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October – Earning, Spending, and Saving
In a child’s world money comes from Mom and Dad’s pockets and they assume it is always available to buy things such as a new toy. As parents, this can be a challenging topic to teach to your children. Here are some basics that can be set for groundwork for your child’s future financial success.
- Explain to your child that money is earned by working and you can only spend what you earn.
- Explain the difference between coins and bills and show them their different values.
- Use a piggy bank or other saving mechanism to teach your child about saving, let them buy something once they reach a certain amount.
- Explain that money must first be spent on food and housing before other things.
- Set a savings goal and open a savings account for your child when the goal is met.
Lessons about money are important for children – managing money no matter how big or small is an important life skill. An ideal time to begin teaching your children about the basics of money is when they first notice it.5 Important Money Lessons to Teach Your KidsTips to Teach Your Child about Money