The Importance of Teaching Children about Money

boy piggy bankA teacher and philosopher, Rabbi Leib Tropper is committed to positively influencing individuals and teaching them to make better decisions. One of the ways in which Leib Tropper accomplishes this is through his involvement with the organization Character First.

The group was founded based on the idea that teaching children simple values can make them more successful adults. One of the ways this can be accomplished is through teaching children the importance of financial responsibility. Following is a list of ways to instill financial responsibility in children:

– Be a good financial role model. Engage in family budget meetings and help children learn how to communicate about money. Explain to them the difference between needs and wants.

– Teach personal responsibility. An allowance should not be free money, but rather it should be connected to specific jobs.

– Provide children with financial goals. One way this can be done is by labeling three containers for saving, spending, and giving. Discuss weekly goals and create a plan to achieve them.

– Learn to keep track of money. Something as simple as a pen and paper can help children to keep track of their money. Allow them to add it up and formulate a budget.

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