How to Teach Kids the Value of the Dollar

It's important to teach kids the value of the dollar. Most children will not want to save their money, but will want to spend it as quickly as they get it. Learning to save money is a skill they can use throughout their lives, and by teaching your kids the value of the dollar, you also prevent them from taking things for granted. They will learn to appreciate what they have.

Difficulty: Moderate

Instructions

Things You'll Need:

• Chore chart
• Piggy bank
• Savings account

1. 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.

2. 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.

3. 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.

4. 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.

Tips & Warnings

• Consider putting half of the money or child earns into a savings account.
• Provide kids with piggy banks and allow them to save money.
• Give your kids opportunities to earn extra money from time to time.
• Don't dictate how your child uses his or her own money.