it, you can always help other people. It will feel great, and it will breed abundance!

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