It doesn’t take children very long to catch on to the concept of exchanging money for goods and services. The value of money, however, is another one of those on-going conversations. There are a lot of resources available to help teach children about financial matters. It is definitely worth the time and effort to explore some different approaches so you can find the one that most closely fits your family’s values and philosophy.

From the time they were very young, we advised our girls to give 10% (tithing), save at least 10%, and then they could spend whatever remained. We also encouraged them to plan for their purchases rather than being impulsive. We showed them how to compare prices so they could get the best value. They learned how to save their money for more expensive purchases. This process helped them to learn delayed gratification, an extremely important concept that many adults have yet to grasp.