Teach Children the Value of Money

3 Tips to Help Children Learn the Value of Money

🤍 Give them the opportunity to earn money.

Earning and managing their own money (from paid chores or jobs) is a great way to begin to understand its value. We have basic, non-paid chores (ex. cleaning the room) + extra, paid chores (ex. yard work).

🤍 Name the dollar amount that you are willing to pay for necessities. If they want to spend more, they can choose to pay the difference.

This helps children start to weigh whether they want the trendy, overpriced item. Let them splurge and see if it was worth it to them.

🤍 Let them make mistakes.

You don’t want their first money mistakes to come when they are away at college. Let them make mistakes now while the mistakes are small.

What have you done that has worked for you?

Photo description - One child spending her own money at Starbucks. My husband and I went with her and bought nothing (overpriced coffee!) but she wanted something and treated herself.

Linda Rogers, CFP®, EA, MSBA is the owner and founder of Planning Within Reach, LLC (PWR). Originally from New Jersey, Linda services clients throughout San Diego county and nationwide. She leads the design of PWR's investment portfolios which utilize broad, low-cost investments that integrate environmentally, socially, and governance (ESG) factors.

Planning Within Reach, LLC (PWR) is a fee-only and fiduciary wealth management firm offering one-time comprehensive financial planning, ongoing impact-focused investment management and tax preparation services in San Diego and nationwide. PWR is a woman-owned firm that specializes in busy professionals and impact investors. Planning Within Reach, LLC and their advisors do not receive commissions and do not hold any insurance licenses or brokerage relationships.