Instead of giving in, let your child know they can use their hard-earned commission to pay for it. It’s perfect and I love it! Can we buy it please?” Does this sound familiar? This age group really knows how to capitalize on the impulse buy-especially when it uses someone else’s money. This concept helps your kids understand that money is earned-it’s not just given to them. Dave and his daughter Rachel Cruze talk a lot about this system in their book, Smart Money Smart Kids. Pay them commissions based on chores they do around the house like taking out the trash, cleaning their room, or mowing the grass. That’s just another way of saying, “If you buy this video game, then you won’t have the money to buy that pair of shoes.” At this age, your kids should be able to weigh decisions and understand the possible outcomes.ĭon’t just give your kids money for breathing. How to Teach Elementary Students and Middle Schoolers About Money 4. This simple action will have more impact than a five-minute lecture. You’ve got to do more than just say, “That pack of toy cars costs $5, son.” Help them grab a few dollars out of their jar, take it with them to the store, and physically hand the money to the cashier. Set a healthy example for them and they’ll be much more likely to follow it when they get older. Or if you and your spouse are arguing about money, they’ll notice that too. If you’re slapping down plastic every time you go out to dinner or the grocery store, they’ll eventually notice. Today, they have a dollar bill, five dimes, and a quarter! Talk through this with them and make a big deal about it growing!Ī study by the University of Cambridge found that money habits in children are formed by the time they’re 7 years old. Yesterday, they had a dollar bill and five dimes. When you use a clear jar, they see the money growing. The piggy bank is a great idea, but it doesn’t give kids a visual. How to Teach Pre-Schoolers and Kindergartners About Money 1. Here’s how you can give your kids a head start and set them up to win with money at any age. Because if you don’t, somebody else will, and there’s a good chance that somebody else will have no idea what they’re talking about. Teaching kids about money is part of being a good dad or mom.
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