Teach Kids the Value of Money: Maybe They Will Ask For Less of It! Maybe.

Teaching your kids that money doesn’t grow on trees can save both you and them lots of headaches in the long run.

They say that money doesn’t grow on trees, but it can seem like our children are convinced that it does.

Do yourself and your kids a favor and teach them the value of money early in life.

Some of us remember the days of our childhood when we would ask our parents for money.

Whether it was asking for $10 for a middle school field trip, or asking for $20 for a trip to the mall with friends, the reality was that our only ATM was our parents.

Now some of us, on the other hand, knew not to ask mama or pops for anything! You knew that if you even thought about asking, they’d give you that look.

As parents, we understand that money is valuable. We work hard on a daily basis to provide a decent life for our children.

And of course, when we see that our children have a legitimate need, we sincerely want to be sure that they are taken care of.

While it’s completely understandable to want to provide for our children, there comes a time when they need to begin to understand the value of money.

Here’s a thought from parent to parent:

Rather than simply handing your children money as allowance or payment for existing, have them work for hire.

When your children begin to earn money, they are able to understand how hard or easy it is to make.

To “hire” your kids, have your older children who are not quite old enough to work perform different jobs around the house.

To figure out how much you’d pay them, look at what it would cost you outside your household, a bonus is that you will keep that money in your family for much longer.

Of course, you can always come up with your own pay scale.

Here are some examples of different jobs you can give your kids outside of their normal chores:

  • Wash the cars – $10-per car
  • Cut the grass – $20
  • Clean the garage – $30

Once again, these are simple suggestions. But remember, the overall point is to teach your children the value of money so that they won’t make major mistakes with it later on in life.

So, the next time your son or daughter has a field trip and they need $20 for spending money, just let them know that the money is theirs after they clean the garage.

By doing this you are accomplishing two things:

  1. You’re teaching your children the value of a dollar, and
  2. You’re getting a clean garage that YOU didn’t have to lift a finger for.

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