10 Practical Money Lessons to Teach Your Kids
10 Practical Money Lessons to Teach Your Kids Updated on March 2023
Do your kids think that you have infinite cash? Do they always want to buy toys and snacks they see on TV and YouTube ads?
If your little kids think that your money just comes from your wallet or an ATM, they may have the wrong understanding of money.
Teaching practical money lessons to youngsters used to be taboo. However, basic financial skills and the value of money are best taught when kids are still young and absorb lessons like a sponge.
Practical money lessons can be part of the fun learning activities. Here are ways to let them know that they can earn some cash on their own and the value of the money they make.
Explain How You Earn Money
Build Their Money Skills
Earning Their Own Money
Teach About Saving and Patience
Allow Them to Decide What to Do With the Money
Bank Field Trip
Have a Garage Sale
Keeping Priorities Straight
Knowing the value of money and how to spend it is part of learning the basic financial skills they will use when they become adults. Let your children develop financial skills while still young so they can grow as money-smart individuals.