It can be difficult to learn to budget and manage your own finances, so taking on the task of imparting the necessary money skills to your children can be overwhelming at times. However, it’s important to help your child to understand the value of money and the importance of making wise financial decisions from an early age. Teaching them about money will help them reap future financial success. With that in mind, we want to share these quick, simple ways for teaching kids about money, including the use of free printable money games available online.
Start with the Money Basics
There are a few important things to remember when it comes to teaching your children about money. First, it’s completely fine to start with the basics.
Focus first on teaching your young child how to recognize coin and bill denominations, and the basics of purchasing money. These concepts are teachable using real or fake money, or the coin printable included below.
If they already understand these ideas, then move on to discussing more complicated ideas. This recent guide has great tips to make complex subjects easier for kids to understand.
On Earning and Saving Money
To help your child understand the concept of earning money, give them an allowance for the chores they complete around the house. Keep track of what they earn on a sheet of paper. Essentially you’re teaching kids about money and hard work, which absolutely are related concepts.
Next, assist them in setting savings goals and creating a budget. Try writing out something they’re saving for and create a container jar specifically for that goal item or experience.
You can also use jars to visualize different parts of their budget. By keeping them accountable and on track for long and short-term goals, you will help them internalize self-control when it comes to money.
Teaching Kids About Money: Include Them in Financial Decisions
As your child grows, do your best to include them in any major financial decisions you make. For example, their seeing you buy a new car can help them understand how to evaluate important purchases.
Learning to manage money correctly can take a long time, but giving your child the tools they’ll need throughout their life will be more valuable than any allowance you give them.
Use Free Printable Money Games for Kids
Check out the following printable money games by Self Lender to help you teach your child the skills they need for financial success. There’s a Counting Coins Game, Chore Chart Sheet, and more.
These money games are a valuable educational resource for parents, so that’s why I want to tell you about them. Nope, I’m not being paid to share this resource with you here. It’s an honor being able to publish content here that parents can look to for guidance with their families.
What are some other ideas for teaching kids about money?
That’s a great idea , I so resonate with you 🌼
Nice!
Thanks 🌼
:)
Bring them to the bank, our kids LOVE the bank!
Oooohhh!!
Love this! Sharing on Facebook.com/DailyMomBlogs on Friday! Hope other moms love this too!
Awww thanks Patty for the share, just seeing this comment now!
Great post especially since we aren’t taught this in school!
Great
;)
Smart thinking. Really great & superb idea. Interesting article. I really appreciate your thoughts. Thanks for your great info.
Thanks ~ Teaching kids about finances is important as it’s a tool that can truly lead them to career success and keep away debt!
I love the idea of having kids involved in financial decisions! It really shows them that their views are important and helps them with confidence about finances so when they’re in college they’ll be comfortable handling their own finances. My daughter’s only two and I’ve started a savings account for her but she might be a little young for everything else. I’ll have to keep this bookmarked for the future!
I am flattered by your mention of bookmarking this article. I think it’s very smart you’re starting a bank account for your daughter already :)
When our kids were young, we started a savings account for each of them, and let them handle their own deposit registers. Any monetary gifts they received , as well as money earned from chores was added to their accounts which they then had to balance and decide if and when to spend , with our help. The fact that the money was real and theirs helped motivate them to do a good job.
I’ve also heard chore charts work, which I want to research at some point. For example, at what age would they be appropriate for kids and exactly what chores? Now your comment has me thinking, Amy ;) I hope you’re doing well.
Excellent post Christy. I think it’s so important to teach children the value of a dollar by earning allowance with chores and to make them understand why they can’t have everything they want because money doesn’t grow on trees. Sadly. Lol :) <3
And then in turn we learn to respect what we earn with our money, right? I totally get what you mean, Debby xo
Exactly! :) <3
xxoo
And they DO need to be taught!!
I was just saying to another person that I think it should be taught more in schools. You’re right!
This is especially relevant in today’s times
I wish it was taught more in school…
This is really an important one!
So great to have you here :)
Great post 😁
Woot!!
One of the many important skills you must teach your kids!
Right?! Thanks for your support here, Wendi, and I’ll be over soon to visit.
you are so very kind, thank you so much.
:)