Teaching Kids About Money

Teaching Kids About Money

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Use allowance to teach your kids about money management.

  • Try labeling three clear jars “Save”, “Spend”, and “Give”.
  • The spending jar can be used for smaller purchases like candy, the saving jar should be for bigger purchases, and the sharing jar should be used for gifts and charity.
  • For big purchases, it may be helpful to attach a picture to the savings jar so your child can see what they are saving for.

 Allowance Styles:

  • Allowance for Chores: Kids earn their allowance by completing their chores.

  • Living Allowance: Kids are expected to do chores as a part of being a family but are given an allowance to learn money management.

  • Hybrid Allowance: Kids are expected to do basic chores for a baseline allowance. If they do extra chores they get extra funds.