How to Teach Your Kids About Money

Kids can understand money—if their parents teach them. Here are a few things we do at the Hogan house with our boys to show them how to handle money.

Do you like the Spend/Save/Give bank we featured in this video? Check it out here!

Comments

  • Hope Ware

    In our home they are taught: tithe 10%, save 50%, spend 40%. From age 5 to 10, our boys received an allowance based on jobs they did for us. Then from age 11-15 there was no more allowance. Instead we wanted to invest in their dreams. In January of each year they set goals for SPECIFIC items they wanted to purchase in the next 12 months. No games or toys. We agreed to give them half the money for each item, but only AFTER they earned the first half by doing work for someone besides us. They earned money for laptops, technology, digital cameras, and more. They researched brands, prices, and got great deals – knowing that they were investing their hard-earned money. They also got plenty of work experience mowing lawns, pet sitting, installing a barbed-wire fence, and cleaning a condo. At age 16 they get jobs and are responsible for all expenses except room and board.