Three Things You’re Already Doing That Can Teach Money Management To Your Kids

Teaching children the importance of money early is arguably one of life’s most valuable lessons. If you teach your child about money management while they’re young, they are more likely to become financially responsible adults. Here are three things you’re already doing to teach your kids about money, without even realizing!

1.    Visiting your local credit union. Your child is learning about money just by going to your credit union with you. Seeing the transactions being made and the money exchanging hands is a great way for kids to learn about how money works. Showing older children your balances on your deposit slips is another way to show them how money adds up when you put it into your savings.

2.    Grocery Shopping. This is another great, and tangible, way to teach children about money. When you buy groceries, your children see you giving the cashier money, and you bagging up and taking your groceries home. You’re giving money to get something in return. You also teach your children a valuable lesson about stretching their dollars when it comes to price per unit and brand names. Why do you buy the certain products that you buy?

3.    Utility Bills. Show older children your utility bills and explain that money is used to pay for the use of electricity or water or the cable that brings their favorite TV shows to life. Show them how they can reduce the costs of electricity. This is another effective way to teach the kids that they can conserve and help the family save money, because it is tangible; Something they can see and easily understand.

 

Basic money management skills are essential in everyday life. And personal finance lessons for your child are hidden in your daily agenda! Pick out the things you do daily (stopping by the store, your credit union, paying bills) and turn it into a financial lesson for your child. This will ensure you’ve given them the tools they need to succeed financially in the future!

To listen to 97.5 Y-Country’s Wild Bill and Honor’s Kaylee Williams talk about how you're teaching your kids to save, listen to the Mason Jar Monday episode below.