Kids and Money

Money is one of those subjects that seems to get set aside to teach later, but money should be something taught starting young. Creating and understanding good money habits is very important in life, and this starts at home.

You can start as early as you want. Start them with piggy banks and encourage them to put any money they get into it. Once that is a habit, add a second piggy bank for just savings. When your child gets any money for chores or gifts, half should go into savings, half for spending. Once they get a little older you can add a third piggy bank for giving. Once they have enough to start a bank account, usually as low as $25, open one and have them deposit their money. Continue to do this monthly to get into a good habit of saving and putting it in the bank.

At New Dads United, being a good example means a lot. Take your kids to the bank with you to show them how you deposit money. Let them watch you do the bills so they understand that money isn’t disappearing into the bank. When you go shopping, point out price tags and show them receipts. These little things go a long way to helping them understand the real value of money.

Is there something that your child has been wanting, like a new scooter? Make a simple graph and chart their savings progress. Once they have enough to purchase it, pull their money out of the piggy bank and go shopping! Their pride of buying it themselves and handing the money over in exchange is truly priceless!

Learning about money is a lifelong journey. Start your kids young, so when they have to earn their way, they know the value of it. Join our Facebook Group: New Dads United to tell your ideas!