# 7 Ways To Teach Your Kids The Value Of Money

- Link: https://stayathomemum.com.au/family/kids/7-ways-to-teach-your-kids-the-value-of-money/
- Published: 2016-08-01T09:00:32+10:00
- Author: Clare Whitfield

## _Money is an important aspect of our lives, yet many parents struggle with age-appropriate ways to teach their children the financial skills they’ll need to function as an adult in today’s society._

Perhaps this is the reason that, overall, much of our population lack the financial
skills to keep themselves above the debt line. Business debt, household debt, personal
debt and credit card debt drags us all down, but wouldn’t it be great if our kids
were the changing current in that tide?

Teaching your kids the value of money is not just a great thing for them and their
future, but perhaps for the future of us as a group.

[⌊7 ways to teach your kids the value of money | stay at home mum⌉⌊7 ways to teach
your kids the value of money | stay at home mum⌉[

So, here are 7 pretty simple ways to teach your kids about the value of money.

## **1. Help Them Understand Want And Need**

Ah, want and need. It’s the internal battle that rages whenever we come to consuming
and purchasing decisions. Most of the time, it seems that need is forgotten for 
want, and consumer-driven through our economy is these decisions don’t always end
up being the best for our personal finances. That’s why it’s so important to teach
your own children the difference between want and need.

[⌊Colourful notes with wants vs needs for teaching kids about money⌉⌊Colourful notes with wants vs needs for teaching kids about money⌉ ](https://i0.wp.com/stayathomemum.com.au/wp-content/uploads/2016/07/wants-vs-needs.jpg?quality=89&ssl=1)

A good way to do that is to put into context the amount of time it might take to
earn something that they want. For example, if your child does chores, like putting
away the dishes for $1, explain that a new console game or toy will take so many
times putting the dishes away to earn. And yes, it is ok to say no. As adults, we
hear “no” all the time, and kids need to learn to hear it too. If they really want
it, kids will find a way to earn it, and they’ll learn more doing that than if you
just give them something.

### _Next Page: More�Ways To Teach Your Kids The Value Of Money_

![author avatar](https://i0.wp.com/stayathomemum.com.au/wp-content/uploads/2025/
12/clare_whitfield_profile.webp?quality=80&ssl=1)

 Clare Whitfield Chief Editor

 Clare Whitfield is the Editor of Stay at Home Mum and a recognised voice in practical
home management for Australian families. Based in the northern suburbs of Sydney,
she balances editorial leadership with life as a stay at home mum to two school 
age children. Her background in home economics and more than a decade of experience
in recipe development, family budgeting, and household systems inform her work.

 [See Full Bio](https://stayathomemum.com.au/author/clare_whitfield/) [  ](https://stayathomemum.com.au/author/clare_whitfield/)