How to Teach Kids About Saving Money

What the experts say is the best way to teach kids about money.
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MONEY-MAKING IDEAS

Encourage your kids to earn their own money, so they’ll think twice before spending.

Household chores

This is not just a great way for kids to earn some extra allowance, but also gets housework done. Offer them a small amount of money for completing chores that are not their usual responsibility, such as cleaning the windows or washing the car.

Little businesses
If your kids are good at crafts, have them make something to sell. If they enjoy baking, bake some cookies or muffins together during the weekend and sell these to family, friends and classmates. Encourage their ideas and let them make business decisions, so they can learn from experience.

Tutoring

For older teens, tutoring younger siblings or helping them out with difficult homework is another way to earn some extra money. It also helps to reinforce their knowledge of the subject.

This article first appeared in the January, 2015 issue of Her World Malaysia
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