Managing Money is a life skill which we all should learn from our childhood days and how important it is to spend or save wisely. I wrote a post last year on “Saving for the lifetime” which many parents found useful and thought to share 5 money lessons to teach your kids.
For kids, it is easier to think that buying anything they wish for is available with just a card swipe and they will get it. At the same time, it is very important to teach them about saving to get something for themselves and not everyone is privileged to have it.
I remember as a kid how exciting it was to save every single penny which dad left on the table for us to collect and save them. As a reward to save, we would get some bonus money to add to our savings. We still do that our home with coins and letting kids save them.
A couple of weeks back, Aayan asked us, “Can he along with his friends do a garage sale in the condo with books, toys etc they have already used so far, to buy more books?” 
We asked him, “How you all are going to do it?” He said, “We have coordinated and planned everything right from the printing banner, posting and informing the residents.”
All of them are around age 10 years so not big enough to think about earning money on their own. Loved the enthusiasm and positive approach these young kids had towards making it a success.
On this really hot summer afternoon on the rooftop, they have setup their tables with a limited time frame of 3 hours to go!
5 money lessons to teach your kids
Some of the basic tips which we all can follow to teach our kids as they learn from experiences whether big or small, good or bad.
- Piggy Bank:
It started with savings different currency coins which were left after our vacations and slowly that hobby of collecting the different currencies turned into the habit of saving coins in his piggy bank.
2. Learn to Say “NO’:
As a parent, we have to learn to say “No” at times whether you can afford or not. Saving doesn’t mean to refrain yourself from the things on your wishlist but to make sure that spending wisely will help you in the long run. Buying everything on the shelf won’t make a good parent and not buying makes you a bad one.
3. Be a role model
You can’t expect your kids to learn something which you have never followed! There are many important lessons which we want to teach our kids from the young age and effectively managing the money is one of them.
4. Make a wishlist:
We all have a wishlist be it travel, luxury stuff etc and kids have their own dreams. Ask them to make a wishlist and work towards achieving it.
5. Make them earn money:
This is the reality that every single penny earned is so precious for everyone and when kids get to earn for the first time with all the hard work and efforts it is totally the most valuable asset for them. Trust me it is hardest to spend from the earned possession.
It is not a child labour just another life skill which you get to expose your kids from an early age and it is definitely going to help them in a long run.
All of them really did a hard selling to convince every single person who has visited them to buy the stuff with the deals, offers, promotions even home delivery. What do you think how convincing they were to sell their stuff and to decide on the money part?
Irrespective of whatever they have sold on that day they decide to divide it equally and that is a foundation to grow more in your life!
Super proud of you my boys!
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This is a great concept of selling their stuff to learn how hard is to earn money. They have definitely learned the importance of the money
It is really important to teach our kids how to save money in their young age and how to value money in the right way.
One thing i was sure about from the beginning was not over loading my kid with stuff and making him understand the value . He is too young to understand the concept of money but still when ever he throws a tantrum for a new toy i make him understand how this one is going to make things better and how first reusing the ones we already have is a better idea. sometimes it works sometimes not. I am going to try out few of your ideas once he is little older.
Teaching kids the value of money and giving them a sense of statisfaction is very important… well written post
its very important that we teach our ids importance of money and how to value it. good pointers you have mentioned
Very helpful tips, thanks for sharing
What an important post! And I think it is a difficult concept to teach kids! I think this is a great way to teach the kids about the value of money and the m concept of earning it!
great tips, learning about financial responsibility at an early age would certainly help them n long run.
I like the idea of Ayaan. It’s good to hear the idea of a 10 year olds. Piggy bank concept is very important and our kids just started saving money.
I think teaching kids on saving money in early ages is a good idea. They should know how to value money while they are still young. It will help them to be more responsible in managing their money in the future.
Nice idea on teaching finance to kids. Kudos.
You must be so proud your kids. We got a big piggy bank for our son when he was just born, we started putting in coins and now at 2 years he does it himself. Some great points in the post to make kids understand the value of money and some lessons in saving. Glad I came across this post
Interesting to make our kids earn and learn money saving facts. Thanks for sharing.
This article is amazing. beautifully written article with some important lessons for kids #ViddhReads #MyFriendAlexa
I have just started teaching the money concept to my son. Your post would be so helpful in it. Thank you for sharing
All the pointers are just right. loved the role model and make a wishlist
Many Don’t know the value of money and mock the people who try to save or be careful about the money.
The reason is they’ve not struggled or they’ve always got money at their disposal. Lesson like these must be given at home.
Thank you for the wonderful post. #sindhureads #myfriendalexa
I am very convinced that these kids will grow to be excellent individuals. How smart they are and how quick they are when it comes to an activity. I loved how beautifully you have composed this one. Sharing, planning and executing are some skills that is mandatory for kids and are lifetime lessons when learnt by themselves.
That’s so mature of him and his friends! You are clearly setting a great example and teaching him well. Way to go Pooja!
#MyFriendAlexa#DelhibloggerReadsonderful tips that are required to be tought ro kids in this era for yhem to have bright duture