How to Get Your Kids to Appreciate the Value of Money

We all want our kids to have the best we can offer to them, and that often means spending money. Kids won’t automatically have an appreciation of the value of things at a very young age unless we teach them that the toys, food, trips, etc. they enjoy aren’t guaranteed. These things take hard work to earn and they don’t come free.

It’s easy for kids to become spoiled if they are always handed everything they desire on a silver platter without giving thought or care to how they were able to get it. It’s time to start explaining to your kids that money has value, and appreciating it will allow them to give even more thanks for the gifts and special things they receive in the future and for what they already own.

 

Assign Chores

Once your child is old enough to help out around the house with age-appropriate chores, assign some duties to teach your child about work and the results that follow. If your child is asking for a new toy, explain that he can get it once he completes X days of cleaning his room or X hours of helping you put away the groceries and caring for the pet. He will begin to understand that in order to get things, he must put in the effort to make it happen. Not only will you get some much needed assistance around the house, but your child will feel proud of his accomplishments and enjoy what he gets in return even more knowing his work helped him get it.

 

Explain How You Get Your Money

When you’re out shopping with your child or when you give him something special, explain how and where you got the money in order to pay for it. This is not to make him feel guilty, but to help him grasp the concept that things cost money and money must come from somewhere. You may explain that you and/or your spouse or partner have a job, what it is that you do for work, and that you are paid money for your work. Or, you can explain that grandma has saved money for special treats for him and she has a limited income, so her gifts are very valuable. Whatever the case may be, teach from an early age that money isn’t something everyone has and most people must spend their time working in order to make it.

 

Talk About Costs

A child can run through a toy store or the supermarket and say they want it all. They may not understand why you won’t get it for them when all the stuff is right in front of you. Explain these things cost money and you don’t have enough for it all. If you were planning to get him something special, discuss how much you have to spend and how he should be thankful because some people have much less or nothing at all. One day when he works to earn money, he will better value the costs of things and how to balance his spending appropriately.

How do you teach your child to appreciate the value of money?

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By: Melissa A. Kay