A Kid’s Lesson on Money Management

01/11/2018, By Valley of the Sun United Way

When you have a child, there are so many things you teach them. You show them how to read, how to build relationships with others, along with many other life lessons. Teaching your child about managing money, just as with any skill, will help them stay strong in that area when they get older.

Starting the Conversation is Easy, and Important

Often, how someone feels about money is determined in childhood by what was observed through their parents or grandparents. Think about how money was handled in your home growing up. Can you remember who was “in charge” of the money then? What about now?

What you may find looking at those questions is if your household did a good job of handling money you may have followed the same format. If the money management in your childhood home didn’t seem to work, you probably made improvements. Providing your children with a simple discussion of how and why you do things, or even what you would like to be able to do differently to improve it, can give them good insight on how to think about money instead of just seeing the spending side of it.

Kid Friendly Financial Activity

You can “Make Saving a Hoot!” for your child by creating these DIY toilet paper roll owl banks for them to keep their change in. By making 3 of these banks and labelling them “Spending,” “Saving,” and “Sharing” and talking about the importance of each category by following the conversation starters, you will give your child a good concept of different situations they may want to have money for.

Share your experience with us on our Facebook Page using #unitePHX and a photo of your owl banks! We’d love to hear from you!

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