Teaching Kids About Money!

Teaching Kids About Money!
Have no clue how to teach your kids about money, how to save money or how to spend money? Never fear! I’m sharing my tips on how to teach kids about money today in this fun little video.

Your kids might collect money from Birthdays, Christmas and other holidays. Until they learn what it is like to not have any money (and want to buy things), they don’t really learn how to save or how to spend wisely.

After this video, Devyn spent the rest of her money on a bike. And even though Rockwell’s Coinstar balance was only $1.35, he had dollars already in his ziploc bag. He spent the rest of his money on a toddler bike too. Ever since they ran out of money, they’ve asked for us to buy things. We’ve had to tell them “no” and encouraged them to do chores to earn money for the things they want. It’s totally worked!

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50 Comments

  • Claudia Costello
    Reply

    I guess it is time for my little one to start earning money. He is 2 1/2 years old and my older one, He is 11 years old to continue doing chores. How much do you suggest giving them, I will think all depends on the chore and their age right?

    • The Melea Show
      Reply

      +Claudia Costello Making your Bed and things like that I think should be chores they are expected to do. But extra things–like using lysol wipes on the doorknobs like I talked about in the video can definitely be something a 2 1/2 year old can do!

    • Claudia Costello
      Reply

      Awesome thank you so much for answering my question, I love your show, and have been following you for a while on your website.

  • Claudia Costello
    Reply

    I guess it is time for my little one to start earning money. He is 2 1/2 years old and my older one, He is 11 years old to continue doing chores. How much do you suggest giving them, I will think all depends on the chore and their age right?

    • Claudia Costello
      Reply

      Awesome thank you so much for answering my question, I love your show, and have been following you for a while on your website.

  • Morgan McRory
    Reply

    How much do you give your kids for their chores? My husband is gung-ho about allowance, but I was never given allowance as a kid and it seems like… uh…no, they can do chores because they live here…no one pays mom or dad to vacuum. Maybe that's awful, but if it's a realistic number I might be more on board. And I agree, they'd need to EARN it.

    • The Melea Show
      Reply

      +Morgan McRory My kids are young, so I've just started with quarters. You kind of have to just start out with what you and your husband think is fair and then raise it as they get older. But I agree with you, regular chores like Bed Making are things they should just do. After they have finished their regular chores… then give them a list of things they can do as "Extra" to earn money.

  • Morgan McRory
    Reply

    How much do you give your kids for their chores? My husband is gung-ho about allowance, but I was never given allowance as a kid and it seems like… uh…no, they can do chores because they live here…no one pays mom or dad to vacuum. Maybe that's awful, but if it's a realistic number I might be more on board. And I agree, they'd need to EARN it.

    • The Melea Show
      Reply

      +Morgan McRory My kids are young, so I've just started with quarters. You kind of have to just start out with what you and your husband think is fair and then raise it as they get older. But I agree with you, regular chores like Bed Making are things they should just do. After they have finished their regular chores… then give them a list of things they can do as "Extra" to earn money.

    • The Melea Show
      Reply

      +mailosgirl2 Haha, yeah I know. I think I was trying to say, I would rather have the kids do it themselves and have a hands on experience. And from the comments on Instagram, I guess my bank is one of the only banks that doesn't have a free money counter in the lobby?? Good thing I wanted them to spend all of their money, lol!

    • The Melea Show
      Reply

      +mailosgirl2 Haha, yeah I know. I think I was trying to say, I would rather have the kids do it themselves and have a hands on experience. And from the comments on Instagram, I guess my bank is one of the only banks that doesn't have a free money counter in the lobby?? Good thing I wanted them to spend all of their money, lol!

    • The Melea Show
      Reply

      +J. Stewart Yes, I know. I wanted them to spend all of it for this experiment to help them get back to a place where they had to learn to earn money and know what it felt like to not have it. 🙂

    • J. Stewart
      Reply

      +The Melea Show I understand why you made them spend all their money. I don't understand why you made them use a coin machine that charges 9.8% to count their money.

    • The Melea Show
      Reply

      +J. Stewart Yes, I know. I wanted them to spend all of it for this experiment to help them get back to a place where they had to learn to earn money and know what it felt like to not have it. 🙂

    • J. Stewart
      Reply

      +The Melea Show I understand why you made them spend all their money. I don't understand why you made them use a coin machine that charges 9.8% to count their money.

  • Sarah Johnson
    Reply

    My tip is to not pay for normal chores. I think kids should know they are part of the family and they have to help. Pay them for extra chores. We are having the kids save up for Disneyland – hopefully these tips will help when buying souvenirs.

  • Sarah Johnson
    Reply

    My tip is to not pay for normal chores. I think kids should know they are part of the family and they have to help. Pay them for extra chores. We are having the kids save up for Disneyland – hopefully these tips will help when buying souvenirs.

  • Aimee Payne
    Reply

    Great tips! I was a seriously worried you were going to make your daughter spend all of her $80 and was so sad thinking about the interest it could have made in the bank 🙂 (a side note, the audio in your videos sounds echo-y and it's hard to hear sometimes.) I love all the videos so far! keep it up!

  • Aimee Payne
    Reply

    Great tips! I was a seriously worried you were going to make your daughter spend all of her $80 and was so sad thinking about the interest it could have made in the bank 🙂 (a side note, the audio in your videos sounds echo-y and it's hard to hear sometimes.) I love all the videos so far! keep it up!

  • maddie m
    Reply

    Talking about saving money while she's wearing a pink sweatshirt. Now I shop there for most of my stuff but it's pretty expensive at times

    • The Melea Show
      Reply

      I love pink too! I actually use coupons on all of my VS PINK Purchases. So I think this sweatshirt was only $25! Way cheaper than they normally are. 😉

  • maddie m
    Reply

    Talking about saving money while she's wearing a pink sweatshirt. Now I shop there for most of my stuff but it's pretty expensive at times

    • The Melea Show
      Reply

      I love pink too! I actually use coupons on all of my VS PINK Purchases. So I think this sweatshirt was only $25! Way cheaper than they normally are. 😉

  • Hana Horman
    Reply

    Great video! I also do the chores around my house ,and than my mum gives me some cash (but not much,like for every job like a dollar or something)…She does that to teach me that every penny is worth it lol….

  • Hana Horman
    Reply

    Great video! I also do the chores around my house ,and than my mum gives me some cash (but not much,like for every job like a dollar or something)…She does that to teach me that every penny is worth it lol….

  • Nessa Bear's Stories
    Reply

    personally If I had kids I would of​ took them to dollar tree to buy dollar items for coloring items. great video though.

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