Saving, Spending, Donating

When teaching your kiddos about money, consider the idea of breaking ‘their’ money into categories with them.

Whether it’s earned money, money that’s been gifted by relatives or whatever the case may be. There are different things to do with money and it’s important to be having these conversations with your children.

Consider your family values and decide the various percentages. A certain amount ought to be saved so it can grow and be used for something special in the future.

Another amount ought to be given back to the community in one way or another, hopefully around a cause your child is passionate about. Research with them and see where it takes you. Offer to match their gift?

And lastly, there’s money that they get to spend. The discussions around breaking it down like this alone will help them think about their spending money differently - hopefully, more thoughtfully.