Teaching kids about money management

My kids do not really understand money concepts at all. I try and talk to them about every opportunity that I can. My son who is three thinks money comes from machines and use just use your card (debt card) to pay for things. I was hoping that him being in preschool and my daughter starting kindergarten they would start understand money concepts better. But at their schools they can not pay for lunch or milk with money it all comes from an account. At what age did you begin teaching children about money and good money management? What are some good tips and/or experiences that you can share? I could really use the help ~ thanks

Comments: 10

Jenn P. Sep 12, 2009, 5:17pm EDT

One of my 4 year olds told me money comes from the money store

Cecilia Lyne Sep 12, 2009, 7:02pm EDT

LOL

reply to this comment

Jenn P. Sep 12, 2009, 5:18pm EDT

my two oldest understand..they are 6 and 7..

reply to this comment

Love from Darlene! Sep 12, 2009, 5:21pm EDT

When children begin to talk and ask for what they want. This can be their first introduction to the value of money.

reply to this comment

Beth - Doing God's work Daily J. Sep 12, 2009, 5:26pm EDT

It is good to being at that age with allowances and chores. But I am unsure abut when to teach money management

reply to this comment

Elizabeth S. Sep 12, 2009, 5:42pm EDT

It's a bit early for you to be concerned. When you start the kids on an allowance, talk to them about the things they want in the store. You show them they can spend their money on what they can afford today, or save it to buy something bigger later. My daughter picked up on that very fast. You get to teach them how to handle money and get value for your money, too.

Cecilia Lyne Sep 12, 2009, 7:05pm EDT

I am thinking to setting up a chore chart where certain chores are worth a nickel and others worth dimes.... so they can work to earn money for the toys that they want.

reply to this comment

Erinn K. Sep 12, 2009, 8:14pm EDT

I still don't even know how to budget well, and I'm 22! I see money in my account and I'm like ok I need this and this and this . . its terrible =( My mom and gma have even tried helping me. I try! But I see it in there and think I need something.

Thank you for posting to * Post whatever your heart desires *

reply to this comment

Heather ~of the Whippets~ M. Sep 14, 2009, 2:09am EDT

Children learn what they live. They will model their financial behaviors based on what their parents do, not say.

reply to this comment

Renee (Pres of Baby James Foundation) ~. Sep 24, 2009, 3:00pm EDT

I guess in a way we already have started. We give James $2 for his wallet when we get my check. If he wants candy or something he has to buy it. If he dont have enough he can't get it he has to buy something cheaper if he wants.

reply to this comment

Teaching kids about money management

Comments: 10

Join the Conversation

You might also like

More by Cecilia Lyne