Best way to teach kids about money

[Anonymous]

OP here, thank you for all the great ideas!

We are five days into our Fiscal Fast (only buying needs, not wants) and there was some whining at Target last night (they wanted to get a little something while we were shopping for groceries), but for the most part they are cooperating well.

I told them that at the end of the month - if our Fast is successful - they would each receive $20 to spend or save, and that incentive is helping. I will talk to them about Spend/Save/Donate before that happens.

[Anonymous]

Non PPer here, thanks so much for all of the great ideas! I have a 5 year old that I'd like to start teaching about money management. I will plan to start giving an allowance for her to manage and see how that goes....should be interesting.

[Anonymous]

PP here who set up the Teen Spending Account....

Another thing that has taught my kids about money is simply playing Monopoly and the game of Life. They have enjoyed playing both and learned about counting money and taking risks, paying interest and owing more than you can pay.

It doesn't all have to be serious.

[Anonymous]

PP here who wrote about giving my 5 and 3 year old an allowance.
One of the best things is that it totally eliminates whining for random toys seen in stores. Once kids have to spend their own money, they become a lot more discriminating.