Teaching Your Child About Saving Money and Giving

Teaching your child how to handle money is important for their future. By teaching even the most basic lessons about money now, they will have a good idea of what to expect in the future — and be prepared! Use this guide to help show your child how to save money, and all about giving.

Necessities
To start teaching your child about money, have a discussion about wants versus needs. Explain that what she needs are the basic necessities, such as food and shelter. Anything extras are “wants” and don’t need to be purchased. Show her the concept of valuing money by showing her your budget and how much you spend on wants versus needs.

Earning Money
Most parents give their children an allowance. Show her she needs to earn her money by working. Assign her chores and give her a certain average each week when she completes those tasks. Not only will she learn all about hard work, but the experience will show her how to use her money wisely.

Saving Money
Set savings goals, and take her shopping for a piggy bank. Allowing her to choose her own little bank will excite her and encourage her to save. Once you determine her allowance, she can throw her earnings in the bank. Keep it consistent so she can practice being paid a certain amount. When she has the desire to purchase something, she can do the math to determine how much she can and is willing to spend in order to continue keeping some locked in the bank. 

Sharing of Treasure
According to the Bible, God’s people followed the law of giving all the way back to ancient times. To fulfill God’s commandment, the Church asks that members give a tenth of their income to Him. The funds are used to further the Lord’s work through the Church, making it a blessing to give. Teaching your child to share her gifts of treasure is a crucial component of her faith education. Start by giving her a quarter or dollar to put in the collection basket during offering to feel as if she is participating. She will understand the message that it’s a personal gift to God because He created us. 

You want your child to be intentional about giving. A great way to start is by giving her a money jar labeled “Money to Give to God” or something similar. Give her an allowance, and explain to her what percentage goes into savings and what percentage goes to the Lord. This is an act of stewardship that your child will take a long way in her life of service.

For more than 50 years, the Catholic Diocese of Orlando has been helping children grow to their fullest potential and become leaders within their communities. These top Catholic schools in Orlando offer unique and dynamic learning environments that engage students and encourage them to become confident and responsible adults. To learn more about what makes us different, contact us today.