5 Ways to Teach Your Child About Money

Photo by: Nick Nguyen via Flickr

Spend Wisely
Tina from ShopaholicMommy says having kids use cash to buy what they want is best for learning money management. "With the use of debit cards, it's so easy to just charge away. One of my best tips is to have kids pay for their own items with cash. Also, allow them to collect and count the change. It can actually put a damper on their spending spree when they need to hand over their own dough. Some ... more 

Photo by: Nick Nguyen via Flickr

Spend Wisely
Tina from ShopaholicMommy says having kids use cash to buy what they want is best for learning money management. "With the use of debit cards, it's so easy to just charge away. One of my best tips is to have kids pay for their own items with cash. Also, allow them to collect and count the change. It can actually put a damper on their spending spree when they need to hand over their own dough. Some other good tips are showing them how comparison shop to get a better deal. In many stores they have scanners at the end of the isles so you can check the prices. I have my kids scan in the item, wait for the price to show up and then we figure out whether or not they can afford it."

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