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How to Teach Children The Value of Money

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An old man once said without value, money is only paper and ink. It’s the value that is attached to money that makes it an essential commodity, meaning it doesn’t come cheap without an exchange of something tangible (products) or intangible (ideas or services). For the fact that money doesn’t just come without a price paid, one has to work for it. What is money? Money is defined by the English dictionary as a medium of exchange issued by a government or other public authority in the form of coins or paper bills, used as the measure of the value of goods and services. Legally, as parents or legal guardians one has to provide at least the basics of life for your family. This includes; food, shelter and clothing. In other words parents have to work for an exchange of money.

The measure of goods and services may not always be equal to the stress involved in making money, but in the end you have to take care of the home and other responsibilities. Now this question still stands out – do your children really know the value of money? As much as it’s an essential commodity, it is wise for parents to teach their children the true value of money for them to succeed in life. Below are ways you can teach them the value of money.

Give them allowances: Giving your children monthly or weekly allowances will help them know the value of money because he or she will have to work with a stipulated amount for the week or the month (budget), thus creating a saving culture in them. If you are always open to the beck and call of every financial need of your children, they’ll never know the value of money.

Involve them in humanitarian services: Even the bible says that it’s better to give than to receive. You can inculcate into your children the virtues of generosity and kindness by giving them the opportunity to donate to charity or help the needy. These acts will help them understand and appreciate how much their giving can positively affect the lives of such people. It makes them see the power in little which may ultimately help with money management.

Holiday jobs: Working for money helps children understand the concept of exchanging value (skills, services etc.) for value (money). It also helps them appreciate and see the true effort of their parents in giving them the good life. It equally instils in them the belief that they can with time, fulfil their financial dreams, provided they are willing to work. They also learn how to work within a team thereby developing interpersonal skills.

Encourage them to save: Encouraging children to save will develop in them discipline with regards to managing money. It gives them a feel of the major benefits of saving which could help them handle unforeseen emergencies.

An adage says, give a man fish he’ll come back for more the next day, but teach a man how to fish he’ll feed himself for the rest of his life. Same goes for your children. From the tender ages, imbibe in them this good value especially in terms of money. You won’t only be a proud parent but also a fulfilled one.

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