I don’t know about you but financial responsibility was never taught to me. I learned how to manage my personal finances through trial and error. Some of those errors were hard lessons. It would be such an invaluable lesson to teach our children about finances early because it is one skill that will benefit them over their lifetime.
Here are some tips to help teach your child financial responsibility:
- Purchase a toy cash register with play money and play grocery store with your children, including purchasing items and checking them out.
- Let them hold the envelope with the coupons and share how coupons can save money.
- When shopping, give your child the money and let them pay for small purchases.
- Purchase a piggy bank or open a savings bank account and encourage your child to save a percentage of their allowance or gift money for that special small and large wants.
- Play Monopoly (or any other game that involves play money) and let your children be in charge of the bank
- When grocery shopping, point or say aloud the prices of different items. Your child can see how you decide which item is a better buy.
- Help your child decide which items are the best option when they are spending their own money. “You can buy one toy for 10 dollars? or you can get three different toys for the same price.” Let them then make the choice.
- Take your child to the swap meet and encourage them to negotiate.
- As they get older, have your child purchase their wants and you will continue to provide for their needs.
- Practice what you preach! If you tell them that you can’t afford something, don’t later charge it on the credit card. Let your children see you demonstrating financially responsible decisions.