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How do you teach your kids about money?

by Kim Voynar (Subscribe to Kim Voynar's posts)
Jul 23rd 2005 2:30PM

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Filed under: Media

Moonbeam MoneyjarsI believe that teaching kids about money is as important to their adult life as teaching them about how to tie their own shoes, or how to communicate respectfully with other people.  If you read Money Magazine or lots of finanicial books, they'll tell you to start by giving kids an allowance and teaching them how to save part of it and spend part. As our younger four kids are getting older, this is a topic more and more on our minds.

One website devoted to helping you teach your kids about money is Moonjar. In addition to advice about teaching kids about money, you can purchase moneyboxes (pictured above) divided into three sections: spend, save and share.  The idea is to help your child create a budget, and to help him decide how to divide his allowance among the three boxes. Kiplingers has a section of great articles on kids and money.

So tell us, dear readers: what do you do in your house to help your kids learn to be smart about money? Do they have to do chores to earn money? Do you just give an allowance? Are they free to spend their allowance as they want, or do you insist they save some of it? Tell us what works for you!



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