Tips to Teach Children the Value of Money

04 August 2011 - Which Way to Pay

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Tips to Teach Children the Value of Money

As a parent, one of your most important jobs is to teach the value of money and how to manage it wisely. A great and effective way to do this is to introduce a pocket money reward system for your child, which not only installs personal responsibility, but also good work ethic and habits.

There is no plain way to follow this strategy because each child is differently motivated; however the key is tapping into the motivation and making sure that earnings are fair and regular.

For example, link pocket money to a list of tasks to be completed each week (e.g. making beds, preparing the table, dishwasher emptying, taking out the rubbish, or mowing the lawn), but also include “bonus payments” for children who do such tasks without being asked, or doing something particularly well. By associating the attainment of pocket money with effort, you’re teaching your child the very important principle that nothing in life is gained without input. Even more so, the greater the input, the better the outcome aka more dollars to buy that bicycle! You never know, the basic lessons of finance at a young age could result in you producing New Zealand’s next financial guru and/or millionaire!

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