What's your strategy for teaching kids the value of money?

Posted by Paul Ryan • 20 February 2014 • Tags:

The start of a new school year always reinforces the constant challenge of teaching our kids the skills of saving money.

Each year the kids go back to school and there is so much excitement about new activities and opportunities, new friends and the need to connect socially, new sporting endeavours and new school uniforms.

All of these activities cost money and unfortunately sometimes the trees don’t grow as quickly as the kids’ needs or wants.

Teaching the kids the value of money is so important. It always has been but something tells me its relevance is of even more importance than in previous generations.

When you start your working career you get paid a salary. So how can we teach our kids the value of money and what’s required to earn it?

Whether the kids get some part time work or complete chores around the house to earn pocket money, it is important as parents we set some guidelines in how the money can be spent.

A good friend of mine set the ground rules for his 15 year old daughter when she got part time work. She could spend 50% of what she earned but the remaining 50% had to be deposited into a savings account.

This is just one of many examples of how we can teach our kids the value of saving. If you feel comfortable sharing your family strategy we would love to get your feedback in the comments section below.