These days all grown-ups go through our daily routines of paying our bills, putting s shelf over their family and putting food on the table. Parents want the best for their children and want to ensure when their kids grow up they will have a brighter financial future than what they had.

One of the simplest ways to teach our children about money is in your own home with the income that you receive. Try having fortnightly or monthly meetings. Tell them what these meetings are about.

It all starts with the money that the parents earn first. Explain this to your kids that money doesn’t just grow on trees. Tell them that you get paid consistently over a week or month.

Now with this money, it needs to be used to pay for different items. Communicate with your children what the money is used for.

Below is a list that you could show to your kids for example:

1. Electricity bill = $x 2. Gas bill = $x 3. Water bill = $x 4. Mortgage = $x 5. Petrol for car = $x 6. Groceries = $x

From the items above, outlay to your children what your income is being spent on. Then simply total the items above, then subtract this amount from your income and this would then equal how much you would save.

Explain to your children what these savings will do. For example, it could be use to pay off the mortgage quicker, used to replace a household appliance that is breaking down, or saving for an end of the year family holiday.

Show your children how much things cost and they will start appreciating what money can actually do.

When your kids grow older, start giving them more responsibility over finances in the family. Ask them what the family could do to save more money, it could be going out to less entertainment outings such as the movie cinemas for example.

By pro-actively teaching your children about family finances, you are setting them up for a brighter future by enhancing their financial mindsets with concepts and ideas that they can use later on in their own families one day.

Teaching Kids Money You can learn more about teaching kids about money at our site. Learning about this topic will be beneficial to your child. Teaching kids to save money is challenging and enjoyable for your child.