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Kids and Money

A lot of what we learn is through observation.  Your actions teach your children more than what you tell them.  So, if you want them to have good money habits, you’re going to have to model good money habits.  That means:

-  Have a budget.  You may even wish to include items for your kids in the budget, and explain to them the ramifications of that.

-  Have budget meetings.  You and your spouse should manage the budget and financial decision together.  It is good for your children to see this happening – and maybe even for them to sit in from time to time.

-  Show some restraint.  Let them see you make decisions to stay within your budget.

-  Tell them no.  If something is outside the budget, it is ok to tell them no.  Depending on their age, this may be a great way to introduce the idea of working and saving for something.


Some other things you can do to begin teaching them about money:

1. Give them commissions for doing chores around the house.  No work, no money.

2. Set up a very simple budget system for them.  Let them have one jar for “buy it now”, another for “save for something big” and a third for giving.

3. Help them earn some money.  Baby sitting, dog-walking; pulling weeds and mowing lawns are all things they can do for friends or family for cash.  As they get a little older they can get a job at the local ice cream store or restaurant.


Habits you teach your kids when they are young will usually stick with them for life.

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