Best Ways to Teach Value of Money to Your Kids

Today when cost of living is rising, we need to have some respect for money. We cannot afford to spend money extravagantly because there will be no money for our future savings.

Hence, we need to learn not only to save money but also teach our kids value of money. If you have kids then you have to have worry about their future and best way securing it teaching value of every single penny.

So here are some simple yet powerful ways to teach your kid value of money.

Teach Kids Value of Money

1. Take Him or Her to Shopping

The first simple way to indoctrinate your kid about value of money is through taking him to grocery store or a shopping mall. While shopping, let your child collect food and other items from the shelves and let him see the price of every commodity.

He got to know the price while picks an item and drops it into the trolley. If you are taking him or her to a bazaar then he/she must learn how to bargain things. You would help your child in learning value of every single paisa.

So next time you go for shopping take your child with you.

2. Let Your Kid Collect and Pay the Bills

Second great way to help your child realizing the value of money is to let him/her collect all the bills and read the amount. Bills like electricity bill, water bill, cable bill, phone bill, online recharge and even house rent.

After he/she has collected bills for the month, now it is time to pay those bills and your child is going to do it. Your child will start getting an idea about real world very soon and he/she would realize value of money much better than others.

3. Involve Your Child While Making Home Budget

These days you have to make your home budget to get best out of your monthly salary. I would suggest that when you plan your monthly budget always involve your children. That would be the best way to teach your child value of money.

When you decide how much you are going to spend for grocery, bills, school fees, rent etc your child must take part in the entire budgeting process.

4. Take Your Child to a Bank

Next great way is to take your child to a bank and tell him/her about your savings account. If you don’t mind then you could let your child to see your pass book. Let him figure out the amount present in your bank savings account.

It will help your child in developing value of the money very early stages of his/her life. Moreover, an overall environment of a bank will help the child in developing his mind for money.

5. Watch Business Channels on TV with Your Child

Well, this could be little bit difficult for a child watching TV channels that are business oriented instead of watching cartoon network.

However, if parents are interested in watching business channels that tell about share markets and managing your finances then let then children in your house are going to follow you.

There are certain great TV personalities that tell you about managing your finances and your child could listen and learn a few things about it.

6. Help Your Child to Make Some Money on its Own

It could be very early but the best way to teach your child value of money is to encourage him/her to make some of it. So what your child is going to do if he/she wants to make money.

Well! They don’t have to go out and work somewhere else because right now they are too young. Therefore, you could give them a household task and if they complete it you pay them with some money. Like you could ask them to clean the house, water the plants in garden, help mommy in the kitchen, things like that.

7. Play Games

Well this could be a great fun. Along with entertainment your child will learn something about value of money. There are many online games and board games that could help your child in developing value for money.

You can play with your child help him/her to realize the power of money when they are very little. Some of the games that you could find are Money and Stuff, Fat Cat etc. You could search in Google for more.

8. Lead by Example

Finally, the most important way to teach your child about the value of money is through by leading by example. Yes, you as a parent should take active interest in learning about the value of money. You should not spend money frivolously and be responsible when it comes to managing your finances.

Only then your child will going to follow you and learn the value of money.

So these were some of the best ways according to me to teach your child about value of money. Did you teach your child the value of money? What do you think according to you is the best way to teach them.

Do share your comments and opinions with us and others.

16 COMMENTS

  1. From child hood onwards we have to make them learn about the value of money, they have to know that money is importent for life but it is not the left life.

  2. for online job i loose too much amt. so cannot judge real jobwork site,fear to pay online payment no communications

  3. priya mam,
    thanks for your each mail.i am a housewife. i want to the reliable website address to do some work from home. i did but many sites are making fraud. can you give me some ideas.

  4. MRS.PRIYA. I KINDLY REQUEST YOU TO TELL ME WHAT IS THE EXACT ONLINE TRUE JOB TO EARN MONEY. PLEASE GIVE ME THE SOME VALUBLE WEB SITE OR JOB OPERTUNITY. NOT MUCH MORE AMOUNT. PER DAY RS.500/-
    PLEASE GUIDE ME WITH PHONE AND EMAIL ID.

    THANKING YOU,
    E.PARTHASARATHY.

  5. Priya madam,
    Wonderful information and beautiful presentation. Looks like you have tried out. Good work.
    It will really be of help and guidance. Present day parents position is very bad. Parents are
    unable to spend valuable time with their loved ones. Kids have learnt to do balance sheet
    at the end of the month and we compare. This works very well.
    Thank you. Regards
    Roberts

  6. thanks priya,I`v two children & both are 17& 21,when you told me about fiverr ,I had told them to join it & I think they have learn something knew .

  7. Thanks a lot Priya mam ,same case with my son he only wants to spend & does not care for keeping with or saving .He has made habit of chcolate eating and other snacks like kurkure and chips he likes

  8. Very simple but valuable suggetions / tips for creating awareness about money matters for growing
    children. Thanks Priya

  9. Thanks Priya for writing such a valuable article. My son does not take it serious when we talk about the money. I was thinking how can I teach him value of money and your guidance provided here are really good. I will try these tips and see if there is any change.

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