How to Teach Kids the Value of Money

Making money as a kid can be tough. You may not have a lot of experience or know how to get started. But don’t worry – I’m here to help!

In this post, I’ll share some great ways for kids to make money. So whether they’re looking for some extra spending money or want to save up for a big purchase, these tips will help you get started. Keep reading for more information!

Do your kids always want more toys?

Kids wanting more toys seems normal to me. However, teaching them at a young age that there isn’t an endless supply of money is important.

Have you ever felt like…your kids keep wanting more toys and you can’t keep up? Then, before you know it, they are no longer interested in the toy?

Kids are expensive and as parents we enjoy seeing them happy, excited and enjoying themselves when involved in extracurricular activities. Here’s how I budget for extracurricular activities.

Teach them how to earn money

Teaching kids about how to earn money will help them value money. Sometimes, when they have to work hard for their money, they spend it differently. It really depends on their money personality.

Let’s talk about helping your kids make money so they can understand and appreciate the value of money.

Ways kids can earn money

First, you want to come up with an idea of something to sell. Here are some common ways for kids to sell something to make money.

1. Have a Lemonade stand
2. Give them a weekly, bi-weekly or monthly allowance
3. Have them do chores for money
4. Helping grandparents out and get money
5. Sell things they no longer use – if you are having a garage sale, this is a great time to let them price and sell items (with your guidance) they no longer use
6. Have a parent sell toys online that they don’t want.

After they make money, ask them what they are going to do with it. Give them ideas on spending, saving or giving. This will all depend on your values as a parent

Learn their money personality

As you let them make decisions about their money, you will learn about their money personality.

See if they will save it for something more expensive or spend it on something small right away.

You will learn a lot about their money personality by watching their habits on how they save and spend their money.

If it’s burning a hole in their pocket -they may be a spender.

If they are excited to put it in a savings account a watch it grow – you may have a saver.

Maybe they will spend a little and save a little.

It all depends on their values, money personality and also what they experience at home. They watch you closer than you think!

Our childhood experiences influence our decisions today as an adult. Think back to when you were a child, how did you get money? What did you do with it when you got it?

How do your kids make money? Send me an email! I am excited to hear about it.