10 Money Lessons To Teach Your Children

kids-moneyWe all know the importance of teaching our children to earn, save, invest and donate money. When they are young you may give your children an allowance and talk to them about spending it wisely. As they approach their teenage years you probably encourage your children to earn some of their own money, perhaps babysitting, cutting lawns or taking a part time job.

Here are 10 money lessons you can talk to your children about at any age. These are money management concepts that will see them through not only their younger years, but adulthood as well.

  1. Don’t buy what you don’t need.
  2. Beware the lure of advertising.
  3. You don’t need every trendy item or new gadget.
  4. Save for what really matters.
  5. Be aware of the needs of those around you.
  6. Allocate your resources wisely.
  7. Credit is not free money, it comes with a cost.
  8. Sell, or donate, items you no longer use.
  9. Borrow, trade or barter.
  10. Think before you buy.

How do you teach your kids about money?

Category: Budgeting |

Aug 22, 2013

About Sharon Hoyes

Sharon Hoyes, CA, CPA is a Chartered Accountant and Managing Editor at MoneyProblems.ca writing about personal finance and consumer news and how it affects your debt.

Join the Conversation

  1. James Molet (SavvyJames)

    A good list, to which I would add, teach your children the value of saving/investing money, specifically the power of compound interest. This is certainly a concept they should be taught, and can probably grasp, as they enter the teen years.

  2. Lisa Lewis, MD

    Great post. I plan to nix any credit card use for my children, and teach them bank card use. Don’t spend it unless you have it!

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