Teaching Children About Money

• Children need to understand delayed gratification and the concept of fleeting joy vs. lasting joy
• Teach them about needs vs. wants and the importance of priorities
• Children need to learn the importance of work, which will help them better understand the value of money
• Help them understand debt the the toll it can take on them and their futures
• Make sure you model charitable giving for your children and let them participate 
• Three savings systems - saving, spending, and giving
• Make allowances consistent, monitor what they're doing and what you're paying 
• Use media messages and ads as teaching opportunities
• Be good money-managing parents and let them see parts of your budgeting
• Let them see you being frugal by involving them with saving, comparison shopping, and bargain shopping. You can't teach your child to save if you don't save or give if you don't give.
• Children also need to be familiarized with the concept of contentment. Keeping your child's desires and expectations in check is key. The culture of America is "bigger and better," but that is not how living frugally looks. Children will want to compare their lives and possessions to their friends'. Advertising also creates discontentment. Most importantly, your own impulse buying and complaining will be what they see and model the most.