Teaching Kids about Money – Part 4
by Michelle Lambright Black
Thank you for checking out our blog today. If you haven’t already read them, please be sure to check out parts 1-3 of this blog series on our website. We hope you find our tips for teaching your children about money helpful.
Lesson #4: Show Your Children How Much Things Cost
Many children, and even some teenagers, don’t truly realize how much things around them cost. It is important for your child to have a grasp of the cost of things for two reasons. First, it will help to make your child a more financially wise person, equipping them with the knowledge they will need to one day lead a financially independent life. Second, if your child realizes how much things cost they can help the family to conserve and stretch its monthly budget.
One way to teach your child how much things cost is to teach them about conserving resources. You can perform a “show and tell” in your own house showing your child why it is important not to be wasteful with things like hot water, electricity, disposable plates or utensils, groceries, etc. By teaching your child to be a conservationist they can help the family save money and become a more environmentally friendly person.
Another great way to teach how much things cost is by showing your child a list of the monthly household bills. You can show your child the bills themselves so that he or she is able to begin understanding the family’s cost of living. Remember, this may be a little boring to your child, so you may want to find a way to slip a short demonstration of the monthly bills whenever you give him or her their weekly allowance.
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