discuss How do you teach children the value of money and responsible spending?

[Ashake]

Children can learn the value of money by receiving an allowance weekly, with guidance on wise choices. Sometimes, I and my children did stuff together about money budgeting for a toy and more often we went shopping for groceries and set a budget, thereby prioritizing our needs over wants.

 

[ActionAce]

I use normal everyday situations to teach my children how to manage their money. For example, when we are shopping, I'll let the children in on why we choose some items instead of name-brand ones. I also have them do some daily chores or small income producing chores to earn pocket money-that way, they learn the value of work and responsible spending.

 

[1stop]

The thing to be taken to heart by any parents is to educate a child about the 50/30/20 rule, which is ideally, 50% for basic needs, 30% for other expenses, and 20% for savings. This plan gives the kids exposure to budgeting at the most basic level.

 

[Fidelia1]

I think getting kids of around 4 to 5 a savings box and encouraging them to save would go a long way to institute financial consciousness in them.

 

[Kosi]

One of the best way to teach kids the value of money and responsible spending is by getting the kids a piggy vest. That way, the would be cautious of their spending and discipline themselves to save on a daily, weekly or even monthly base.

 

[Yama]

I am yet to teach the value of money and responsible spending to my kids, however, my 8 years old kid does understand that you need money to buy things and you need to work to make money

 

[Apsara]

I teach kids about money by encouraging them to keep expenses low and save money for desired items. Using allowances or chores tied to rewards helps them understand earning. Talking about needs versus wants encourages responsible spending habits early on.

 

[Niyi Brixx]

You can even choose to teach a child the value and importance of money like my father used to do to me. Often times, he would give me some amount of money to save, he got me a saving box to avoid spending unnecessarily, then he always adviced me to buy him a gift on his birthday from that my savings. He said if I keep working hard at home, I'll merit more money. That taught me the value of money and how to avoid spending unnecessarily.

 

[Augusta]

By teaching kids about money like saving, budgeting, investing, and other aspects of personal finance, parents can help prepare them for the challenges of financial aspect of adulthood.

 

[Maina]

I don’t have kids, but I believe teaching money should starts with simple lessons like saving, spending less, and distinguishing needs from wants.

 

[Augusta]

Be open about your own finances:Share your financial experiences (within age-appropriate limits) and discuss financial decisions with your children.