#Teaching Money Values to CHILDREN

SAVINGS

As children get older, help them develop their saving skills by asking them to save funds for items that will require a longer time period. Some parents can keep doing small contributions to enhance the savings of their kids, which would add motivation to them to keep rising their savings.

SPENDINGS

Explain how you weigh your options and make choices about how to spend, save, give and manage the family's money so it aligns with your values - not just whether there's enough in the bank. Kids develop their real attitudes about money by observing their parents day to day actions.

SHARING

Allow them to learn by example. Show them the value of donating to those in need. Giving away something they truly care about will make kid's experiences more meaningful.

Age 3 - 5 years

Teach "Money, Math, and Meaning". Practice making a change with 1 worth of coins and paper money and talk about what a small amount could buy. Parallelly making them understand that there are certain things in life, which money can't buy like "love" and "friendship".

Age 6 - 10 years

Help your children balance saving, spending, and sharing by giving 3 piggy banks to use and help them allocate allowance, daily money, and gifts into each piggy bank.

Age 11 - 13 years

Give your children the gift of giving; provide them with funds for a charitable contribution, and ask them to research options and discuss with the family, and then make a donation.

Age 14 - 18 years

As they prepare for life in high school, talk with your children about what expenses you will cover during school, college, and equivalent years, and what you will expect them to cover from their saving or earnings.