Skip to Content

Teaching Your Kids About Money and Giving Back

Saving money and the holidays do not usually go hand in hand. This holiday I am taking the time to teach my kids the value of creating a Save, Spend, Give plan. In our paperless society it is difficult for kids to understand the concept of money.

Teaching Your Kids About Money and Giving Back

Having discussions and working on it at home can help kids understand how important money management is. This easy money craft and list can help get  the money discussion started with your kids.

What you’ll need:

Supplies:

  • 3 Mason Jars
  • A roll of burlap
  • Tape
  • Letter Stickers
  • Labels

While we purchased our items at a local craft store, you can also repurpose items from home, make your own labels, etc.

Teaching Your Kids About Money and Giving Back

Steps:

  1. Wrap jar with burlap
  2. Write Spend, Save, & Give on your labels. Use stickers, colorful markers and paper. Let the kids be creative and put their own twist on it.
  3. Apply your label to the jar

Teaching Your Kids About Money and Giving Back

Teaching Your Kids About Money and Giving Back

After your project is complete, take some time to talk to your kids about managing their finances in this way. Ask your kids some questions. Here are a few to get you started but you may be surprised at the questions and conversations that will start.

Where does your money come from?

  • Weekly Allowance.
  • Gifts from birthdays and holidays.
  • Earned from jobs or chores.

Take time to talk about where they get their money and ways they could earn money. Explain that parents work and earn a wage. This wage has to be divided between all the things we need at home and want. This is a good time to discuss needs vs. wants.

What do you spend your money on?

  • Games and Toys
  • Electronics
  • Clothes
  • Entertainment-movies, restaurants

We made a list of needs vs. wants for our family on my laptop. I made two columns and we started sharing ideas. Of course the kids had lots of wants like video games, smart phones, trendy clothes, etc. There is no wrong answer here. If your child wants something expensive that is okay. Writing it down will help them see how money earned and cost relates.

Teaching Your Kids About Money and Giving Back

When we worked on the needs column they started to discover what was necessary like school supplies and groceries. Look at the list and discuss what we typically spend our money on as a family. Then discuss what they would need to do to earn enough to pay for it.

Why save your money?

Kids and young adults don’t always realize the importance of saving. Talk to them about what you and your family have saved for. For the younger kids discuss small things they may consider saving for. With my middle school children money discussions often lead to college discussions.

We have a MEFA U.Fund College Investing Plan in partnership with Fidelity. It’s been a great tool to help us keep this important savings goal in mind. The MEFA.org site has some great ideas for planning starting as early preschool.

How can your money help others?

Helping others especially during the holidays can go a long way. Does your child have a favorite hobby or interest? Many organizations have a charity or are doing something special this holiday season. Search the internet for reputable charities.

Teaching Your Kids About Money and Giving Back

Our family loves pets. We have a rescue dog from our local shelter. My kids love to purchase pet food, toys and beds to donate several times a year. We also helped raise money to contribute to their rescue efforts after storms in the south.

My kids really enjoyed this activity. It gave them the opportunity to think about how we use money as a family. They had a great time coming up with ideas of where to give their money. I love that it gives them the skills needed to organize and take control of managing their money in the future.

What tips do you have for teaching your kids about money?

Sharing is caring!

happy wheels demo

Friday 6th of January 2017

These jars are a great idea and everyone is learning at the same time.

Lynn

Tuesday 3rd of January 2017

This is a great idea. We have one piggy bank but the idea of how to budget the money is a great idea.

Mimi Green

Monday 26th of December 2016

This is a great idea. We've been talking about money a lot with the kids lately. I want them to learn these same values.

dawn

Monday 26th of December 2016

yesss. i love these ideas. its funny because my uncle taught my brother and i to save our coins in jars. and when we cash them in there it always no less than 150 bucks in them.

Chubskulit Rose

Saturday 24th of December 2016

My kids have each a oggy bank with four slots (save, spend, invest, and donate). I give them money for doing chores and they put it in the p-bank.

Comments are closed.

This site uses Antispam to reduce spam. Learn how your comment data is processed.