All Ages
Understanding the Value of Money
We all use money, pretty much every day, but it
can mean
something different to everyone. It may help buy necessities such as food and a home, offer the freedom to
purchase luxuries and experiences like traveling or going to a concert, or provide the ability to access
important
resources such as education and healthcare. But not everything in life can be purchased. Key pillars of
our lives
such as our relationships, empathy for others, passions, curiosity, respect and determination cannot be
bought,
nor are they guaranteed with money.
The single most effective way to engage children is to ask them questions that challenge their assumptions and force them to begin to search for their own answers.
The Value of Money
Answer the following questions to help you think about what money means to you.
- What does it mean to be “wealthy” or “rich”?
- What are the three most important things I need money for right now?
- What are three important things I will need money for in the future?
- What are three things I value that I would still have if I had no money?
Optional Takeaway:
It’s important to talk with kids about wealth and values, meaning and responsibility. Emphasize the importance of giving early. Introduce a weekly or monthly allowance as a standalone or tied to a reward (e.g. doing your chores, good behavior/making good choices). You can encourage them to spend 1/3, save 1/3 and donate 1/3 of their allowance. Make it fun by choosing a favorite local charity and going in person to donate the money or goods.
