20 Real Moms Share Ways To Teach Your Kids About MONEY

MONEY! MONEY! MONEY! Hey, Hey! {Is that even a song? Because I literally sang that out loud!}

Last week for our “Bestie Babble” on Instagram {join us here for our next one!} we chatted about ways to teach our children about MONEY!

This is such an important, yet personal question – as all of us have different ideas and views on how we should and can teach our kids! After throwing the post out there, we had a total of 53 comments! So today I have compiled the top answers and listed them right HERE for you to read in one, easy spot!

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1. My little man is 3. And he loves this because he has his own wallet! Target’s “dollar section” has fake money and we have my son pay for breakfast, lunch and dinner(at home). When he’s doesn’t listen he owes us money, but when he does chores or something I ask him to do he gets money.

Examples of chores: make bed, bring diaper wipes to me, pick up toys, put away laundry, vacuum, put new trash bags in trash can, dust, and help with cooking.

2. We also have a real piggy bank too that we give him change for if he’s good. We told him he can spend it on something that he needs when it’s full.

3. We give our 12 year old son a weekly allowance for vacuuming and taking care of the animals. He saves a portion and spends a portion. Since he’s our baby and the only child left in the home, we give him $4 per day. If he forgets or just doesn’t do his chores, he loses the $4 for every day he missed.

4. We give a small monthly allowance just so they learn to manage money (8 yo gets $8, 12 yo gets $12, etc) but it’s not tied to chores. They’re expected to do daily chores no matter what: a dish rotation, a “zone” to clean and their bedroom. We also try to work on one big chore together as a family most days. After all that is done, they can earn extra $$ by doing extra jobs. So far it’s been working pretty well! (But we homeschool so my kids have more time at home than most).

5. Throughout the year EVERY SINGLE PENNY their kid earns/is given (chores, birthday money etc.) goes into their piggy bank. On Thanksgiving, they pull out the piggy banks and count the money (hello math lesson!) And divide it into 3 even. The first goes straight to their savings account. The second goes to a charity or good cause of the child’s choice (hence the reason they do this on Thanksgiving!) And the 3rd is for the child to spend as they so wish… They specifically do it in this order to help teach their kids the importance of saving, the importance of giving to those in need, and how “wants” should never be top priority.

6. I give my kids monthly allowances, the amount depends how good have been them (usually between $5-$10) . I mean if they are good with each other, help each other and help us at home (trash, laundry, organizing their rooms, helping organized our room). They can get extra money (ea, my son plays the guitar and he usually get a dollar per song) my daugther scratch my back and she gets around $1 per 3 min.

7. So important to teach our littles about $$! We have chores that are done as being part of the family team and then paid chores. Each of my kiddos do 1 regular chore and 1 paid chore each day of the week. Paid chores are 50 cents each. Each week they earn $2.50. We are now teaching them the importance of saving and giving.

8. Our girls get a $4 allowance that gets put in an individual bank accounts each week. Typically they never spend it because they forget they even have it, but from time to time they ask if they can use their money to buy something special while we are at the store. We always give them the option to spend it on something special or continue saving for something later when we might be taking a trip. They can earn their allowance by babysitting their little sister, doing their chores like taking out trash, clean toilets, vacuum, wipe down counters, rake leaves, do dishes, cleaning out the car, etc.

9. Right now they both have piggie banks and we give them coins randomly whenever we have extra change. While at the same time trying to teach them and encourage them to save and that they’ll be able to buy something they want when it’s all filled up. It’s good because it’s gotten them to think- they ask different questions, one being- why they can’t buy a toy now. So we’ll explain how it’s not so easy to make money and that it takes time to save. Also, how they have to continue to be good nice kids if they want to earn more money

10. My daughter is 9 and my little boy is 3. He LOVES cars, so when he wants cars I do a little chore chart that he can do. (clean walls, pick up toys, make his bed) my daughter likes to travel so she saves her money for whenever we go on trips, she can buy her own things. But I do talk to her about saving money for something REALLY special.

11. Our daughter is still young, but we are Dave Ramsey fans. I love the idea of having save, share (charity, church, etc.), and spend envelopes for her. I saw this somewhere else and hope we can incorporate someday.

12. I read a book once that recommended paying kids when they read a book and gave a report on it. Encourages reading and the pursuit of education. Otherwise we are teaching them the only way to make money is via manual labor which isn’t entirely true. There are other entrepreneurial forms of making money. Also, I knew a very wealthy guy that had a chart in his kitchen with 50 different ways to make money and if the kid wanted to buy something they would know different ways to earn the right amount of money for what they wanted.

13. I don’t make my daughter do chores because she thinks washing dishes and vacuuming are so much fun so instead we practice reading, writing etc… when she does at least an hour of work she get some money. Depending on how much she completes and how much she can do by herself determines how much she gets… she has more money than me. LOL

14. I’ve never liked the idea of paying my kids to do regular chores around the house such as dishes, vacuuming, etc b/c it’s more of a life task. No one pays me to keep my home cleaned and I don’t want them to get used to that. However, the idea of earning money in order to buy more expensive toys or adventures is a good thing. Doing a good job in school is something to be paid for b/c right now that is their job, babysitting a sibling, going above and beyond for a neighbor or elderly person, just something along those lines.

15. As they get older you could introduce tax and savings. Like 10% always is put aside for taxes, 50% is saved and the remaining 40% you can spend at your liking.

16. When my 4 year old wants something that’s not a necessity, he is learning that he has to EARN it. Even if he wants a piece of candy, he has to help me out with something around the house first!

17. We have our son earn a commission. He has chores that are expected (keeping room clean, playroom clean, pitting dishes away, etc.), and he has earning potential (feeding pets, dusting, etc.). Through his commission he is expected to save 30%, give 10%, and he can spend or do whatever with the remainder.

18. We don’t give an allowance and they are expected to do their morning chores without pay. Such as brushing teeth, making beds and putting clothes away. My kids are 6 & under so they aren’t trusted with much, but if they offer to “help” with things they aren’t responsible for they get paid. My three year old helps scrub floors for a quarter 😂!! And my 4 and 6 year olds “babysit” the 1 year old while I mow for a $1. They don’t get to spend their money right now- they put it in piggy banks and we take a trip to the bank to encourage them to save.

19. As of right now our boys are 7 & 4.5. We do not do allowances. They have daily chores (put their laundry in their baskets, clean/put away toys, make their beds). When we clean our house they help vacuum or wipe counters. We are teaching them that cleaning up is part of the household duties and everyone is expected to pitch in and help. When they are older and out on their own no one is going to pay them to do those things, and in fact, they might have to pay someone else to clean for them. Lol We have setup bank accounts for them and they have money from Christmas and bday gifts to spend when they want to buy something extra (with parents approval of course).

20. We have spend, save, give jars and the kids have to deposit money earned or recived in them equally.

Thank you mamas for all of your input and advice! We would LOVE to hear YOUR ideas on teaching children about MONEY! Leave your ideas in the comments below!

Danielle is the owner of Today's the Best Day. She strives to provide creative and uplifting content in order to enrich the parenting experience for women everywhere. Danielle hopes to help you and your family to make every day the best day!

July 27, 2017 by Danielle Davis | 1 Comment