Teaching Kids the Value of a Dollar
With the holidays coming and all the Christmas shopping and lists of requests from my four children, I feel obligated to share some knowledge on teaching our children the value of a dollar. I find it extremely helpful giving specific and age appropriate chores, and giving them an allowance for doing them. Since we have such a large family, I have set up one-on-one days with our children so we can spend quality time with them one at a time. This is also a time when they can make small purchases with the money they earned from doing their chores. It's a huge success in our house, and they all look forward to participating. For my oldest son, we have opened a savings account in his name, where he puts half of his money earned into his savings and uses the other half for pleasure. It's fun to watch who saves and who spends, but more importantly, I am happiest knowing we are instilling values that will last them a lifetime.
- Encourage your kids to learn the value of the dollar by having them earn money and buy things on their own very early in life.
- Use play money and have them pretend to buy things with the money. As they get older, give them money to spend at the store or a garage sale.
- Create a chore chart for your kids. Each child should be responsible for certain chores around the house that they will be paid for. It doesn't have to be a big amount of money, but this allowance should give your kids some money to spend how they wish. They will need to save up for items they cannot afford.
- Find ways to work with children to give back to the community. The holidays are especially good time to give toys, food and other things to families who cannot otherwise afford them. Helping families that are less fortunate is a great way to teach your kids the value of the dollar.
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