Money Tips For Kids

Raising 6 boys can be expensive!Â It is important for our boys to know the value of money, not only now, but for their own futures.Â Even if your household is a little smaller than ours, here are some tips we have used to teach our boys to be more money savvy:

Give them control - Even if you don't give them an allowance, you should let your children have the opportunity of spending their own money and making their own choices.Â They will learn to make better choices when they have some control in how much they spend (or save for something better!).

Don't pay them for everything - We don't pay our boys for many of the chores they do around the house. We want them to understand that chores are a part of keeping a family running smoothly.Â My husband and I don't get paid to do dishes, and neither should they.

Encourage them to save - Make saving a good thing. We set up bank accounts atÂ credit union that rewards them for saving.Â We have also offered 25% matches on what they do put into the account.Â We have talked to them about my husband's matching 401K at work and how it is similar to what they are doing.

Let them help you to save - I have discussions with my kids at the grocery store about which items we should buy.Â If they pick a cereal that is on sale (or that I have a coupon for) I will either split the savings with them or we will put it in our Disneyland fund.

Buy used and save the difference - This is an old "Duggar saying" from the 19 Kids and Counting show.Â They buy used whenever they can and we often do too.Â I will have my kids gather up books they are finished reading and we take them in to a used book store.Â They love shopping with the credits they have earned.