10 Engaging Ways to Instill the Value of Money in Your Child

In today’s fast-paced world, teaching children the value of money and the importance of financial responsibility is an essential life skill. By equipping them with a solid understanding of money management from a young age, we can empower them to make informed financial decisions in the future. This article will explore ten fun and interactive ways to engage your child in learning about money, cultivating financial literacy, and instilling a strong sense of financial responsibility. These activities will make learning enjoyable and lay the foundation for a lifetime of smart financial habits. Let’s dive in and discover creative ways to educate our children about the value of money!

1. Play games


Next time your child requests computer time, consider introducing them to online games that teach valuable money skills. Numerous credit union websites offer engaging games and activities, including printable coloring pages, that can enhance their understanding of money management. While we often overlook traditional board games in this digital age, they remain a fantastic option.

Have you ever played Monopoly or Life? Despite their fictional nature, these games effectively reinforce concepts of earning, saving, and experiencing financial setbacks. So, the next time your child wants to dive into the world of technology, consider blending it with these timeless and educational board games to foster their financial comprehension.

2. Set a family savings goal


If your child is eagerly yearning for a trip to Disneyland or insisting on owning a trampoline, here’s a suggestion from Sam Renick, the author of It’s a Habit, Sammy Rabbit!: establish a long-term goal and initiate a fund in a jar. According to Renick, This approach fosters a sense of teamwork within the family and adds an element of joy to saving. Encourage your children to contribute by depositing loose change into the “pot” and occasionally setting aside a portion of their allowance.

By involving them in the process, you not only instill valuable lessons about financial planning but also teach the importance of working together towards a common objective.

3. Take a class


Numerous credit unions and banks provide educational seminars specifically designed for children. While you might initially assume that your child would dismiss the idea, giving them a chance is worth it. Mark Hodowanic, who assists in teaching seminars at TopLine Federal Credit Union, shares, “I’m constantly amazed at how engaged kids are when it comes to learning about money.” Take a moment to explore the offerings of your local bank or credit union to see what educational opportunities they provide.

You may be pleasantly surprised by your child’s genuine interest in expanding their financial knowledge through these seminars.

4. Encourage your child to make a little money


Engaging in money-earning activities can be both educational and empowering for children. The classic lemonade stand, for instance, provides a valuable experience and promotes teamwork. “A lemonade stand is an excellent opportunity for siblings to collaborate,” suggests Lechter.

“The older one can handle the money while the younger one serves the cups. Additionally, the older child can mentor the younger child, fostering a sense of accomplishment for both.” There are other creative ways for kids to make money as well, such as selling outgrown toys and clothes at a flea market, assisting with organizing a family yard sale or taking on extra chores around the house for additional pocket money. These endeavors teach children about the value of money and instill a strong work ethic and resourcefulness.

5. Volunteer and donate as a family


An essential aspect of financial literacy is recognizing the varying levels of wealth among individuals and understanding the importance of helping those in need. Laura Busque, Outreach Manager for the Ohio Credit Union League, suggests that families can easily instill the habit of giving in children. One simple activity is shopping together for food and delivering it to a local food pantry.

Children develop empathy, compassion, and a sense of social responsibility by engaging in such acts of kindness. This not only contributes to their financial education but also cultivates values that promote a more equitable and compassionate society.

6. Clip coupons


Instead of immediately discarding those Sunday morning circulars, consider having a coupon-clipping activity with your child. It’s an opportunity to teach them about savings and discounts, even if you’re not a regular coupon user. Let your child identify relevant coupons, help with cutting them out, and store them in an envelope.

During your next grocery trip, involve your child in managing the coupons, whether as the envelope holder, product finder, or savings tracker. Discuss the amount of money saved and how it can be used. Alternatively, utilize your grocery savings card at a participating store and point out the discounts to your child, highlighting the savings on the receipt after shopping.

7. Shop at a farmers’ market


To help children grasp the relationship between work and money, consider taking them to a farmers’ market instead of a regular supermarket. Encourage their involvement by having them participate in selecting produce and making the payment directly to the farmer. This hands-on experience allows them to witness the market economy in action.

Take the opportunity to explain that the farmer determines the prices based on the effort involved in growing the produce, and customers decide if they are willing to pay that amount. Additionally, highlight that the money earned by the farmer enables them to purchase necessary supplies for future harvests, reinforcing the cycle of work and financial sustainability.

8. Enlist your child as a billing assistant


Demystify the concept of credit cards and instill a sense of financial reality by involving your child in paying the credit card bill. By going through the charges together and explaining what each expense represents, your child gains a comprehensive understanding of your financial obligations. Even preschoolers and kindergartners can assist in handling the check and envelope, while older children can record the check number.

Extend this involvement to other bills, such as utilities and rent, allowing your child to witness how money is allocated and fostering a newfound appreciation for the value of money. Additionally, this engagement may lead to positive behavioral changes, like being more mindful of electricity usage.

9. Visit the bank


A trip to the bank with your child offers more than just a lollipop treat. It provides an opportunity for them to grasp the concept of money. Encourage their involvement at every stage, allowing even preschoolers to hand a check to the teller.

As your child grows older, consider opening a savings account for them and assist them in learning to manage and track their savings. Many financial institutions offer fee-free accounts specifically designed for kids, accompanied by educational resources and interactive online activities. This experience sets the foundation for their financial literacy and responsible money management.

10. Hit a yard sale


Yard sales offer a treasure trove of kids’ items, making it an exciting “outside store” experience for younger children. Older kids will appreciate how far their allowance money can go compared to mall prices. Enjoy the satisfaction of finding great deals together.

Alternatively, take the kids to a local thrift shop if you prefer a relaxed Saturday morning. Both options provide excellent opportunities to discuss the importance of reusing and recycling, fostering a sense of environmental consciousness.